Introducing an efficient, reliable and secure restaurant management system that can enhance customer experience and profitability. Everything is at your fingertip.
Dining at a famous restaurant means spending 20-30 minutes waiting to order and make payments, which converts into wastage for the business owner from excessive wages and sub-optimal revenue by lower table turnover. For diners, wait time means less satisfaction due to difficulty of getting staff attention. Check Out eliminates this wastage by introducing a comprehensive restaurant management system that allows making orders and processing payments effortless on diner’s phone. We aim to improve food retail business’s profit by at least 10% through lower wages and higher table turnover. From the case of our potential client, 20% higher profit is achievable. Every transaction history is recorded for analytical and forecast purposes, meaning restaurant owners can see an overview of their business activities in an intuitive way, see where they are heading to and make plans accordingly.
Our team consists of Jay and Harris, who are both food enthusiasts and eager to improve businesses in the food retail industry. Jay has previous experience in food retail business management, client relationship development and consulting background. Harris is a software developer who has been involved in the success of many app development projects. We have developed our prototype apps for business owners and diners, developed a cost model for business owners to accurately validate our product, convinced a restaurant in Dickson to try our product and polished the idea with our mentor. Once we finish closed alpha testing with an early adopter client in April, we aim to move onto beta testing stage by contacting two more restaurants in Canberra. The alpha testing aims to stabilise our back-end system. Our beta testing aims to enhance usability through easy-to-use interface and sales analytics feature. Once testings are done in July, we aim to aggressively initiate pitch meetings with 15 restaurant owners per month until November for first public launch. According to our cost model estimates, clients who will best benefit from our product are mid-size restaurants who have less than 12:1 table to staff ratio, with approximately more than 20 tables and attract over 60 customers during lunch. There are more restaurants like this in Sydney, which is why we plan to launch in Sydney in November next year.
The market size of our product is equivalent to $400mn turnover everyday around Australia. We collect 2% commission of total transaction amounts - $8mn worth of revenue everyday if all restaurants adopt our system.
We ask for $5,444 to cover expenses until third quarter next year. $149 for developer accounts, $30 for domain and $5,265 for early adopter incentive. We plan to subsidise 0.65% of transaction fees for first three early adopters until September next year. Average transactions processed are $1,000 per restaurant. Once we launch in Sydney, early adopters are offered incentives that we do not have to pay i.e. we forgo future revenue instead for paying up front. Any stage beyond public launch does not require any payment and can be self-sustained.
We would like to expand our business to at least 3~5 restaurants in Canberra in the next 2 years as a form of beta testing and readjustment. After that we would like to reach out to Sydney and Melbourne restaurants.
Our solution is also applicable to pharmacy, carparks and retail stores, which the spending behaviour of the coming future is cashless.
Customers in a crowded restaurant can make a fast order and payment by just scanning the qrcode on the menu (less waiting time, no extra cost).
Restaurant owner can reduce his labouring cost by using our low cost automated system
Accountant can get those sales data from those owners at ease, and make his work easier (transaction histories can be sent via emails in csv format).
Our team: Jay -- a marketing and finance student. Harris -- graduated from Advanced Computing and have 1.5 years industry experience. Also, we already have a minimum viable product.
Mentor: Anyone who has network with mid-range restaurants or cafes / accountants who work with restaurants and cafes / lawyers who work with accountants and cafes
Potential customers will be contacted via direct contact i.e. walk in. The aim of initial meeting is a 'survey meeting' to validate our service and find how we can best deliver value to the customers. Once we get who will benefit most from our service, we will initiate a second meeting, pitch meeting. During both meetings, our cost model on Excel will be used to present a possibility of 'enhanced profitability' to the customers. Other materials may include a pamphlet to summarise the presentation. Early adopters will be offered early adopter incentives such as lower commission. These incentives are designed to forego future revenue from these adopters but not to incur any cost to us as we estimate the value to customers to be sufficiently significant. Initial launch is designed to be in a closed group of less than three businesses. Communication between early adopters and us is crucial as this helps to shape the future of our service and determine the level of profitability our service can increase. Early adopters will be regularly asked to provide feedback on their user experience
We are a group of young entrepreneurs who have passion for food and food retail industries. We learn and adopt fast. We have our clients at the centre of our attention. Our aim is to enhance clients' profitability through the use of our service and our success is measured by improvement in clients' profitability.
Jay is a commerce student who has accounting and finance backgrounds. He is interested in finances for small businesses and specialised in efficiency improvement. Given his experience in consulting, investment models and food retail, he is capable of delivering CheckOut's values to customers.
Harris is an experienced programmer who is specialised in software development. He is behind technical side of the project. His ability is think quick and outside the box helps the team overcome challenging technical issues and adapt fast according to customers' needs.
Our first move is to initiate a 'survey meeting' with a restaurant owner to validate our service and test our cost model. The cost models suggests and improvement in restaurant's profitability by 15-25%, depending on your scenario. Our survey meeting aims to find relevant inputs into the cost model and determines how much value we can deliver to the restaurant. Once we convince a restaurant to get on board, we commit to enable our clients to achieve the best possible value.
A crucial resource required to continue this venture is an effective feedback mechanism. We would also like to introduce sales analytics and forecasts to the app. This will require AI expertise in the future.
Initial set up cost:
Developer accounts $149
Web domain $50
Total set up cost $199
Marketing expense $3000 for early adopter incentives, Facebook advertising and promotion materials
Total: $3199 in the first year
In our early stage, early adopters are our partners who can provide us with insights, test our cost model and show us how we can best benefit food retail businesses. The crucial resource we need from them is their feedback on our system and insights on how we can develop the cost models to identify potential adopters. In return, they can enjoy using our system for free and get access to premium subscription free of charge.
Our customers, according to the current cost model, are mid-range and small restaurants who wish to minimise labour cost and increase table turnovers. Using our system will require them to pay commission based on their sales revenue. We found the breakeven commission i.e. the point where how much we charge is the same is how much they benefit to be 7% per transaction. We aim to charge 1.95% for early adopters - this is exactly how much it costs us. 3% for second tier adopters and 4% for public launch.