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Business Plan: eVegan Ghost Kitchen in Finland Capital Region

Vincenzo Rivetti

Haaga-Helia University of Applied Sciences

Degree Programme in Hospitality, Tourism and Experience Management

UAS Thesis

2023

Abstract

Author

Vincenzo Rivetti

Degree

Bachelor of Hospitality Management

Thesis Title

Business Plan: eVegan Ghost Kitchen in Finland Capital Region

Number of pages and appendix pages

27 + 29

The following thesis aims to produce a viable business plan targeting vegan customer in the

Capital Region of Finland, using the Ghost Kitchens business model, resulting in filling a gap as

there is no identical business in the selected area.

The implementation aims to accentuate vegans as still current trends; highlight the efficiency of

digital technologies in business operations; improve the availability of vegan foods for target

customers; and constitute a significant need for the author in terms of personal and professional

development.

The qualitative research method of ethnographic observation was chosen as a research devel-

opment process to understand the phenomenon and analyse competitors, identifying them to

obtain data to create a benchmarking analysis, considering being impartial, critical, and objec-

tive. The method provided the opportunity to identify overall competitor and customer markets,

as well as trends and gaps that needed to be filled or improved.

The thesis consists of two complementary parts: the theoretical research of the topics and the

description of the implementation of how the result was produced with discussion and further

suggestions; and the result of the product of the practical business plan, attached in the appen-

dix. Furthermore, the delimitation excludes elements extraneous to this business concept.

The theoretical part is based on primary and secondary sources on the topic of vegans and

ghost kitchens, as well as on the creation of business plans. The business plan develops both

from the research of the theoretical framework and from the elements of a business plan.

The business plan assumes the formation of a limited liability company by shareholders equity

and aims to demonstrate that it has a high probability of becoming a successful company reach-

ing only 1% of the vegan population of the Capital Region. Moreover, it includes a factor that not

all business can have, which is to make competitors a strength force of the company growth.

In developing the thesis, as well as the practical business plan, it seemed increasingly credible if

the business plan would be put into practice. Additionally, the progression of implementation

was beneficial for the author as it improved skills such as self-discipline, self-motivation, critical

ability, analytical thinking, objectivity, and time management.

The timeline for implementing the thesis was scheduled to begin from June to finish by August

15, 2023, with topic brainstorming starting in early 2023. The theoretical framework was started

ahead of the planned schedule for a total of seven to eight months to complete the entire thesis.

Key words

Business plan, vegan customer, ghost kitchen, digital technologies.

 
 
Table of contents 
Introduction ................................................................................................................................ 1 
Ghost kitchen concept and vegans ............................................................................................. 3 
1 Interchangeable terms ....................................................................................................... 4 
2 Trend reasons ................................................................................................................... 4 
3 Vegan diet and motivations ............................................................................................... 5 
Theory of the business plan essential elements ......................................................................... 7 
1 Fundamental key elements and market analysis ............................................................... 8 
1.1 PESTLE and SWOT ............................................................................................ 10 
1.2 Competitive analysis ............................................................................................ 11 
2 Business model canvas ................................................................................................... 12 
3 Digital marketing plan ...................................................................................................... 12 
4 Distribution channel ......................................................................................................... 14 
5 Financials ........................................................................................................................ 15 
Planning and development ....................................................................................................... 16 
1 Ethnographic methodology .............................................................................................. 16 
2 Target group.................................................................................................................... 17 
3 Product outcome description ........................................................................................... 18 
4 Timeline and processes .................................................................................................. 18 
Discussion ................................................................................................................................ 21 
Sources ........................................................................................................................................ 22 
Appendices ................................................................................................................................... 28 
Appendix 1. Business Plan ....................................................................................................... 28 

1 Introduction

This thesis has been designed to produce a business plan for a new viable and feasible business

targeting vegan customers in the Finnish capital region with the concept of ghost kitchens.

The business idea comprises three locations, one in Vantaa, one in Espoo and another in Helsinki,

where one of them doubles as headquarters, including a food laboratory where food would be pre-

pared, produced, and shipped accordingly to two other locations, sold virtually, and delivered by

third-party delivery partners.

The three-site idea would take advantage of and implement the concept of economies of scale

(Krugman 2017, 180-181.) by increasing production and lowering costs, reducing personnel, and

having smaller facilities. Furthermore, by opening in three locations, the company would quickly

become visible with brand identity (Wheeler 2017, 4.) in the Capital Region.

The author has become interested in this concept because he would like to create a feasible busi-

ness by combining current and relevant elements of the restaurant industry such as vegan and dig-

ital technology. Although the vegan diet is nothing new, for many it is still considered current and

trendy, with a consequent prospect of sustainability.

Therefore, combining it with a new concept of hospitality such as that of ghost kitchens, empha-

sized during the coronavirus which accelerated its growth (DM Market Research 2021.), and

thanks to the reduction of costs, these elements combined, according to the ideas of the author

and the statistic forecasts would create an innovative and competitive profitable new business.

As there is still no equal concept with an exclusively vegan menu in the Capital Region, the pur-

pose of implementing this business plan may benefit the vegan community and be a relevant need

for the author as a personal professional development.

However, since the main object of this thesis is the realization of the business plan for vegans in

the capital region with the operational concept of a ghost kitchen, the sub-objectives aim to

• accentuate vegan and veganism as a still of a current trend

• highlight the efficiency of digital technologies in business operation

• enhance the availability of vegan foods for targeted customers in the chosen area.

In the business plan, apart from the obvious geographical area of the Capital Region, the main

customer segmentation aims to attract psychographics, in this case vegans. Psychographic seg-

mentation covers personality, beliefs, values, lifestyle, interests, attitudes, and opinions and influ-

ences the purchasing behaviours of others on the same factors. (Bhasin 2023.)

Since vegan consumers avoid any animal products, they are attracted to cruelty-free products and

rely heavily on plant-based products, this business plan finds vegan motivations mostly aligned

with psychographics. Whereas, considering the demographic segmentation, even if there would be

no precise age of vegan customers, it is more likely that they belong to the 18-45 age group includ-

ing Generation Z and Millennials.

The method of non-participatory ethnographic observation (Gobo 2011, 5.) has been chosen as

the process of developing the planned research to produce the business plan, applied to identify

competitors to obtain data to create comparative analyses, the results of which are expressed

through the elements of creating the business plan.

Observations has been developed through a table of criteria determining what must be observed,

which the benchmarking criteria have been in the similarities of the product offered, service, price

and location and features.

Ethnographic observation is a qualitative method which has been chosen to gather understanding

of the phenomenon, to analyse the competitors through their website where it has been possible to

identify exactly what they offer while social media has given insight on what customers react, by

considering being non-subjective, unbiased, critical, and objective. Therefore, this method has

made it possible to identify the overall markets of competitors and customers, identifying trends

and gaps to fill or improve.

The thesis is made up of two complementary parts: the theoretical part and the description of how

the result has been produced; and the business plan attached in the appendix. The theoretical part

has been based on primary and secondary sources, e.g., journal articles in which the researcher

collected data, and secondary data collected using literature reviews and a variety of previously

published sources, peer-reviews, journal articles, blogs, magazines, academic and scholar

sources, books and eBooks, where almost all sources are available on the Internet.

Furthermore, to have a demarcation thesis, it has been necessary to place some limitations since

include part of veganism, which is a vast topic with many influences and nuances that could not

relate to a business plan, therefore the content of this thesis excludes unnecessary, irrelevant and

unrelated elements to this business concept, to veganism, vegan diet and reasons why is generally

adopted, digital technologies, business operation concept and creation plan essentials.

It has been considered that if the data collection method selected did not provide sufficient infor-

mation to work with, a secondary plan has been chosen as a further alternative additional research

development method such as semi-structured and thematic interviews, and the time to complete

the thesis would have been further extended.

The timing of the written implementation of the thesis has been previously planned to start from the

beginning of June, even if it has started a month and a half earlier, to be completed by 15 August

2023, and then subsequently finalized.

Mendeley reference style Cite Them Right - Harvard has been used as a source bibliography appli-

cation model.

2 Ghost kitchen concept and vegans

“Ghost kitchens provide the ‘kitchen’ piece of a restaurant operation without the on-premises dining

or direct customer interaction - no host or wait staff and no cashier" (Oracle Corporation 2020).

Miller (2021.) has argued that although ghost kitchens are food service spaces where operators

create food for off-premises consumption, food delivery apps appear no different from standard

restaurants. And it was precisely the COVID-19 era that accelerated growth while, in fact, some

restaurants closed, others became ghost kitchens.

The ghost kitchen model was already growing before COVID-19, with global sales doubling be-

tween 2014 and 2019. Furthermore, digitalization has further accelerated growth and the ghost

kitchen business segment has been estimated to create a global opportunity of $1 trillion by 2030,

Euromonitor report predicts. (Kelso 2020.)

As stated by Adams (2021), "restaurant operators need to focus on location, menu development

and consumer satisfaction KPIs when developing delivery-only concepts".

It seems intuitive, but localization is particularly important to success, as is understanding service

area analysis for delivery costs and inventory analysis to evaluate ingredient performance and

sales margin, without forgetting other important KPIs such as customer satisfaction, repeat sales,

and the average size of sales and profitability. Therefore, all essential elements for business suc-

cess, together with not underestimating current trends. (Adams 2021.)

According to Watson (2019, 12),"Food trends come and go, but veganism steadily gained adher-

ents for decades before an explosion in popularity in the 21st century". However, there are differ-

ent definitions of veganism because it includes many other aspects such as society, ethics, health,

religion, philosophy, environment, justice, style, and way of life.

According to the Oxford Dictionary, veganism has been described as the practice of not eating or

using any animal products. Additionally, to make it more explicit, Watson (2019, 12) has described

it with a full-stop at the end of the sentence as follows: "Veganism is a diet that is free of animal

products. Full stop."

Instead, The Vegan Society, has defined veganism as “a way of living which seeks to exclude, as

far as is possible and practicable, all forms of exploitation of, and cruelty to, animals for food, cloth-

ing or any other purpose” (North, Kothe, Klas & Ling 2021, 1).

Consequently, it has been argued that this definition simplifies the concept of veganism as it as-

sumes that all vegans choose to be vegan for ethical reasons, but instead, there are many other

reasons. (Wright 2015, 2.)

Although veganism has achieved popularity, recent research (Mota-Rojas & al. 2023, 1) has shown

a controversy about being vegan and related ethics, stating that vegans refuse to eat meat and an-

imal products, but ethically sometimes they show disrespect for those who do. The research has

highlighted that veganism has achieved incredible growth in Western societies demonstrating that

while such diets can provide many benefits, they can also pose health risks by not providing the

necessary balanced diet due to a lack of important nutrients, thus being contradictory, leaving the

choice to follow a vegan diet as a personal thing and a free decision. (Mota-Rojas & al. 2023, 15.)

It is evident that veganism is nothing new, in fact, a global event "World Vegan Day was launched

on 1 November 1994, to celebrate the 50th birthday of the founding of the UK Vegan Society"

(Forgrieve 2018). It can therefore be deduced that veganism has a progressive historical chronol-

ogy, destined to last over time.

2.1 Interchangeable terms

The concept of Ghost kitchens includes different terms to indicate the same business model, the

first two different terms can be noted with the following definition: "A ghost kitchen, otherwise

known as a shadow kitchen or dark kitchen, is a professional cooking facility that is set up solely

for carryout or delivery" (Society Insurance Team 2021).

Furthermore, Professor Legrand (2022) has pointed out that the same concept has also been la-

belled as a shared kitchen, delivery-only kitchen, cloud kitchen, or virtual kitchen. In addition, re-

search by Kulshreshtha and Sharma (Vu, Alonso, Tran & Nicholson 2023) have stated that other

terms such as commissary or cyber kitchen are used interchangeably. Moreover, D’Souza and Ku-

mar (2023, 1749) have suggested that the same concept of ghost kitchens is also known as a sat-

ellite restaurant.

On the other hand, Canter (2022) has argued that although many synonyms exist, there is a differ-

ence between a virtual restaurant and a ghost kitchen: a virtual restaurant is a restaurant brand

that exists only online, i.e. restaurants with existing kitchens that allow restaurateurs to add incre-

mental delivery-only revenue using their existing kitchen and workforce; while ghost kitchens refer

to physical kitchens designed and optimized for off-premise pickup and delivery only, and typically

host a variety of brands looking to expand their delivery reach to another part of the city and may

even host virtual restaurants. (Canter 2022.)

Although there are different terms to express the same business operational concept, what is note-

worthy is that food delivery is certainly nothing new, the transition to a delivery-only model has

been made possible by advances in technology and changes in the habits of consumers, making

the ghost kitchen concept a new trend in the hospitality industry.

2.2 Trend reasons

According to Colpaart (2023), the trend has been driven by the coming of age of millennials be-

coming more pronounced as the generation grew up with the internet and smartphones.

At least five factors behind the trend growth have been identified: real estate low rent prices in ur-

ban areas; the increase in demand for home deliveries due to changing consumer behaviours; the

increase of workers with contracts on demand; the recent pandemic restrictions boosting food de-

livery; and emerging technologies that have reduced delivery costs by giving them an edge over

brick-and-mortar restaurants. (Colpaart 2023.)

According to NCR Corporation (2021.), the advantages are menu flexibility, which allows for

greater experimentation; appeal to sustainability-minded consumers, as ghost kitchens are smaller

and have a lower environmental impact than a full concept; modern customer expectations, as cus-

tomers demand pickup and delivery; and convenience, eliminating many of the installation and

maintenance costs. The disadvantages are that third-party delivery services can be expensive; lim-

ited or in total absence of connection with customers; and meals must be customized for delivery,

as having less control over meal presentation can result in food arriving in unwanted conditions.

Moreover, The Restaurant Times (2023) has underlined advantages such as the location, in terms

of rent because it is sufficient to choose a location close to customers interested in delivery ser-

vices; and the quick set-up does not require building a whole new place to start the business.

Other cons are the heavy reliance on technology, as the business is dependent on technology and

technological advancements, any glitch or power outage can cause problems in running the

kitchen, from receiving orders to accepting payments; and low visibility, because ghost kitchens

have limited interaction with customers, as it is not easy to build brand loyalty and trust, thus they

have to produce different strategies to attract people and build a dedicated customer base. (The

Restaurant Times 2023.)

Indeed, it has been remarkably evident that both during and after the coronavirus, technology in

the restaurant industry has become more evident and there is an increased focus on adopting new

and advanced technologies for customer satisfaction. Businesses are adopting more innovative

technologies with the growing interest in food delivery and as a result, ghost kitchens are becoming

more popular across the world.

Additionally, the rise of digital payments and digital menus with QR codes has increased the popu-

larity of ghost kitchens, and the focus on health and safety during the past pandemic has pushed

the industry towards growth with technology solutions that allow operators to meet the needs of

their customers by serving them remotely.

2.3 Vegan diet and motivations

The vegan diet excludes all products of animal origin. While it may consist exclusively of whole

plant foods, a growing variety of vegan "comfort foods" have recently become available as alterna-

tives, although these may not be as healthy as whole plants. However, in clarifying what a vegan

diet is not, it should be noted that it is not a diet designed for weight loss, although many people

lose weight by becoming vegan, and it must be recognized that the goal of veganism is animal lib-

eration, not weight loss. (Fergusson 2021, 11.)

On top of that, Green (2017) has argued that there is a popular misconception that vegans eat only

salads and soybeans, whereas they eat only without the use of animal products. Not to mention,

Watson (2019, 77) has pointed out that: "It is perfectly possible for humans to get all the protein

they need from plant-based foods".

Recent research into popular diets conducted by Anderson (2023, 3.) highlighted that the term “ve-

gan” has been used interchangeably with the term “plant based.” In fact, many diet books labelled

“vegan” may refer to a plant-based diet and utilize many of the nutritional features of a healthy diet.

This is even found in research studies that occasionally use the terms “vegan” and “plant-based”

interchangeably. However, this practice can be confusing.

Besides, the research conducted by Ghaffari, Rodrigo, Ekinci and Pino (2022) has highlighted the

motivations of consumers for whom they adopt a vegan diet, identifying seven reasons: economic,

ethical, healthy, hedonic, animal empathy, respect for animal rights, and personal responsibility.

Moreover, as veganism is gaining considerable popularity, research by Cooper, Dedehayir, River-

ola, Harrington and Alpert (2022, 12.) has aimed to understand how consumers perceive the value

of vegan food. Instead of a traditional survey method, the studies acquired a large dataset from so-

cial media, former Twitter, known as X since 2023, analysed textual data to ascertain the predomi-

nant themes of the ongoing conversation about vegan food. The results have shown that although

vegan food consumption is considered sustainable, it is not a favourite conversation topic among

consumers.

What is more, even the packaging of food products can influence the motivations in the purchase

decision, in fact, according to research by Marques da Rosa, Spence and Tonetto (2019, 7) has

shown that the shape of the packaging would influence the associations to taste.

On the other hand, Watson (2019, 46) has pointed out that the increase in celebrities choosing ve-

ganism in recent decades has influenced the increase in the adoption of a vegan diet. However, in

previous studies, animal welfare, ethics, and responsibility were found to be important motivations,

in contrast to previous studies, where health and economics were found to be among the most im-

portant motivations. Although most of the respondent research was from Western countries, it is

important to consider that cultural factors may have influenced the responses, therefore future

studies may investigate the role of cultural factors. (Ghaffari & al. 2022, 12.)

Furthermore, Fergusson (2021, 12) has pointed out that there are many benefits of practicing a ve-

gan diet, of which the top five are: compassion, because awareness of an oppressive industry that

kills billions of animals every year; respect for the environment; a healthier microbiome; an im-

provement in insulin sensitivity; and low blood lipid. One of the best ways to reduce these risks is

to follow a vegan diet. (Fergusson 2021, 12-13.)

Likewise, Olsen (2017, 12.) has highlighted having more energy, healthier skin, hair, and nails,

fewer migraines, fewer colds and flu, better heart health, and better resistance to cancer. On top of

that, research conducted by Medawar, Huhn, Villringer and Witte (2019, 14.) has reviewed existing

studies on the effects of the diet on metabolism that found solid evidence of the beneficial effects

versus conventional diets. However, the evidence on the cognitive and mental effects is still incon-

clusive. Unfortunately, little is known based on interventional studies on the cognitive effects, there-

fore a causal impact remains to be established.

3 Theory of the business plan essential elements

Although there is no right or wrong way to write a business plan, this chapter sets out to plan by

describing the theoretical essential to creating a business plan.

According to Pinson (2013), "The business that fails to plan, plans to fail". By this definition, theory

is used as a basis to create the business to fill a gap, creating a business that does not have ex-

actly the same concept with a whole vegan menu already existing in the selected area, accentuat-

ing veganism and quickly reaching customers in the chosen area, highlighting the efficiency of digi-

tal technologies operations and creating a beneficial business for the vegan community and for the

author as personal professional development.

Therefore, these components of the theory serve as the basis for the creation of the business plan,

however, this chapter does not include the description of all the elements that a business plan can

have since it includes only the essentials and furthermore, it is considered that every business plan

can be different depending on the business sector and business entrepreneurial ideas. However,

the business plan of this thesis is elaborated in more detail than these essential elements, which is

attached in the appendix.

The business plan is a document that not only describes the concept of business in the mind of an

entrepreneur but also describes the different resources that the entrepreneur uses to carry on the

business and the expected economic results, thinking of the business plan as a narration, introduc-

tion, and development of the plot, while the more important parts will develop in the future. Creat-

ing an effective business plan requires presenting clear information and factual resources, defining

the reasoning behind the plan, and bringing the various parts of the plan together, thereby serving

as a road map for moving the business forward. The business plan works for two purposes, to con-

vince readers that the business concept is efficient and profitable, and to convince them to imple-

ment it by providing financial resources. (Clippinger 2019, 95-97.)

On top of that, Rittenberg and Main (2022.) have stated that every business starts with a vision

communicated through a business plan and with an important level of hopes and dreams, which a

business plan is needed to outline goals, budgets, and everything in between.

However, Nielsen, Klyver, Evald, & Bager (2017, 179.) have pointed out that although the business

plan has become the main focus of many textbooks and courses on entrepreneurship and can play

an important role in planning, the business plan also plays other important symbolic roles, but at

the same time it should be noted that some have argued that the business plan can also concretely

hinder the creativity of the 'entrepreneur. In fact, the research by Honig and Karlsson has shown

that entrepreneurs are more inclined to produce a business plan like others, thus imitating and not

writing the business plan to improve performance but rather conforming to the rules, consequently

reducing creativity in the business planning process. (Nielsen & al. 2017,195.)

Additionally, Barringer (2015, 65.) has suggested that before creating a business plan it is crucial

to understand the difference between an opportunity and an idea because many companies fail be-

cause they do not have a real opportunity. An idea is a thought or impression that may or may not

meet the criteria for an opportunity; instead, an opportunity is a set of favourable circumstances

that create a need for a new product, service, or business.

According to Barringer (2015, 65-66.), it is important to recognize a problem or gap that translates

into an opportunity, but a common mistake that many entrepreneurs make is to choose a product

or service they like and try to build a business that is a better version of it according to the ideas of

the entrepreneur, but this is precisely the mistake because the opportunity is to identify a product

or service that people need and are willing to buy, not what an entrepreneur wants to produce and

sell because he likes it. According to Barringer, four essential elements: attractive, timely, long-last-

ing, and anchored in a product or service, which creates or adds value for its end user to be con-

sidered a business opportunity.

Moreover, Barringer has suggested that there are three ways to identify opportunities: observe

trends, solve a problem, and find gaps in the market. Along with this, Simplilearn (2023) has high-

lighted several benefits of having a detailed business plan (Table 1).

Table 1. Advantages of a detailed business plan (adapted from Simplilearn Solutions 2023.)

3.1 Fundamental key elements and market analysis

A business plan is the foundation of a business, a roadmap for structuring, running, and growing a

business, it helps to think through the critical elements at each stage of starting a new business,

crucial to finance and can help to acquire funding.

It precisely defines a company's goals and how the company intends to achieve them. According

to Investopidia.com and Nerd Wallet, most business plans include seven core elements without fol-

lowing a specific outline, but instead include sections that make the most sense for the business

and its needs. Indeed, The University of Arizona Global Campus (2023.) has described the seven

elements as follows:

• Executive Summary. Details the company and what it wants to accomplish, mission, and

information about leadership, employees, operations, and location.

• Company Description. Overview of the plan and vision, company name, structure, and

overview of the target market.

• Products and Services. Offering details, may include pricing, product life span, benefits,

and similar and competitive products, may include processes, research and development,

patents, and proprietary technology.

• Market analysis. Detail the competition and plan how to differentiate itself, explain how the

company fits into the industry and detail its strengths and weaknesses, detail the target

market and the expected consumer demand for the product or service.

• Marketing Strategy. Explain how the business intends to attract and retain customers, out-

line a distribution channel, and define planned advertising and marketing strategies.

• Financials. Includes financial planning and projections. New businesses can include goals

and estimates for the first few years of business.

• Budget. Should detail personnel, development, production, and marketing costs.

A recent article by Ferriolo (2023) has discussed what a market analysis is, why, how, and what it

includes. The market analysis explores the suitability of a product or service for the market and

serves to better understand the market in which it operates, what the demand is, and how the

product can serve the market.

Some reasons a market analysis is included in a business plan are: reduces the risk of failure by

identifying pitfalls; targets the right customers, because it identifies customers for the product or

service critically; knowledge of trends, because all markets are unpredictable, thus knowing how

the market behaves when changes occur is important for success; the revenue of the project, be-

cause if revenue forecasts are based on solid market research, potential investors and lenders will

consider financing; sets growth benchmarks because it can maximize and set realistic business

growth; and optimize the marketing strategy, because market analysis can tell how to reach cus-

tomers, design offers, how much to spend and goals.

Furthermore, it has been highlighted what should be included (Table 2) and it has been further em-

phasized that conducting a market analysis simply means gathering the necessary information and

details of the industry and competitors, deciding the purpose, defining the customer, do industry

research, understand competitors, collect more data for the market and use the data. (Ferriolo

2023.)

Table 2. Components to include in the market analysis (adapted from Ferriolo 2023.)

3.1.1 PESTLE and SWOT

According to Delers (2015), market research presents the market together with external factors

that may have some influence on the future of the company. To get an accurate overview of the

external, a PESTLE analysis can be performed.

This type of analysis seeks to confirm the opportunity and legitimacy of setting up a new company,

by answering at least the followings:

• Politics. How much government pressure is there and how politically stable is the situation?

• Economic. What are interest rates and growth rates and what is monetary policy?

• Socio-cultural. What is the demographic situation and what social legislation is in force?

• Technological. What technologies and new patents are available?

• Legislative. What are the laws in force and what are the consumer protections?

• Ecological. What are the environmental standards and policy is in place? (Delers 2015, 7.)

On the other hand, SWOT analysis is a tool to help develop business strategy, whether creating a

startup or leading an existing company.

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses

are internal, things to have some control over and can change, team and locations as examples.

The opportunities and threats are external, things outside the company in the broader market.

SWOT forces to look at the business in new ways and from new directions, examining the

strengths and weaknesses on how to exploit them and to take advantage of the opportunities and

consider threats. It has been suggested to perform SWOT analysis in three simple steps: Bring to-

gether people from different parts of the business making sure to have representatives from every

department and team to gain different perspectives; Ideas against the wall like brainstorming meet-

ings, giving everyone sticky notes to generate their own ideas to get things started; Rank ideas us-

ing a voting system where everyone votes and can distribute as they like. Based on votes, a list of

priority ideas to discuss with should appear. (Parsons 2021.)

SWOT analysis organizes strengths, weaknesses, opportunities, and threats into an organized list

and is usually presented in a simple two-by-two grid or framework (figure 1).

Figure 1. SWOT analysis framework (adapted from Parsons 2021)

3.1.2 Competitive analysis

According to Barrow, Barrow, & Brown (2021, 61), competitor research is often time-demanding

and a frustrating work, but there are important lessons to be learned from it.

Welyczko (2015, 130.) has suggested dedicating a special section of the plan to identifying com-

petitors because it is not enough to name them, but it is necessary to know how they operate and

how they compete. It has been pointed out that someone selling a similar product or service does

not necessarily make them a competitor, because they may be manufacturing the same product

but selling it in a completely different market.

Conversely, just because someone sells a different product or service does not mean they are not

competitors, as completely various products are often substitutable, suggesting that competitors

can be classified into primary, secondary, and potential competitors.

While, instead, Delers (2015, 7.) has suggested a classification of direct and indirect competitors,

explaining that direct competitors are those that provide an identical service to that of the company

to satisfy a similar need, while indirect competitors offer a different service, but satisfy the same

need.

Barrow, Barrow and Brown (2021) have pointed out that areas that should be covered in this sec-

tion of the business plan are: the description of competitors; size of competitors; profitability of

competitors; operating methods, and a summary of the competitor analysis (figure 2).

Along with this, once the research is complete, it is useful to summarize the results in tabular form,

deciding on the relative characteristics. When the table is complete, the information that contains

can be analysed to conclude by making correlations between competitors and new business. (Bar-

row, Barrow & Brown 2021, 63-66.)

Figure 2. Areas to include into the competitive analysis section (adapted from Barrow, Barrow &

Brown 2021, 63-66.)

3.2 Business model canvas

"The Business Model Canvas provides a simple way to map the way your business – or any busi-

ness – creates, delivers, and captures value" (Van Der Pijl 2016, 114).

The Business Model Canvas is a tool (figure 3) to understand a business model in a simple and

structured way, leading to customer insights, value propositions through which channels and how

the company earns.

Figure 3. Business model canvas template (Strategyzer.com 2020)

According to Van Der Pijl (2016), it has been designed with nine blocks as follows:

• Customer segment. Top three segments that provide the most revenue.

• Value proposition. Products and services and the job done for customer.

• Channels. How communicate with customer and deliver the value proposition.

• Customer relationship. How maintains the relationship.

• Key partnership. Partners to do business with, except suppliers.

• Key activities. What to do every day to run the business model.

• Key resources. People, knowledge, means, and money to run the business.

• Cost structure. Costs activities and resources.

• Revenue streams. Top three revenue streams. (Van Der Pijl 2016, 116.)

3.3 Digital marketing plan

This subchapter explains and describes why this business plan thesis complements a digital mar-

keting plan. Since the digital economy is evident where the more time passes the more digitization

is used, and since this business plan aims to start a ghost kitchen where part of the operation re-

quires digitization, it may therefore be appropriate to create a digital marketing plan with which to

build brand awareness, then increase sales accordingly.

The plan has been designed to be integrated with distribution channels and social media with con-

tent marketing trends. The digital marketing plan for this business plan has been based on the

RACE framework and the SOSTAC model. In which the goal of the RACE framework is to reaches,

acts, converts, and engages customers (figure 4).

Figure 4. RACE framework (adapted from Chaffey 2019, 27.)

Therefore, to increase customer interactions, brand recognition and sales, creating awareness and

engaging audiences with the brand; reaching the conversation with marketing goals and building

customer relationships to achieve retention goals. (Chaffey 2019, 27.)

Additionally, SOSTAC is extremely useful for applying and implementing the strategic digital mar-

keting plan. Acronym for Situation Analysis, Objectives, Strategy, Tactics, Actions, and Control (fig-

ure 5). Together with the Business Model Canvas are invaluable toolkits for effective management,

capacity, and revenue, and just like BMC, they easily convey a complex message. (Van Engelsen

2019, 154.)

Figure 5. SOSTAC model framework (adapted from Chaffey 2019, 147)

3.4 Distribution channel

As Ailawadi and Farris have stated (2020, 1-2.), the distribution channel is simply the chain of dis-

tributors, retailers, and intermediaries through which a product of the supplier reaches end con-

sumers, involving a one-way movement of goods along a gives the point from production to con-

sumption.

Emphasizing that distribution channels are systems, where suppliers and retailers work together to

balance a cooperative partnership with the desire for profit, then the partners cooperate to create

value for consumers, appropriating some of that value in the form of profit for the channel and

sharing the profit to support the partnership. With modern technologies, companies must make use

of a multitude of distribution channels, sometimes complementary but always competing to meet

consumer needs.

Additionally, Dent (2011, 31) has pointed out that any supplier would like to think that their products

and services are the best to sell easily, but there are very few brands or products that achieve this

status, emphasizing that successful suppliers must understand the business model to know if their

channel is an enabler for all key measures.

Many measures can be used, and it is important to identify the measures that matter, not only for

the general type of business but also for the specific partner to work with. It is important to under-

stand the business model of the downstream channel partners closest to the customer to develop

and communicate a compelling value proposition, as well as the final layer must understand the

business to make the offer more effective.

Therefore, it requires taking a structured approach to positioning the value proposition to ensure

that a robust and logical approach is applied to gain an advantage, requiring consideration of what

the competition is doing and identifying strengths. (Dent 2011, 33.) as shown in Figure 6, the key

process steps for the issues that need to be addressed.

Figure 6. Structured approach to positioning the value proposition (adapted from Dent 2011, 35)

3.5 Financials

Recent research (Latifi, Grilli, & Herrmann 2023, 15.) has shown that while efforts of a founder to

write a business plan correlate with the likelihood of seeking external financing, business plans are

no longer a determining factor in obtaining financing.

Indeed, the research has found an early indication of the diminishing importance of Business Plans

in the eyes of potential investors because various substitute tools such as BMC, lean prototyping,

short videos, or PowerPoint presentations increasingly serve the same purpose of presenting the

company to the public.

Although business plans have recently lost the determining factor for being financed, Evans (2022,

151.) has pointed out that financial forecasting must be done in any case even though there is no

precedent to rely on. However, there is no past and no present, only future, it still must be based

on predictions. If the market exists and thus requiring understanding the size of the market and

what market share could be won after three years.

Moreover, Dismore, Dismore, & Garvey (2019, 68.) have pointed out that while there would be no

need to borrow money from anyone to start a business, it still needs to establish a realistic timeline

of when the money will flow in and out, emphasizing that the financial analysis is an important step,

and that the financial data should be divided into different categories. In this case, assumptions as

there are no story yet because it is a start-up. However, every business plan should include at

least some basic financial elements (figure 7).

Figure 7. Financial basic element (adapted from Dismore, Dismore & Garvey 2019, 68)

Over and above that, Barrow, Barrow & Brown (2021, 244.) have argued that while the projected

forecasts may seem even realistic, it should be considered that the first year will probably not be as

expected, this could be due to various reasons, so it is advisable to consider questions like how to

probe risk factors, and how things might work against under certain circumstances, like if the econ-

omy turns sour or recruiting is struggling or sales are taking longer to build up than expected.

4 Planning and development

The following chapter consists of the planning and development, research method, target group,

and processes both for the entire thesis and for the business plan attached as an appendix.

To create a thesis based on a current topic, it was chosen to combining some topics of the hospi-

tality industry such as digitalization of the ghost kitchen that has recently turned out to be a suc-

cessful business, and the topic of veganism thus appeals to customers of the vegan diet as a trend

that is still current, to get a new product that is in the perspective of sustainability and thus create a

new business with the business plan.

The relevant processes are to first identify the existing literature of both vegans and the ghost

kitchen model as well as the main elements for creating a business plan, to then translate every-

thing into the development of the business plan by choosing non-participatory ethnographic quali-

tative method of observations.

In addition, to be within the topic of this thesis it was considered to have limitations as this thesis

includes a topic like veganism which can easily include many other subtopics. It has been chosen

to have limitations on the factors of the arguments, therefore the content of this thesis excludes el-

ements unrelated to this business concept, veganism and vegan diet, reasons why it is adopted,

digital technologies, business plan and fundamentals key elements.

As the purpose of implementing this business plan, the result fulfils the need of the author as a per-

sonal professional development and benefits the vegan community as there is still no equal con-

cept in the selected area with an exclusively vegan menu.

Consecutively, the business plan put into practice would accentuate vegans and veganism as a

still current trend, highlight the efficiency of digitization and improve the availability of vegan diet

products for the target customer by quickly reaching them by the chosen third-party deliveries of

the business plan.

In determining if the product outcome could be considered good, as a new business should fill a

gap and solve a customer problem or need, the product business plan appears to have elements

of success as the business plan highlights an activity that includes products and services that fill a

gap with a business model that has already recently had worldwide success. Modified according to

the ideas of the author with only one type of menu, i.e., vegan, thus could generate success, as

both vegans and food delivery are destined to grow given the forecasts.

Furthermore, in the calculation of the business plan, although forecasts are assumed, the revenue

result predicts growth opportunities.

4.1 Ethnographic methodology

Ethnographic observation is a qualitative data collection method used in research in which the re-

searcher enters a social system with the aim of gaining a direct understanding of a phenomenon

and prioritizes observation as the primary source of information. As a non-participant observation

method, the observer does not participate directly in the observed activities, thus adopting a more

distant and separate role. (Gobo 2011, 5-6.)

The process could be described as a three-step funnel (figure 8). Starting with descriptive observa-

tion, conducting wide-ranging observation to get an overview of the context, progressing to focused

observation, where it starts paying attention to a narrower scope. Then, select the observation, in

which to investigate the relationships between the elements that have selected the most interest.

The observation should end when theoretical saturation is reached, and the key to good non-par-

ticipant observation is to take detailed notes to record what was observed. (Mills, Durepos & Wiebe

2010, 609-610.)

Figure 8. Three-stage funnel process (adapted from Mills, Durepos & Wiebe 2010, 610)

As a development process, the qualitative method of non-participatory observation was chosen by

identifying competitors to obtain data to conduct comparative analyses which were then developed

through the elements of the business plan. Observations were developed through a table of criteria

for determining what to observe. The benchmarking criteria have been in the similarities of the

product offered, service, prices, location, and close related business features.

The approach of non-participatory ethnographic observations was chosen to gather the under-

standing of the phenomenon, to analyse competitors and competitive sets through their own web-

site by identify what they offer, while the social media provided insight into what customers are re-

acting to, considering being unbiased, critical, and objective.

Additionally, it was considered that if the non-participatory method did not provide sufficient infor-

mation to work with, a secondary plan of semi-structured and thematic interviews would be envis-

aged by further lengthening the additional time to complete the thesis.

No-participatory observation enabled the overall markets of competitors and customers to be iden-

tified. Identifying trends and gaps to fill or improve.

4.2 Target group

In terms of target customer group, the top customers are vegans in the Capital Region of Finland.

Vegans avoid any product of animal origin, attracted by cruelty-free products, and rely heavily on

products of plant origin; therefore, this business plan finds vegan motivations in line with the psy-

chographics. (Bhasin 2023.)

Instead, apart the obviously geographic segmentation, the demographic however, even if there

would not be a precise age of vegan customers, they are more likely to belong to the 18-45 age

group which includes Generation Z and Millennials with a vision and prediction that vegans will in-

crease in the future.

Indeed, according to Bauer and Walrand (2023.), although vegans are quite infrequent among

adults over the age of 50, it is not surprising that the number of adults following a vegan diet is in-

creasing and, according to a study, people under 35 are three times more likely to identify as ve-

gans than those aged 49 and older.

However, the number of older people committing to a vegan diet will grow rapidly over the next

decade. In fact, looking at the US market for example, there have been an increasing number of

baby boomers ditching meat, dairy, and eggs in favour of vegan food. Recently the vegan move-

ment has become more popular and although the movement has been driven by the younger gen-

eration, an increasing number of baby boomers are becoming more vegan, given that there are ap-

proximately seventy-six million baby boomers in the US, where the generation makes up approxi-

mately 29% of the population. (Weber 2023.)

4.3 Product outcome description

The result of the business plan was produced based on the ideas of the author taking into consid-

eration the research of the theoretical framework for the key elements, thus the vegans, the ghost

kitchen business concept, and the essential elements for creating the business plan.

Although every business plan is different and therefore has no precise structure to follow, the au-

thor referred to the book by Ignatius Ekanem, A Practical Guide, writing a Business Plan,

Routledge Focus 2017, ISBN: 978-1-315-46581 - 4 as a basic structure on which to develop the

following business plan.

The business plan was started in June 2023 after finishing writing the theoretical framework of the

thesis. It lasted two months and ended in the second week of August 2023. It was written progres-

sively following the table of contents, while the executive summary was written last. To be finalized

by September-October 2023.

The business plan started with the introduction, and progressively with the business strategy, mar-

keting and market research, finance, operations management, human resources, risk assessment,

and conclusion with the related sub-chapters.

The most time demanding chapters were market research for ethnographic observation with the

related competitive benchmarking and financial calculations. Each choice involved was the result

of brainstorming of the author and previous studies involved. Besides, the more the business plan

was developed the more feasible it seemed.

4.4 Timeline and processes

Following represents the whole thesis processes, which have been created in draw.io website, as

figure 9 shows. It consists of three phases processes, lasting approximately seven-eight months.

The main processes phases are described as follows:

• Phase 1 consisted of choosing a topic, learning how to structure text and methodology, col-

lect and analyse data, create a product, and complete tasks such as thesis test, topic pro-

posal, assessment assignment, poster, and outline thesis.

• Phase 2 was writing, researching the literature review, and creating the product as result.

• Phase 3 consisted of finalizing, presenting, evaluation and publishing.

Figure 9. Thesis processes development flowchart (adapted from draw.io 2023)

The thesis written part and the product outcome business plan implementation timeline was

planned from early June to be completed by August 15, 2023, to then be finalized by September-

October, to be concluded with presenting, evaluation, and publishing by December 2023.

Topic brainstorming started at the early 2023 and review literature search were in advance the

schedule, in fact the theoretical framework has been started one month and half before what was

planned. Hence there have been previous studies for the creation of the business plan.

Each source used in this thesis can be viewed in the sources section with an embedded link. How-

ever, where there is no link, the books have been used in the digital version, available and down-

loaded from the pdfdrive.to or pdfdrive.com website.

The following Gantt chart created in MS Excel shows the expected timing for the realization of the

thesis (figure 10).

Figure 10. Gantt chart thesis timeline

The ethnographic methodology was implemented exactly as the process has been described and

the development of the whole thesis process is demonstrated by the flow chart while the Gantt

chart shows the timeline.

5 Discussion

The thesis project required planning, time management, and self-discipline to achieve the set goal

within the specified time. The entire thesis was planned and implemented in two main parts: firstly,

the writing process of the theoretical framework, which took focus and time, where the literature

review research provided to the author additional knowledge, not only on the concept of ghost

kitchen business model but above all on the topic of vegan and veganism, which includes many

other sub-topics of considerable interest.

By choosing this topic the author realized that it could also increase potential customers for the

business plan, even non-vegans, since veganism does not only include the vegan diet but would

mean attracting the psychographics of veganism, for example simply because they could empa-

thize with future potential customers. Vegan and veganism have very solid foundations, and above

all is projected to remain in the future based on statistical forecasts.

In developing the entire thesis, the more elements were integrated, the more the author realized

that these were current elements, such as digitalization, social media, and digital marketing which

are of fundamental importance for a ghost kitchen, especially because of locations without visibility.

The business plan with these elements has perspective of sustainability. And in considering the

credibility of the project, as the thesis developed it seemed more credible whether the business

plan would be into practice, therefore deemed to work from the point of view of the author.

It is believed that the strong points of the work were the research of the theoretical framework and

the business plan as the author was fully involved in the research of the themes of both vegans

and ghost kitchen operations. In fact, the research became increasingly engaging like a journey.

The weak point, however, was choosing when to end the research because the search topic could

continue indefinitely as it is an immense topic that include subtopics.

The research topics and findings were helpful to the author as they improved the way the author

develops a business plan, the writing processes, and skills such as self-discipline, self-motivation,

critical and analytical thinking, objectivity, and time management.

The search for literature reviews started a month and a half early because the author calculated

that the planned time period would not be sufficient to create the theoretical framework and the

outcome of the business plan due to other commitments during the thesis period, therefore the au-

thor anticipated the thesis work that has been carried out as planned by completing the entire the-

sis project by August 15, 2023, even if still to be finalized, planned to completely finish by end of

October 2023.

In conclusion, the author believes that the thesis and the business plan product outcome has been

successfully developed and covers the most significant part of the business planning elements re-

lated to the concept of ghost kitchen operations.

However, as for future suggestions, it has been considered further analysis of the topic by conduct-

ing more research to get more results to make any changes to improve the business plan, by col-

lecting data from potential customers to generate more knowledge and understanding of the busi-

ness concept, probably surveys or thematic interviews could be the best option to focus on to get

more insights and understanding.

22 
 
 
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Appendices

Appendix 1. Business Plan

Business Plan:

eVegan Ghost Kitchen

in Finland Capital Region

Vincenzo Rivetti

2023

Executive summary

eVegan will be a ghost kitchen start-up operating vegan-only menus based in the Capital Region of

Finland with three locations covering the delivery area of Helsinki suburbs, Vantaa, and Espoo and

to leverage economy-of-scale business strategies.

As there is not yet an equal business with an only vegan menu in the selected area, the business

plan will fill a gap and can be recognized as opportunity to exploit. The activity will aim to accentu-

ate vegan and veganism as a still current trend, highlight the efficiency of digital technologies, and

improve the availability of vegan food for target customers.

According to statistics, both vegans and food deliveries are expected to grow in the future and ve-

gans already has solid foundations. The selected area based on market research has potentially

40,000 vegan customers which the company expects to be profitable from the first year of opera-

tions with only 1% of the selected area of vegans becoming customers. Additionally, the competi-

tors are planned to become part of the company.

eVegan will develop a digital marketing strategy for brand awareness and as it is slated to open in

three locations, it should be a company that will quickly position into the minds of customers with

the goal of becoming a market leader in vegan food in the selected area.

The legal form of the company will be a limited liability company, and at this stage is assumed that

the company will be fully equity financed by shareholders, which assumed estimated calculation

are resulted successfully profitable.

A notable factor of this business is that the competition will become a strength of the company by

easily increasing the market share as competitors are planned to develop into a partnership.

The company will have a pricing strategy for both its menu and the dishes of the other partner

brands and will start with an organizational structure of at least one chef that also acts as manager

for each location with two multitasking cooks.

All business decisions may change dynamically according to the business demand.

Table of Contents

Executive summary ....................................................................................................................... 29

Introduction ................................................................................................................................... 31

Business idea ........................................................................................................................... 31

Business name ......................................................................................................................... 33

Legal form ................................................................................................................................ 33

Business strategy.......................................................................................................................... 33

Vision ....................................................................................................................................... 33

Mission statement .................................................................................................................... 33

Aims and objectives ................................................................................................................. 34

Unique selling points ................................................................................................................ 34

PESTEL analysis ...................................................................................................................... 35

SWOT analysis......................................................................................................................... 36

Location ................................................................................................................................... 36

Marketing / market research ......................................................................................................... 37

Nature of market ....................................................................................................................... 37

Target market ........................................................................................................................... 38

Competitor analysis .................................................................................................................. 38

Marketing objectives ................................................................................................................. 42

Customer buyer persona .......................................................................................................... 42

Value proposition canvas ......................................................................................................... 43

Digital marketing plan ............................................................................................................... 43

Business model canvas ............................................................................................................ 46

Selling strategies ...................................................................................................................... 46

Finance ............................................................................................................................ 47

Start-up costs ........................................................................................................................... 47

Pricing strategy......................................................................................................................... 48

Sales forecast .......................................................................................................................... 48

Cash flow projections ............................................................................................................... 49

Income statement projections ................................................................................................... 50

Balance sheet .......................................................................................................................... 51

Break-even analysis & ROE ..................................................................................................... 52

Operations management ............................................................................................................... 53

Human resources .......................................................................................................................... 54

Risk assessment ........................................................................................................................... 55

Conclusion .................................................................................................................................... 56

Introduction

• Business idea

The purpose of this business plan is to illustrate the business idea, from what is generated and de-

signed to be a solid company aiming to be successful. The plan serves as a strategic planning doc-

ument to guide the business and make strategic decisions, written in a way that reflects the author

vision and prepared to adapt the plan as it goes along the journey like a road map, and it may

change as needed to be adjusted consequentially.

According to a survey conducted by Statista (2023.), the size of the worldwide Ghost Kitchens mar-

ket was revealed in 2021, with a forecast of 2027 to double in size as shown in Figure 1.

Figure 1. Ghost kitchen market size worldwide in 2021, with a forecast for 2027 (Statista 2023)

eVegan is expected to be a ghost kitchen company based in the Finnish capital region, planned to

start with three locations to leverage economy of scale strategies (Krugman 2017, 180-181.), thus

increasing production and lowering costs, having smaller facilities, and reducing staff compared to

brick and mortar. Furthermore, by opening in three locations, the company would quickly become

visible with its brand identity (Wheeler 2017, 4.) in the Capital Region.

The location will be one in Vantaa, one in Helsinki, and one in Espoo. One of these will serve as

headquarters with a laboratory where a larger preparation of the food will be prepared to be sent to

the other two locations, to then be sold virtually and delivered by third-party delivery partners (fig-

ure 2). The menu will be entirely vegan, attracting vegan customers of the selected area.

Figure 2. Business structure overview

Since each restaurant in the Capital Region has only a few vegan options, The eVegan ghost

kitchen will only have one exclusively vegan menu, thus it wants to fill a gap, as there is no ghost

kitchen yet with an entirely vegan menu. Therefore, it will have its menu but will also embrace other

restaurants that want to integrate in ghost kitchen operations by increasing sales. Thus, eVegan in

this case expands the menu options and functions like a ghost kitchen with multiple brands, con-

stantly benefiting the vegan customer with a menu of multivariate vegan options.

The implementation of this activity will also have the following objectives: accentuate vegans and

veganism as a still current trend, highlight the efficiency of digital technologies in business opera-

tions, and improve the availability of vegan foods for the targeted customers by reaching them

quickly in the chosen area of the territory selected.

The choice to create this activity stems from the observations of the author of the hospitality sector

in general and in a holistic way. Deciding to combine various elements with a view to sustainability:

such as the vegans, which has solid foundations, still growing and destined to last over time; and

digitalisation, as increased technological development, and changing people behaviours and atti-

tudes, given and because people use technology increasingly often today.

Therefore, combining these elements with the increased demand for home deliveries and the low-

cost operation of ghost kitchens compared to physical brick and mortar operations, it is assumed

that the business will be innovative and competitive, and that there will be demand for this concept,

assuming that this activity will be successful. The combined elements are the vegan diet, digitaliza-

tion, demand for home deliveries, and low-cost operations (figure 3).

Figure 3. Elements combined to generate the business idea

• Business name

The name of the business is eVegan Ghost Kitchen. The reason for this name is simply because it

describes what it is, i.e., the "e" in front of the word vegan makes it clear that these are electronic

orders, therefore online, while the word "vegan" means exactly the vegan offer. In addition, "ghost

kitchen" is explicit that it is a kitchen without a dining room therefore with delivery and take-out of-

fers.

• Legal form

The company will be incorporated as a limited company. As a limited company, the liability of direc-

tors and prospective shareholders is limited to the amount of capital each of them owns invested in

the company. The idea is to place the risks associated with the activity only on the company, not

personally or on the shareholders, therefore it is appropriate to incorporate the entity into a limited

company. The limited company (osakeyhtiö) is the most usual form in Finland (infoFinland.fi 2022),

which is suitable for all types of business operations and can be established alone or with other

shareholders.

Business strategy

• Vision

The vision of eVegan Ghost Kitchen is to become the market leader in the selected area in five

years, being the widest range of vegan meal offerings available to customers and excelling in deliv-

ery service. Within five years, the company wants to position the brand as a status symbol of the

vegan diet by conveying the core value of veganism such as respect for life and advocating for en-

vironmental sustainability. In becoming a solid and stable company will be considered becoming a

franchisor to open in other cities.

• Mission statement

The eVegan ghost kitchen mission is to focus on the vegan customer, emphasizing the veganism,

and cooking tasty meals to be delivered quickly anywhere of the selected area at the time of cus-

tomer desire, choosing from a large variety of vegan meals.

The purpose of this mission statement is to position the company in the mind of the customer, giv-

ing a reason to buy. By simply stating who the company is, what it does, and for whom. The mis-

sion statement will be shared on the company website content, marketing campaign, social media,

and staff communication.

• Aims and objectives

To realize the mission and vision of eVegan ghost kitchen, goals and objectives need to be set.

Although eVegan ghost kitchen vision is to become the market leader in the selected area within

five years, it is expected to achieve short and long-term goals and objectives.

The short term should be achieved within the first three years. Since this is a start-up, not all KPIs

are specific indicated because it still does not have a history to base on it. If the company becomes

sufficiently stable, the next two years will serve to evaluate and, if necessary, plan in detail the cur-

rent established long-term goals and objectives which will be implemented consequently.

Short-term goals and objectives (within 3 years):

o Increase sales by 20% annually.

o Increase profitability.

o Optimize the menu, making seasonal changes.

o Expanding customer base.

o Increase brand awareness.

o Improve employee productivity.

o Increase website and social media traffic.

o Increase revenue streams.

Long-term goals and objectives (after 5 years):

o Embrace sustainability programs.

o Create own delivery channel added to third-party delivery.

o Create the eVegan ghost kitchen academy program, providing opportunities for teams to

enhance their leadership skills and cooking skills, and raise awareness of veganism and

knowledge of the vegan diet.

o Acquire competitors.

o Become franchisor.

• Unique selling points

According to Ekanem (2017, 22.), unique selling points are what make the company unique and

attractive. Companies can gain a competitive advantage in an industry by focusing on one or more

of two key success factors, such as expertise, organizational capability, information systems, distri-

bution, marketing, technology, manufacturing, and other factors. Value can be added in four areas,

such as product; service; delivery; and price.

eVegan ghost kitchen will offer what the current competitors are offering in limited quantities as

eVegan ghost kitchen will focus only on the vegan diet, and being a ghost kitchen it will embrace

more brands, thus expanding the menu by variegating it and enhancing it, in this way the company

offers something that competitors do not offer, consecutively differentiating themselves and creat-

ing a position in the minds of consumers as a new brand identity specialized in vegan offering.

Also, the company can gain competitive advantage by focusing on key success factors, such as

online ordering system, distribution channel, and digital marketing related factors. Therefore, the

unique selling point of eVegan can be recognized as three main factors such as online/app order-

ing system, extensive vegan menu, and fast delivery.

• PESTEL analysis

As figure 4 shows, the Pestel analysis elaborated for the eVegan ghost kitchen.

Figure 4. eVegan PESTEL analysis (adapted framework from edit.org 2023)

• SWOT analysis

The SWOT analysis (figure 5) will be regularly reviewed and updated to remain initiative-taking and

adapt to changing market conditions.

Figure 5. eVegan SWOT analysis (adapted framework from edit.org 2023)

• Location

The company will have three ghost kitchens located in suburban areas, one in Vantaa, one in Hel-

sinki and one in Espoo. The reason for this approach is to better reach customers in the peripheral

areas by having the ghost kitchens already in the suburbs, acquire awareness of the brand identity

more quickly because three areas are covered with three locations and benefit from the lower

rental cost compared to central areas. The three locations do not yet have a precise pre-estab-

lished location, but it is thought that the locality that has the headquarters will be established in the

Kalasatama industrial area as it is located halfway between Vantaa and Espoo for internal deliver-

ies and contract deliveries within the Helsinki area can have good coverage.

Marketing/Market research

• Nature of market

“Finland is one of the most vegan-friendly countries in the world. With a population of just over five

million people, there are an estimated 150,000 vegans in Finland. This means that vegans make

up around 3% of the population, which is one of the highest percentages of any country in the

world” (SimplyHealthyVegan.com 2022).

According to research conducted by Jallinoja (2020.), vegan diets have received a lot of media at-

tention in recent years growing rapidly because of many social media driven events. Emphasizing

that while in the past, especially in the vegan movement, there was a desire for an ethically healthy

vegan diet, in recent years vegan activists have encouraged a shift towards more flexible plant-

based eating patterns alongside veganism, thus creating an image of more varied vegan options.

Research findings for the period 2014-2018 have shown that as social media activity around vegan

eating increased, a higher proportion of Finns started adopting vegan, vegetarian, or red meat-free

diets. Especially the vegan diet, despite the increase, the analysis shows that the popularity is well

above these averages.

Furthermore Statista (2023.) has revealed that the revenues in the meat substitute market in Fin-

land amount to 18.61 million US dollars in 2023 and that the market is projected to grow annually

by 10.39% from 2023 to 2028.

Moreover, an article published on Vegansnews.com (2020.), has stated that Finland has invested

US$2.3 million in the country's plant-based food industry to build up the nation's plant-based econ-

omy with funding provided by the government organization Business Finland. The aim of the pro-

ject is to strategically strengthen Finland position as an innovator in the plant-based food industry.

Additionally, Yle.fi (2021.) has stated that Finnish consumers steadily bought more meat products

over the past two decades until a few years ago when consumption levels started to decline, result-

ing in a decline in meat sales as plant-based foods gain ground.

While instead, the worldwide projected future growth of the vegan diet is remarkable, in fact Prece-

denceresearch.com (2022.) has shown that the global size of the vegan food market was esti-

mated at $26.83 billion in 2021 and is projected to exceed approximately $65.4 billion by 2030.

According to macrotrends.net (2023), the current population of the Helsinki metropolitan area in

2023 is 1,338,000 and since the research market for this business plan has revealed that 3% of the

Finnish population is vegan, it is assumed that in the Capital Region, there would be currently

around 40,000 potential vegan customers.

• Target market

The target market is vegans in the Finland capital region, finding the motivations of vegan and ve-

ganism in line with psychographics. Apart from the obviously geographical segmentation, the de-

mographic segmentation however, even if there would not be a precise age of vegan customers, it

is more probable that they belong to the 18-45 age range which includes Generation Z and the Mil-

lennials with a vision and forecast that vegans will increase in the future.

• Competitors analysis

Although there is no ghost kitchen with an entirely vegan menu in the Capital Region, there are

currently various ghost kitchens and virtual restaurant operating, but they do not have an exclu-

sively vegan menu. Instead, they offer vegan options to their menu consisting of several brands,

and as they offer delivery in the capital region while offering vegan options, they can be considered

competitors. Additionally, there are some brick-and-mortar restaurants, even kiosks, fully vegan

offering delivery, hence further competitors.

Below is the analysis of four ghost kitchens, one of which operates as a virtual restaurant, and four

vegan restaurants, one of which is a kiosk, all offering vegan products with delivery, therefore all

are considered competitors.

The ghost kitchen and virtual restaurants are Huuva, Munchfam, Agra Taj, and Ride Kitchen. On

top of that, there are potential competitors such as Ghost Kitchens by Soupster currently closed

but planning to reopen.

Instead of brick-and-mortar vegan with delivery are: Junky y Vegan; Bun2Bun; Loving hut; and Ve-

gan Food Boxes. It should be noted that many other restaurants offer vegan options with delivery,

which are mostly vegetarian, Thai, and Vietnamese cuisine restaurants.

By following, the considerations on the strengths and weaknesses of each of them are based on

the data of each site and on the insights from the information web pages and social media of each

company compared with each other, and above all from the considerations of the author, trying to

be as objective and critical as possible towards each business.

• Huuva is a multi-brand ghost kitchen, they define themselves as a platform that powers vir-

tual restaurants with the virtual court model, designed for seamless food delivery through

optimal locations. They currently have more than one food facility, both for Helsinki, Vantaa,

and Espoo. Expanding to other Finnish cities and outside Finland, currently in Germany,

and they state to continue to expand.

Their vegan options are what every single brand has as a vegan option on their menu.

Thus, they do not just offer vegan food, they span different cuisines, currently 15 different

restaurant brands. They offer a large menu choice consisting of vegetarian, Thai, Chinese,

Indian, Mexican, salads, burgers, pastas, and poke bowls, but only a few vegan options.

Prices range mostly from 10 to 25, although there are some dishes that cost even less than

10 euros. Huuva offers delivery and takeout, which they use Wolt and Foodora for delivery.

Social media: Instagram, LinkedIn. Although they have a Facebook page, it is not promoted

on their website, also some locations have their own Facebook page while some do not. On

the web, each venue has its own Google review rate, currently ranging from 3.7 for Pit-

ajanmaki to 4.9 for Myllypuro, on a scale from 0 to 5.

As strengths, it can be recognized by opening their main web page, intuitively that they

have a resolute team of professionals, and they are focused on research and development.

While as a weakness, there are not so many social media embedded with their own brand-

ing.

• Munchfam is a virtual multi-brand restaurant chain. According to their website they cur-

rently have more than 320 restaurants in Finland, Sweden, Denmark, and Germany, with

currently eleven varied brands participating. The concept is like the ghost kitchen but in this

case, it is a virtual restaurant, which means that already established restaurants could join

Munchfam and therefore expand their delivery option by selling online. It is not a facility

where the structure is established but simply a virtual restaurant created out of brick-and-

mortar establishments.

Their current potential location is nationwide in Finland, Sweden, Denmark, and Germany

and they state to continue to expand. Their delivery partners are Foodora and Wolt, and

while they currently deliver to the Helsinki area, the other two areas of Espoo and Vantaa

are outside the delivery area, currently unserved. Same as Huuva, their vegan option is lim-

ited to the restaurant brand menu vegan option, currently offering pizzas, burgers, kebabs,

wings, Chinese, Greek, and Korean cuisines. Social media presence Instagram and Face-

book, and like Huuva, each restaurant brand has its own Google reviews.

As strengths, any restaurant could join, and they have a prospect of expanding across Eu-

rope. As a weakness, their presence is national, but delivery does not cover all cities na-

tionwide and some participating brands come from the same restaurant, only changing the

name, as it can be easily recognized by visiting their corporate website.

• Agra Taj is a cloud kitchen located in Vantaa, offering only Indian cuisine and according to

their website they deliver to Vantaa, Helsinki, and Espoo. They offer an extensive menu

with some vegan options and currently prices from 15 to 23 with some options under ten

euros. Social presence on Facebook, Instagram, and Twitter. Google review rate is cur-

rently at 4.7 on a scale of 0 to 5.

As a strength they use their own delivery system in addition to Wolt and Foodora deliveries

and focus only on their type of cuisine. Although the eVegan brand comparison is only with

vegan food, the weakness is that third party delivery is only available to Vantaa, while Es-

poo and Helsinki are currently out of the delivery area.

• Ride Kitchen is a delivery-only restaurant with two locations in Helsinki and one in Turku,

currently with nine different operating brands. Their product offering is not only vegan but

includes vegan options for every menu of the varied brands, selling pizzas, burgers, salads,

wraps, chicken dishes and lunch bowls. Price ranges from 10 to 27, although there are

some dishes for less than 10 euros.

Delivery is via Wolt and Foodora and the covered delivery location is Helsinki, but Espoo

and Vantaa are currently outside the delivery area. While there is a Ride Kitchen Facebook

page, there is no social media for every single brand. Google review rated it 3.1.

As a strength, opening their website, one might think of the name as it can give an idea of

the speed of delivery, however as a weakness they are noticeably lacking on social media.

• Junky y Vegan is a full vegan street food brick and mortar restaurant, located in Helsinki. It

offers dine-in, takeaway and home delivery services. Their menu is strictly vegan and

mostly includes appetizers, burgers, sides, flatbreads and build your own bowl. Prices

range from 5 to 25 euros.

Foodora is the delivery service covering the Helsinki area. Social media presence with Fa-

cebook, Instagram, Tic Toc, and YouTube channel. Reviewed by Google 4.3, Facebook

rated at 4.7, and 4.5 on TripAdvisor, on a scale from 0 to 5.

As strengths, they have a central location next to Helsinki train station, many positive re-

views, and their social media presence is up-to-date, especially Facebook. As weakness,

currently they only have Foodora as a delivery partner.

• Bun2Bun is a chain of vegan burger restaurants in Finland with three locations in Helsinki

and one in Espoo. Dine-in, take-out and home delivery services. The menu consists of ve-

gan burgers and salads with a price range from 10 to 16, and side dishes for less than 10

euros. Delivery to Helsinki and Espoo area via Wolt and Foodora. Social media presence

with Facebook, Instagram, and LinkedIn. Each place has its own review on Google and Fa-

cebook currently at 4.5 on a scale of 0 to 5.

As strengths they collaborate with other structures, they care about sustainability which

they promote on their website and have an updated Facebook page, they also have a vi-

sion to expand in Europe. As weakness, they have a short menu for being a collaborative

establishment that has a vision to expand and has four locations.

• Loving Hut is an over-the-counter vegan chain offering Asian influenced menu, there are

around two hundred stores worldwide including one in Helsinki. Offers dine-in, takeout, and

delivery by Wolt and Foodora. Prices under fifteen euros. Presence on social networks with

Facebook having a score of 5; Google reviews at 4.6; and TripAdvisor at 4.5; on a scale

from 0 to 5.

As a strength it can be recognized that it is a promoter of the veganism movement, further-

more the inside inscription written "be vegan, make peace" makes the difference. Further-

more, the prices are competitive. As weakness, being an international chain, it should be

promoted more on social media.

• Vegan Food Box is a fully vegan grill kiosk located in Helsinki, offering eating on the spot,

pick-up, and delivery by Wolt in Helsinki area. The menu is completely vegan with prices

under fifteen euros. Prescence on Facebook with a score of 5; and Google reviews at 5; on

a scale of 0 to 5.

The strengths are the price and the opening hours, as it is open until 4 in the morning at the

weekend. By weakness, however, the kiosk seems too small even to contain the food to be

sold as it has many opening hours.

The research information on competitors and criteria has been searched on the web, from each

corporate webpage, and from the corresponding social media. The following competitor bench-

marking (Table 1) has been elaborated with MS Excel.

Table 1. Competitor benchmarking analysis

Factors

eVegan Ghost

kitchen

Huuva Munchfam Agra Taj Ride Kitchen

Business Type

Ghost kitchen Ghost kitchen Virtual restaurant

chain Ghost kitchen Ghost Kitchen

Brands

multi-brand 15 brands

11 brands (320

restaurants)

1 brand 9 brands

Product/menu Vegan vegan option vegan option vegan option vegan option

Service type Take out & delivery take out & delivery take out & delivery take out & delivery take out & delivery

Location

Vantaa, Espoo,

Helsinki

Vantaa, Espoo,

Helsinki, nationwide,

Germany

Finland, Sweden,

Denmark, Germany

Vantaa

Helsinki, Turku

Price range tbd 0-25€ 0-27€ 0-23€ 0-27€

Marketing activities

Social media / web

marketing

Social media / web

marketing

Social media / web

marketing

Social media / web

marketing

Social media / web

marketing

Delivery type Wolt / Foodora Wolt / Foodora Wolt / Foodora

Wolt, Foodora, and

own delivery

Wolt / Foodora

Social media

Facebook,

Instagram,

Pinterest, Twitter,

Facebook, Instagram,

Facebook, Instagram

Facebook, Instagram,

Twitter

Facebook

Social media

interaction Low Low Very low Low

Customer reviews medium to high medium high medium

Likely to expand tbd Yes Yes Yes Yes

Strenghts

veganism/acquiring

competitors

team

partnership expansion one type of cuisine

Weakness Only vegan Social media delivery area coverage

Party delivery does

not cover Espoo and

Helsinki

Social media presence

Factors

eVegan Ghost

kitchen

Junk y Vegan Bun2Bun Loving Hut Vegan food box

Business Type Brick-and-mortar

Brick and mortar Brick and mortar Brick and mortar

Brands

1 brand 1 brand

1 brand (200 stores

worldwide)

1 brand

Product Vegan Vegan Vegan Vegan

Service type

dine-in, takeaway,

delivery

dine-in, takeaway,

delivery

dine-in, takeaway,

delivery

on the spot,

takeaway, delivery

Location Helsinki Helsinki, Espoo Helsinki Helsinki

Price range 0-25€ 0-16€ 0-15€ 0-15€

Marketing activities

Social media / web

marketing

Social media / web

marketing

Social media / web

marketing

Delivery type Foodora Wolt / Foodora Wolt / Foodora Wolt

Social media

Facebook, Instagram,

TicToc, YouTube

Facebook, Instagram,

Facebook Facebook

Social media

interaction good /update good low good/update

Customer reviews high medium-high high high

Likely to expand probably probably

Strenghts

central location /

update social media

third part businesses

collaboration

Promoter of

veganism

movemement and

competitive prices

Prices and opening

hours

Weakness

only one delivery

partner

short menu

lacking of social

media presence

little space

C O M P E T I T O R S

• Marketing objectives

The marketing objectives of eVegan are to identify the customer to provide the offer to solve and

satisfy the needs and wants of the customer.

In doing this, and following the company vision and mission, communicate the value proposition to

the targeted market with the aim of acquiring and retaining customers.

Position the company above competitors and in the minds of customers as a company specialized

in vegan and veganism, without leaving to think that eVegan is just another like the many foods de-

livery that offer vegan meals, but instead differentiating and distinguishing itself from competitors

both for vegan offer and fast home delivery.

• Customer buyer persona

A buyer persona is a semi-fictional representation of the ideal customer in the target audience, of-

fering the ability to develop a greater understanding of what it means to be a specific customer in

the target audience by providing an in-depth description of the target audience to not only define

who can respond to the marketing communications but also why. In addition, it provides a deeper

understanding of the types of content and messages that will resonate most with your target audi-

ence. (Quesenberry 2020, 238.)

By following, the representation of the eVegan buyer persona (figure 6).

Figure 6. eVegan customer buyer persona (adapted diagram framework from edit.org 2023)

• Value proposition canvas

"The Value Proposition Canvas has two sides. With the Customer Proﬁle you clarify your customer

understanding. With the Value Map you describe how you intend to create value for that customer.

You achieve Fit between the two when one meets the other" (Osterwalder & al. 2014, 3).

The following diagram (figure 7) has been created using a framework available on edit.org.

Figure 7. eVegan value proposition canvas (adapted framework from edit.org 2023)

• Digital marketing plan

Nowadays most people are available online and the targeted market is increasing its presence

online, and moreover eVegan ghost kitchen business is available from online, thus it is wise and

appropriate to create and use digital marketing.

RACE is a practical framework to help manage and improve the business value organizations gain

from digital marketing. It aims to help create a streamlined approach to reviewing online marketing

performance and taking action to improve its effectiveness. RACE consists of four steps, and it is

the acronym for reach, act, convert, and engage. (Chaffey 2019, 26.)

(R) Reach: it is the first step to build awareness of the brand. Thus, once the chosen social media

and the website have been created, it is necessary to ensure that SEO is optimized to the fullest to

have excellent reachability and further improve the ranking of the web page. In addition to creating

the website and social media, which must contain effective and properly optimized marketing con-

tent with eye-catching brand information, content must promote the products and service, include

sustainability content, images, text, posts, short videos, blogs, news pages, and infographics to

generate audience interest by creating content that engages audiences with the aim of building

brand awareness and generating further purchase intentions.

(A) Action: phase that encourages interactions on websites and in social media. The action of the

customer when reaches the website or any other social network to find out more about the com-

pany, products, and service, thus engaging with the brand and interacting with the company with

the aim of generating online leads for purchases. For example, a blog page on the main website

where customers can know more about the content can give action to leave comments under it or

also to check the menu or even action to buy or action to see more or action to view the product,

add to the cart, register as a member, or subscribe to an e-newsletter, which means the customer

is also interested. Registering the website with the ordering system would also allow the customer

to become a member, further receive the newsletter option, create the subscription, and by doing

so add email marketing and remarketing. Sharing content marketing on social media would equally

create action, as would customer reviews.

the next step that turns into payment, thus integrating an ordering and payment app. Adding an AI

chatbot to the website could further convert customers into purchases, as well as complement

WhatsApp marketing whose goal would then be to convert undecided customers when they reach

out to find out more. Additionally, remarketing is also in this stage, with further marketing automa-

tion to analyse and track key measures and this is also the stage where customers would repeat a

previous purchase. The goal of this stage is to have a conversation to generate sales.

(E) Engage: to build relationship with the customer to gain sales retention, developing a long-term

relationship with customers to keep and repeat purchases. In this phase, the key indicator of cus-

tomer satisfaction, communications, presence on social networks, emails, and direct interactions

are of paramount importance. Social media with effective content marketing would increase en-

gagement and further signing up on the website with a membership would be helpful in establish-

ing long-term customer relationships as well as the engagement of selling gift cards for customers.

In addition, the SOSTAC model is useful for applying and implementing digital marketing, the acro-

nym stands for Situation Analysis, Objectives, Strategy, Tactics, Actions, and Control. It is a model

framework that facilitates the structuring of plans for different planning activities and provides a log-

ical order for the planned approach and can be used to critically evaluate processes, also it can be

seamlessly integrated with the RACE framework. (Chaffey 2022.)

(S) Situation analysis: since eVegan ghost kitchen is a startup, there is no marketing activity yet,

still in the planning stage but observe via social media interactions and the strategic tactics of com-

petitors through their main websites. The company will have its own website from which a down-

loadable app to order food online will be available, as well as social media channels such as Face-

book, Instagram, Twitter, Pinterest, YouTube channel and TikTok. The website will include updated

visual content marketing with images, text, short videos, a blog section, a news section, an AI chat-

bot and WhatsApp marketing to build engagement with potential customers. Potential digital cus-

tomers will primarily be followers of the vegan diet and veganism, Generation Z and Millennials,

who will engage with the brand through social media, company websites and delivery apps.

The strength of the organization will be the uniqueness of the vegan menu and the vegan offer of

products as an extensive menu and coverage of deliveries throughout the capital region, having as

an additional strong point the updating of contents and trends of marketing to leverage the power

of business throughout both social media channels and website to beat competitors in customer

engagement and interactions. A weakness, given that this phase in which the business is not yet

consolidated, could be that the potential customer will not engage quite as expected with the ex-

pected interactions. As an opportunity, eVegan will embrace all innovative technologies to increase

brand awareness, creating social media campaigns, launching unique offers, and embracing

trends. Threats can be competitors and changing customer behaviours.

As for the competitors, though they are ghost kitchen or vegan brick and mortar delivering, all of

them are lacking in social media interaction and out of date content marketing, except a few of

them, therefore eVegan will focus on content marketing of the social media to beat the engage-

ment of digital competitors. As digital KPIs, eVegan will monitor Google reviews and engagement

level of social media channels. In the market trend, it can be recognizable that many competitors

thus are lacking in social media, the only social media they all have is Facebook, but rarely update,

no influencer marketing and poor advertising, also except one competitor, no one is using

WhatsApp marketing or a chatbot, not even social like TikTok or Pinterest, which all this will be

available from eVegan.

(O) Objectives: eVegan will create the digital marketing strategy focusing on the 5 S's, referencing

Sell, Serve, Talk, Save and Sizzle and ensuring each objective is SMART. The goal is to sell and

increase sales, brand awareness, customer satisfaction, digital interaction, and positive reviews.

Sell: creating updates and trendy content marketing and use of social media tools to create inter-

actions to increase customers with the consequence of selling more. Serve: Create customer sur-

veys sent via social media to have insight into where to improve to serve and achieve better cus-

tomer satisfaction and take into consideration future reviews as points to improve. Sizzle: asking

through social media what the customer want, desire, and likes, thus making changes to the menu

and the operations, accordingly, modifying and making available the product according to the

needs and wishes of the customer by trying to surprise them. Speak: create long-term customer

loyalty and relationships with the customers by interacting with them digitally, especially on social

media and by email marketing. Save: in archiving traffic growth from the website and social media

visits with positive reviews, maintaining the relationship with customers.

(S) Strategy: targeting vegan followers of Helsinki capital region through website and social media

with update trending content marketing. Influencing the potential customer through social media

content by placing a higher value on the brand image as a customer belonging to veganism as a

psychographic characteristic. Sequence: interacting with content, building trust, and further influ-

encing to visit website and app to order online to buy and repeat. Integration: additional social me-

dia, innovative technologies, and viral videos. Continuously optimizes the company website for bet-

ter organic search and builds a veganism information webpage and a sustainable section.

(T) Tactics: focus on the 7Ps of the marketing mix. Product focused on the vegan diet menu and

will be modified and made available according to the needs and wishes of the customer. Price will

be adjusted according to the market, customer demand and competitors. Promotion campaigns,

digital PR, and trending content marketing update, also packaging aims that the brand would be

more visible. Place, it is the digital about the ghost kitchen ordering system and social media chan-

nels. People are targeted vegan customers in the Helsinki capital region. Processes are social

media and web interactions and customer retention for repurchases. Partnership is relational

communications with the customer, satisfaction, and customer loyalty to the brand.

(A) Actions: the company will hire at least one experienced digital marketing professional to en-

sure that the digital marketing achieves the objectives, and it is believed that at least SEO, content

marketing, customer social media interactions, email marketing, digital marketing tools and all so-

cial should be updated regularly based on trends and customer wishes and needs.

monitoring is on track to meet the set goals. Checking if digital marketing implementation is deliver-

ing the desired results using KPIs such as Google Review. Analysing conversion rate optimization,

tracking visits to the website and social media. Communicate concerns with the team and check if

everything planned is implemented and further compare statistics websites within the same indus-

try to verify improvements, monitor, audit, and measure performance against objectives.

• Business model canvas

The following BMC framework (figure 8) has been downloaded from Strategyzer.com and elabo-

rated according to the business idea of eVegan ghost kitchen.

Figure 8. eVegan Business Model Canvas (adapted from Strategyzer.com 2020)

• Selling strategies

The sale will be online via the web/app with a delivery channel and takeaway option. The three lo-

cations will aim to cover the Capital Region area with delivery via Wolt and Foodora, to consecu-

tively consider starting a corporate delivery channel in addition to the third part delivery. Digital

marketing will conduct through selling strategies via social media and through the company web-

site. The company will aim to acquire competitors, having competitors become part of the business

as a strength, the more eVegan will acquire competitors, the more the company will have an exten-

sive vegan menu as a competitive advantage over competitors, causing competitors to become

partners and making it a strength of eVegan Ghost Kitchen.

Finance

• Start-up costs

All cost entries as shows in the (Table 2) are derived from online research, are averages and con-

sidered projections. To start the company needs € 587,352. It includes a contingency plan which is

the sum amount of the cost that the company will have to bear every month for 3 months based on

the expected start-up costs, excluding delivery costs. Table has been prepared with Ms Excel.

The exact location of the premises has not yet been decided, but each site will be less than 100

square meters in the suburbs of Vantaa, Espoo, and Helsinki. The cost of rent depends on several

factors such as location, size, and year of construction, among others. The following calculation

considers an average rent of 2500 euros per month for rent, even if will be spent less, eventually.

As for marketing, the company strongly considers only digital marketing practices. Although many

companies take care of it themselves, in this case, a marketing company will be hired and 1,000

per month per location premise will be available to take care of digital marketing.

The inventory cost is the initial food and packaging to produce 400 dishes per day over 3 locations

for a month, where food, except that which can be frozen, will be ordered every three days, thus in

this case the inventory of raw food is only for the first three days of operations. Instead, the neces-

sary equipment to start the operations are described in the operation management chapter.

Table 2. Start-up costs and capital expenditure budget

Start-up cost budget €

Start up notification for limited liability companies 320

Rent deposit (3 months) 22500

Rental price ( of the 3 premises for one month) 7500

Equipment and furniture 120000

Renovation/remodelling premises 30000

Professional fees 5000

Set up technologies 3000

Pre-opening staff (1 person) 3000

Insurance 3000

Utilities 9000

Staff/labor 18000

Opening initial Inventory (food & packaging) 43800

Third-party delivery cost 29200

Digital marketing 3000

General /administrative 3000

Other costs / miscellaneous 1000

Total 301320

10% reserved for unplanned expenses 30132

Total budget 331452

Contingency plan ( 3 months costs) 255900

Total 587352

• Pricing strategy

Since eVegan will include both its own menu integrated with vegan menus from other restaurants,

which adopt eVegan as an additional sales method thus functioning as a ghost kitchen, the

eVegan company will use a mixed pricing strategy.

It will have primarily penetration market strategy for its menu for the first three years, setting a low

price in hopes of building market share, the goal is to gain many customers with low prices and use

various digital marketing strategies to keep them. While for dishes made by eVegan belonging to

other restaurant brands, a simple mark-up pricing strategy will be used.

Additionally, it will be considered seasonal pricing strategies, for example in the summer, as cus-

tomers are more willing to eat out than stay home, a temporary discount pricing strategy will be

used to boost sales with seasonally reduced pricing. The aim is to acquire market share.

When the company acquires sufficient market share, and after 3 years of operations, considera-

tions will be given to adopting a price skimming strategy by setting higher prices to quickly recoup

the expense to make a profit quickly. Pricing strategies will be monitored, reviewed, and adjusted

dynamically according to the objectives of the company.

• Sales forecast

Since the company will initially use a market penetration strategy, an average price of twelve euros

will be used. All other dishes made by eVegan but belonging to other brands, even if made by

eVegan, at this stage are not counted at all.

The food cost for each unit dish of the own eVegan menu will not exceed 30% of the sale price.

The commission costs of third part deliveries Wolt and Foodora will be counted as 20% of the

unit/dish sale price, even if the commission will be eventually cost less than 20%.

As the Capital Region has around 40,000 potential vegan customers, it is assumed that the busi-

ness will achieve a daily turnover of at least 1% of the potential customer base, thus potentially

selling a total of 400 dishes over 3 locations daily, with the objective of the company to grow

20% of sales annually the first 3 years (table 3). The following basic calculation is only used to un-

derstand if there will be a potential success of the activity. After 3 months from the opening the cal-

culation will be remade in a more accurate way. The table is created with MS Excel.

Table 3. eVegan 3-year sales forecast

Y1 Y2 Y3

Amount of daily customers expected 400 480 576

Meal/unit sold daily over 3 locations 400 480 576

Growth rate % 20 % 20 %

Annual meal/unit sold 146000 175200 210240

Avg use of money food VAT 14% 12 € 12 € 12 €

Tot Sales € (inc. VAT) 1 752 000 € 2 102 400 € 2 522 880 €

Turnover / Revenue 1 536 842 € 1 844 211 € 2 213 053 €

Tot Turnover / Revenue (excl VAT) 1 536 842 € 1 844 211 € 2 213 053 €

• Cash flow projections

Cash flow projections (Table 4) are estimated as calculations based on underlying assumptions.

Entries include the three premises. The table has been created in Excel.

Table 4. Cash flow projections for the first three years

YEAR 1 Pre start-up Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Tot

Opening Balance 467352 400532 434272 456492 490232 520132 553872 583772 617512 651252 681152 714892 744792 744792

Receipts

Sales 148800 134400 148800 144000 148800 144000 148800 148800 144000 148800 144000 148800 1752000

Total 0 148800 134400 148800 144000 148800 144000 148800 148800 144000 148800 144000 148800 1752000

Opening balance + Income 467352 549332 568672 605292 634232 668932 697872 732572 766312 795252 829952 858892 893592 2496792

Payments

Taxes 0

Loan 0

Insurance 3000 3000 6000

Staff/labor 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 216000

Rental deposit 22500 22500

Rent 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 90000

Utilities 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 108000

General / administrative 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000

Marketing 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000

Purchases (raw food, packaging) 43800 43800 43800 43800 43800 43800 43800 43800 43800 43800 43800 43800 525600

Third-part delivery costs 29760 26880 29760 28800 29760 28800 29760 29760 28800 29760 28800 29760 350400

One-time start up expenses 41320 41320

Other expenses / miscellaneous 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 12000

Investments/procurements 0

Total Payments 66820 115060 112180 115060 114100 115060 114100 115060 115060 114100 115060 114100 118060 1443820

Liquidity ( end of the month) 400532 434272 456492 490232 520132 553872 583772 617512 651252 681152 714892 744792 775532

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Tot

584792 630472 667511 713191 755991 801670 844470 890150 935829 978629 1024309 1067108 1067108

178560 161280 178560 172800 178560 172800 178560 178560 172800 178560 172800 178560 2102400

763352 791752 846071 885991 934551 974470 1023030 1068710 1108629 1157189 1197109 1245668 3169508

1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 14404

3000 3000

18900 18900 18900 18900 18900 18900 18900 18900 18900 18900 18900 18900 226800

7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 90000

9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 108000

3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000

53568 48384 53568 51840 53568 51840 53568 53568 51840 53568 51840 53568 630720

35712 32256 35712 34560 35712 34560 35712 35712 34560 35712 34560 35712 420480

1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 12000

132880 124240 132880 130000 132880 130000 132880 132880 130000 132880 130000 135880 1577404

630472 667511 713191 755991 801670 844470 890150 935829 978629 1024309 1067108 1109788

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Tot

1109788 1169292 1218428 1277933 1333981 1393485 1449533 1509037 1568541 1624590 1684094 1740142 1740142

214272 193536 214272 207360 214272 207360 214272 214272 207360 214272 207360 214272 2522880

1324060 1362828 1432700 1485293 1548253 1600845 1663805 1723309 1775901 1838862 1891454 1954414 4263022

4287 4287 4287 4287 4287 4287 4287 4287 4287 4287 4287 4287 51442

3000 3000

19845 19845 19845 19845 19845 19845 19845 19845 19845 19845 19845 19845 238140

7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 7500 90000

9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 108000

3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000

64282 58061 64282 62208 64282 62208 64282 64282 62208 64282 62208 64282 756864

42854 38707 42854 41472 42854 41472 42854 42854 41472 42854 41472 42854 504576

1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 12000

154768 144400 154768 151312 154768 151312 154768 154768 151312 154768 151312 157768 1836022

1169292 1218428 1277933 1333981 1393485 1449533 1509037 1568541 1624590 1684094 1740142 1796646

Liquidity (at the end of the month)

YEAR 3

Purchases (raw food, packaging)

Third-part delivery costs

Other expenses / miscellaneous

Investments/procurements

Total Payments

Insurance

Staff/labor

Rent

Utilities

General / administrative

Marketing

Total

Opening balance + Income

Payments

Taxes

Loan

Liquidity (at the end of the month)

Opening Balance

Receipts

Sales

Purchases (raw food, packaging)

Third-part delivery costs

Other expenses / miscellaneous

Investments/procurements

Total Payments

YEAR 2

Opening Balance

Receipts

Sales

Marketing

Total

Opening balance + Income

Payments

Taxes

Loan

Insurance

Staff/labor

Rent

Utilities

General / administrative

The wages of the staff include a chef cost 3000 € per month and two part-time for 1500 € each.

Wages increases 5% yearly.

The entry starting cash is the amount of money remaining from the total startup cost amount, less

the cost of equipment and furniture and less the costs to start operating the first month, i.e., the ini-

tial inventory of both food and packaging, notification startup, insurance, technological installation

costs, and other miscellaneous costs, for a total starting cash opening balance of 467,352 euros.

Purchases cost includes the cost of making each dish calculated at 30% of the price of 12 euros.

Third party delivery partner Wolt & Foodora calculated at 20% of the selling price of the dish, alt-

hough commissions may be lower, eventually.

• Income statement projections

The following (Table 5) are the projections for the first three years of the income statement.

Table 5. eVegan projected income statement for the first 3 years

Year 1 (Euros) Year 2 (Euros) Year 3 (Euros)

Sales Revenue 1752000 2102400 2522880

VAT 14% 215158 258189 309827

Revenue /Turnover (excl VAT) 1536842 1844211 2213053

Raw Food and packaging 525600 630720 756864

Personnel / labour expenses 216000 226800 238140

Deliveries 350400 420480 504576

Rent 90000 90000 90000

Utilities 108000 108000 108000

General / administrative 36000 36000 36000

Total pre-opening / start up costs 63820 0 0

Marketing 36000 36000 36000

Insurance 3000 3000 3000

Other operating expenses 12000 12000 12000

Total Operating expenses 1440820 1563000 1784580

Gross Operating Income 96022 281211 428473

Depreciation 24000 24000 24000

Operating Income 72022 257211 404473

Interest / Financial expenses 0 0 0

Income before taxes 72022 257211 404473

Income before taxes in % 4,69 % 13,95 % 18,28 %

Income tax 20% 14404 51442 80895

Net Income 57618 205768 323578

Net income after tax in % 3,75 % 11,16 % 14,62 %

The first year includes pre-opening start-up costs of € 63820 as expenses incurring during the ini-

tial stages of operations. The Startup costs are presented as a separate line item, as part of oper-

ating expenses, and recorded under the line of general and administrative expenses. The entry

amount is the equivalent total of startup-notification cost, rent deposit, renovation, pre-opening pro-

fessional fees, set-up technologies, and pre-opening staff. Considered expenses necessary to es-

tablish the business.

The cost of financial interest is equivalent to zero since the calculations assume that the business

will be entirely financed by equity of shareholders, without any bank loan.

Depreciation is calculated on a straight-line method over a five-year lifespan, with no value ex-

pected at the end of the useful life. Instead, Wages include an annual increase of 5%.

• Balance sheet

The following is the balance sheet estimated according to the calculation (table 6) for the first year

ending 31 December assuming the company will be fully financed with shareholders equity, without

any bank loan or any other long-term liabilities. The table has been elaborated in MS Excel.

Table 6. Projected balance sheet of the first year of operations

31-Dec Year 1

Assets

Current assets

Cash and cash equivalent 775532

Account receivables 0

Inventories 10950

Prepaid expenses /advance payments 3000

Total current assets 789482

Fixed asset

Equipments 120000

Less accumulated depreciation 24000

Close value 96000

Tot Fixed asset 96000

Total assets 885482

Liabilities and Equity

Current liabilities

Account payables 10950

Corporate tax payable 14404

VAT liabilities 215158

Accrued expenses 0

Long term liabilities

Bank loan 0

Total liabilities 240512

Equity

Shareholders capital 587352

Retained profit 57618

Total equity 644970

Total Liabilities + Equity 885482

• Break-even analysis & ROE

Since the break-even point is the point at which a company neither makes a profit nor incurs a

loss, the following (table 7) is the estimated break-even analysis for sales that gives zero profit.

The variable costs include the costs for raw food and packaging at 30% of the sale price, and deliv-

ery costs at 20% of the sale price, which together give the contribution margin.

The calculations are exclusive of VAT. The formula used is BEP (units) = Fixed costs / Contribution

margin per unit; and BEP (revenue) = (Fixed costs / CMR-%) * 100.

The calculation is considered indicative as there is not enough data to base it on because of no

historical data, thus the calculation will be remade after three months of activity as there will be

more data to rely on. The table has been created in MS Excel.

Table 7. Break-even point projections

The following calculation (table 8) is the estimated ROE-% Return on Equity, which is 9% in the

first year of operations, resulting in an average of 20% over the three years, calculated as (=Net

Income / Total Equity). The table has been created in Excel.

Table 8. ROE-% projections for the first 3 years of operations

Per Year 1 Per month Per Week Per Day

Per Customer

Amount of customers 146000 12167 2808 400 1

Avg use of money for customer 12€

Sales € (inc VAT) 1752000 146000 33692 4800 12

Revenue (excl VAT) 1536842 128070 29555 4211 10,53

Raw food & packaging 30% 461053 38421 8866 1263 3,16

Deliveries 20% 307368 25614 5911 842 2,11

Tot variable costs: 768421 64035 14777 2105 5,26

Contribution margin 768421 64035 14777 2105 5,26

Contribution margin ratio % 50 % 50 % 50 % 50 % 50 %

Total fixed cost: (labour, rent, utilities

G&A, Marketing, Insurance, misc, Dpn.) 696399 58033 13392 1908

Profit before tax 72022 6002 1385 197

Tax 20% 14404 1200 277 39

Net income 57618 4801 1108 158

BEP (units/dishes) 132316 11026 2545 363

BEP (revenue) 1392798 116067 26785 3816

Year 1 Year 2 Year

Shareholders capital 587352 644970 850738

Retained profit (Net income) 57618 205768 323578

Total equity in the end of the year 644970 850738 1174316

ROE % (return on equity) 9 % 24 % 28 %

Average ROE %

Year 1 & 2 & 3

20 %

Operations management

One of the choices for creating the ghost kitchen is to simplify daily operations as it does not re-

quire all the processes of a physical restaurants to reduce costs while benefiting from the econo-

mies of scale.

eVegan will have three locations, which have not yet been identified but will be in the suburbs of

Helsinki, Vantaa, and Espoo for approximately 100 m2 each. One of these will also serve as head-

quarters where larger food preparations will be produced to be shipped to the other two locations

to then be sold virtually and delivered via third-party deliveries.

Customers will have the opportunity to collect their orders directly on-site as the business will also

offer takeaway. The choice of location is all about being established in more populated areas to

streamline deliveries and cover the whole area.

The physical visibility of the locations is not necessary as it will be a ghost kitchen to which a huge

digital marketing operation will be applied to be visible. The reason of three locations also wants to

be visible faster with the brand identity.

All the necessary equipment and technology have not yet been chosen, but according to the con-

cept, it will need to purchase at least the basic essential kitchen equipment which will include a

commercial kitchen and range hood, stainless steel worktops, refrigerators, and freezers, stovetop,

convection ovens, sinks, shelves, dishwashers, POS software, and ordering system monitor dis-

plays, fire sprinkler system, stainless steel food preparation tables, different food preparation uten-

sils such as blenders and slicers and dough mixers, food preservation and other types of equip-

ment such as for example mise in place bowls and all other necessary containers, saucepans,

electric and combi ovens, grills, deep fryers, microwaves, kettles, steamers, grills and all other

commercial kitchen items required, including packaging required for delivery and a maintenance

and cleaning area with adequate equipment to wash and disinfect all such items.

For suppliers of food products, Kespro company will be used but also Valio Aimo in Teurastamo

Kalasatama as the headquarter location is planned to open in the same area, but above all Esto-

nian food supplier companies delivering to Helsinki will be considered as they are economically ad-

vantageous. It may need additional supplies for the potential restaurant partners.

The kitchen operation will start with twenty vegan dishes from the eVegan own-brand menu, this

will be the company menu which will be always present, focus of the cooking operations and will

change seasonally. It will be in addition to the vegan dishes prepared for the partnerships, thus the

menu will not have a limited number of dishes but can grow exponentially as more restaurant part-

nerships will join the eVegan operations. The main goal in this operation strategy is to acquire

competitors, not to have infinite number of dishes for customers, thus instead of being competitors,

they become partners.

The delivery system will start with Wolt and Foodora. Customers will place their orders over the

phone, or the internet and the food will be delivered to them.

Human resources

eVegan will start with at least one experienced cook/chef at each location in a manager role who

will be responsible for managing day-to-day operations and organizing stock purchases, and two

multitasking part-time cooks at each location, this is just the initial plan as it could change immedi-

ately from inception based on job demand.

The company will adopt a democratic management style, which allows it to participate in the deci-

sion-making process by encouraging innovative ideas and communication, and the basic continu-

ing education incorporated in the development of the company will be adopted to improve the qual-

ity of service offered by the company.

As the business expands, the company will hire more staff where needed. As figure 9 shows the

organizational chart as a starting point of the company although it may change according to the de-

cision-making process. The figure has been elaborated in MS excel.

Figure 9. Organizational chart

The business will comply with regulations for health and safety, and control of health hazardous

substances to ensure premises are safe for employees. Operations will comply with food hygiene

regulations to ensure food meets the highest hygiene standards.

Risk assessment

The first risk to face could be the low demand for vegan food, this can happen because although

veganism and vegans has grown steadily in the last twenty years, in the last few years and cur-

rently it has experienced slow growth although the forecasts are favourable for continuous devel-

opment, but it certainly has solid foundations. For this risk, the plan is to be vigilant to consumer

choices and act following trends, continuing to evolve, and trying to be innovative in every choice

will be taken.

The second risk could be low brand awareness. The company will address this risk by adopting

digital marketing tactics and strategies to achieve the business goal and objectives. Moreover, one

reason of three locations covering the areas of Vantaa, Espoo, and Helsinki is to create and in-

crease brand awareness faster.

The third risk could be a financial risk because of low demand and low brand awareness, thus not

selling enough and having financial issues. The company will face this risk by following the advice

of the administration accountant who will keep the financial risks under control. In addition, the

start-up budget includes a contingency plan.

The fourth risk could be not taking innovative technologies into consideration, therefore not up-

dating the technologies both internally to the company and externally towards the customers. By

not updating the technologies the company may seem obsolete. The company will face this risk by

following new technological innovations integrating them into the business.

The fifth risk could be that of having unskilled employees and not exploiting the full potential of

the company with kitchen activities. The company will address this risk with correct recruitment

procedures and initial employment contracts where the experienced chef manager will have to

demonstrate that he is the right candidate for the job and will be assessed during day-to-day oper-

ations, and with the achievement of objectives and targets of the company.

While there is also the risk of competition, it is not considered highly risky in this analysis as the

strategy is to make competitors become partners, thus becoming a strength of the company.

The exit strategy will be considered and developed with the administration, and what they will dy-

namically recommend as the best choice of the exit strategy, thus it may change accordingly based

on the strategic decision of the administration, but as a starting plan, the exit strategy is to sell the

company or just liquidate what are the assets which are simply commercial kitchen equipment.

Conclusion

The objective of this business plan is to create a feasible and viable business by filling a gap by

creating a ghost kitchen business that operates with a fully vegan menu, resulting in a business

model that currently does not exist in the Finnish Capital Region.

The company will benefit from the economies of scale business strategy, from the lower operating

costs of the ghost kitchen concept compared to the brick and mortar, from the growing demand for

food delivery and the continued growth of the vegan diet, although the vegan diet growth is cur-

rently slow. The company will leverage digitalization as a trend in consumer behaviour and cus-

tomer demand. In addition, the company is in the perspective of sustainability.

The company will be formed as a limited liability and it is assumed that will be fully financed by

shareholders, where there will be no dividends for the first five years of operations aiming for

growth.

The business plan wanted to simply demonstrate and illustrate that the creation of this concept in

the Capital Region has a high probability of being a successful business by reaching only 1% of

the current vegan population of the whole Capital Region according to the research.

This business plan includes a factor that not every business can have, in fact, the competition is

planned to become a strength of the business as the competitors will turn into a partnership. The

aim is to arrive at the point where there are no competitors, and the company becomes a market

leader and further expands.

All the elements of the business plan translate into expected growth, thus resulting in a business

that, once realized, can become stable, continue growing, profitable, and rewarding. Furthermore,

the creation of this business plan has a relevant need for the author as a personal and professional

development.

However, as for future suggestions, the author considered making additional analysis of the topic

by conducting extra research to get more results to make any adjustments to improve the business

plan, by for example collecting data from potential customers to generate more knowledge and un-

derstanding of the business concept. Surveys or thematic interviews could be the best option to

focus on to get more insights and understanding.

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Business Plan: eVegan Ghost Kitchen in Finland Capital Region PDF Free Download

Business Plan: eVegan Ghost Kitchen in Finland Capital Region PDF free Download. Think more deeply and widely.

Uploaded by reid607 on 4/13/2026

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