Photo - ME FIRST
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ME FIRST

ME FIRST - Artisan, lifestyle cakes & pastries, in Hanoi

Vietnam
Market: Food industry
Stage of the project: Prototype or product is ready

Date of last change: 07.07.2024
Min amount of loan
$  5.000
Estimated yield
15 % a year
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Total required
$ 15.000
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- is looking for investment
 

Idea

Me First is a brand built for the young, photo savvy Vietnamese rising middle class. Perfectly crafted cakes that fit the market with perfect Instagram content and an extensive sales and marketing operation. Celebrity endorsement, influencer relationships and a retail arm, make these particular cake types and the brand highly exciting and well positioned to grow extremely quickly in a market which the directors understand deeply.

Current Status

The products have already been prepared and tested. As we are initially white labelling the product, we can launch very quickly. The next steps is finalising the packaging, branding and preparing the marketing material.

Market

We will start in Hanoi, but soon target other major cities such as Saigon and Da Nang. Demographically we are targeting the ever increasing affluent middle class with a target age range from 18-30 with 80% female 20% male. Further details and market analysis our available in our business plan.

Problem or Opportunity

The young, attractive and increasingly affluent middle class of Vietnam are always looking for a product to match their image and perceived lifestyle. Me First does exactly this, with products that have been specifically produced for this market, that people want to show. This is who I am and this is what I eat. We tap into that Instagram friendly market and bring 15 years of experience in the local market in Vietnam with a team combining local knowledge and British education and international experience. We have researched this market and produced products that fit exactly for our target audience and what they want to be eat and be seen eating.

Competitors

To be discussed further

Advantages or differentiators

To be discussed further

Finance

For the beginning of operation we are white labelling the products which means that despite having a slightly higher food cost, our start up and production costs are minimal and low risk. Further down the line we will look to change this to a central production kitchen.Full financials are available in the business plan. Reasonable estimates for the first 3 months of operation we target 5000 usd profit per month, rising to 10000 after 3 months of operation. For us to achieve these goals we have to sell 10 of each product that we have listed per day, something which we see as very achievable given the size of the market and the potential marketing opportunities.

Loan terms

18 months

Interest rate, %

15

Business model

Phase 1: Launch and Proof of Concept

• Delivery-Only Service: Initially, Me First will operate as a delivery-only service, focusing on the Hanoi market. This approach minimizes startup costs and allows for flexibility in testing the market response to our products.
• White Label Partnership: We will enter into a white-label partnership with a highly experienced baker. This will enable us to offer premium quality cakes without the immediate need for a full-scale production facility.
• Branding and Marketing: Me First will manage all branding, marketing, and distribution efforts. Our strategy includes high-quality photography, engaging social media content, and collaborations with key opinion leaders (KOLs) and influencers to build brand awareness.
• Limited Availability Marketing: As a tactic to generate buzz and exclusivity, we will limit the daily availability of our products, ensuring a “sold out” status that creates demand and anticipation among consumers.

• Phase 2: Expansion and Physical Presence


• Opening a Physical Location: Following the successful proof of concept, Me First plans to establish a physical storefront in Hanoi. This venue will not only serve as a point of sale but also as a lifestyle destination for our target demographic.
• Instagrammable Venue: The physical location will be designed to be highly Instagram-friendly, with aesthetically pleasing decor and photogenic products that encourage customers to share their experiences online.
• Product Line Expansion: Alongside our signature ‘Zoey Chews’ Pandan cakes and ‘Colossus Croissant’, we will introduce additional cake varieties and pastries to cater to diverse tastes and preferences.
• Investment and Funding: To facilitate this expansion, Zoey Chews seeks funding to cover costs associated with opening the physical location, expanding the product line, and enhancing marketing efforts.

• Long-Term Vision


• Becoming a Lifestyle Brand: Our long-term vision is to establish Me First as a lifestyle brand that represents quality, innovation, and the joy of living. The physical location will serve as a testament to our brand’s ethos and a hub for community engagement.
• Sustainable Growth: We aim for sustainable growth by continuously adapting to market trends, customer feedback, and culinary innovations, ensuring that Me First remains a beloved brand for years to come. We aim to open multiple stores initially in Hanoi and then to bring the brand to other major cities such as Saigon and Da Nang.
• We have a good relationship with Asia Wide Franchise CEO – Albert Kong and will touch base with him after proving the concept and the Hanoi locations

• Multiple revenue sources: Direct sales on platforms such as Grab and Shopee, retail with access to brands such as Anam group. We will adopt a top-down scale strategy where we initially target boutique high end retail locations to carry the product. We have various locations with director level access.
• Viral content: We will invest in video marketing strategies to make the brand know. Quality photographs, viral video campaigns, paid advertising, cross brand marketing, working with other F&B, fashion and relevant brands in order to bring out products to a wider audience

Solution (product or service)

We are producing a number of dishes but the signature dish is a soft pandan style cake with a custard filling. This type of cake is particularly popular in Thailand, with many Vietnamese affluent, middle class bringing them back to Vietnam at a premium cost. We also will offer a variety of pastries, croissants and sweet items but keep the menu concise to around 10 items.
We have vast marketing experience and will be working closely with influencers, KOLs, content creators and other brands for cross marketing and product placements.

Team or Management

Risks

We see this as a low risk project for the following reasons:
- We are white labelling the product to keep the start up costs low and largely focused on marketing, sales and branding.

There are risks involved with the nature of a highly evolving market where loyalty does not always exist with the consumer. However we have already put a lot of research into this specific market and have deep knowledge and understanding of it.

Incubation/Acceleration programs accomplishment

Not applicable

Won the competition and other awards

Not applicable

Photos

Photo 1 - ME FIRST - Artisan, lifestyle cakes & pastries, in Hanoi
Photo 2 - ME FIRST - Artisan, lifestyle cakes & pastries, in Hanoi
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Idea
Current Status
Market
Problem or Opportunity
Competitors
Advantages or differentiators
Finance
Financed earlier, $
Loan terms
Interest rate, %
Type of pledge
Pledge and assets
Business model
Solution (product or service)
Team or Management
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Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
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