RIMMAK'S FOODS BUSINESS DEVELOPMENT PLAN - Acematiks Business
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RIMMAK’S FOODS BUSINESS DEVELOPMENT PLAN
TABLE OF CONTENTS
Your business plan is divided into the following sections:
BUSINESS OVERVIEW
Description of the Business ................................................................................................................................... 2
Major demographic, economic, social and cultural Factors ..................................................................................... 2
Major Players ....................................................................................................................................................... 2
Trends in the Industry ........................................................................................................................................... 2
Government Regulations ....................................................................................................................................... 2
T HE MARKET
Market Segment ................................................................................................................................................... 3
Products & Services .............................................................................................................................................. 3
Pricing and Distribution ......................................................................................................................................... 3
Market trends ....................................................................................................................................................... 3
Implications or risk factors ..................................................................................................................................... 3
T HE COMPETITION
Competitors and type of competition ...................................................................................................................... 3
Competitors' Strengths and Weaknesses ............................................................................................................... 3
Competitive advantage ......................................................................................................................................... 4
SALES & MARKETING PLAN
Customers ............................................................................................................................................................ 5
Suppliers .............................................................................................................................................................. 5
Advertising & promotion ........................................................................................................................................ 5
Customer service policy ........................................................................................................................................ 6
OPERATING PLAN
Business location & requirements / advantages / lease details ................................................................................ 7
Equipment / technology / R&D / environmental aspects .......................................................................................... 7
HUMAN RESOURCES PLAN
Key employees ..................................................................................................................................................... 9
Policies & procedures ........................................................................................................................................... 9
ACTION PLAN
Action plan & timetable ....................................................................................................................................... 10
EXECUTIVE SUMMARY
A brief description of the project, the financing required,
and additional information that help explain the business plan .............................................................................. 11
APPENDIX: FINANCIAL PLAN
1
The company’s financial performance both historical and projected (available in the kit Excel spreadsheet). Includes
sales cost of goods sold expenses income statement balance sheet cash flow budget financial requirements
performance indicators and personal status. ........................................................................................................ 14
2
3
BUSINESS PLAN
Section 1 Business Overview
Legal name: Kayode Oduse
Trading name: Rimmak Foods
Business address: 40 Burslem Street (unit 1), London. Ontario Canada
Phone: +1 519 560 0924 Fax:
E-mail: info@rimmakfoods
Description of the Business
Rimmak’s Foods is a Canadian incorporated food and confectionery company headquarted in
London, Ontario. Rimmak’s is primarily focused on manufacturing, packaging and distributing
ethnic, quick prep and ready-to-eat ethnic snacks of African, Caribbean and Latino origin. The
business is positioned to meet the relatively high demand for ethnic snacks that are time
consuming to prepare and expensive due to high import duties/tarriffs slapped on these
already manufactured snacks imported directly from their source countries.
Rimmak’s is focused on producing a diverse set of quick prep and ready-to-eat “street” snack
products that will primarily retail in over 1000 stores in Canada, the US, the UK and Europe with
the help of some selected ethnic foods distributors and mainstream retail stores such as
Walmart, Costco, Loblaws, Nofrills, Food Basics, Tesco, Sainsburys, Morrison’s, Target,
Wholefoods, Freshco etc. 70% of our revenue lead generation stream will emanate from these
distribution channels
Additionally, 30% of our revenue generation shall come from three other sources namely;
• Third party contracts: We shall use our facilities/equipment to make products for
other companies (small and medium scale) hoping to expand their line of products
but are not willing to invest in equipment required for such. One of our main
4BUSINESS PLAN
Section 1 Business Overview
strategies is to position ourselves as a major food manufacturing not just mainstream
food distributors but also for third parties such as restaurants.
• Manufacturing accessibility services: Our facility, space and equipment shall also be
readily accessible to small business owners and start-ups in or around Ontario looking
to utilize our facilities, equipment and warehouses for their production needs
• Product Development: We’ll also leverage our industry expertise to provide
consultancy services to other businesses who require product research and
development assistance pertaining to ethnic food manufacturing.
Our Corporate Drive
We firmly believe that every food product irrespective of origin and ethnicity should be given the
chance to gain traction and interest amongst consumers. Consumers crave for new taste, new
looks and variants of food products. This is one gap we are keen on bridging. Whilst focusing on
this drive, we have no intentions on compromising on quality, food safety and taste.
Mission Statement
To produce delicious, safe and affordable ready-to-eat (RTE) and quick prep Afro-Carribbean
ethnic snacks and meals
Vision Statement
To become the world’s number one manufacturer of ready-to-eat (RTE) and quick prep Afro-
Carribbean ethnic snacks and meals.
Our Slogan
“You will ask for more…”
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Section 1 Business Overview
Our Corporate Values
• Reliability: We are always ready!
• Customer oriented: We believe our customers are our backbone
• Innovation: Always striving to create something new, something great and something
first!
• Passion: Whatever we do, we are always passionate about it.
• Work life balance: The only way to get best out of everyone who works with us.
Major demographic, economic, social and cultural factors
What is Akarajé?
Akarajé is a popular west African, Caribbean and Latino staple snack made typically from black
eyed beans. As a reference to its source material, appearance and processing, Akarajé is also
known as bean fritter, bean ball, or bean cake.
Despite its West African origins, Akarajé also colloquailly known as Akara is also very popular in
Latin America and the Carribbean, particularly Brazil, Jamaica, Haiti and Guayana.
Several product variants of Akarajé can be also found in Cuba (Bollitos de carita), Barbados
(pumpkin accras), Trinidad (accras) and Bahamas (acaras). Common names across other cultures
and countries are Koose, Akla, Bajias, Accara, Falafel (Middle East) or Kosai.
Akarajé is made from soaked beans (usually overnight), dehusked, wet milled, seasoned with
salt, diced onion and other spices depending on individual or cultural preference. The spiced
paste is then scooped and deep fried in vegetable oil or palm oil until it turns golden brown.
Akarajé is eaten usually with bread (Akarajé Burger), fried shrimps/prawn, French fries, hot
sauce, oat meal, custard, and ogi (fermented cereal pudding made from maize, sorghum or
millet). In certain regions, it is stuffed with eggs, tomatoes/hot pepper and some fresh crunchy
6BUSINESS PLAN
Section 1 Business Overview
vegetables. They are mostly sold around street corners but have gradually become common
breakfast menus or ready-to-eat snacks in many homes and restaurants.
The benefits of eating Akarajé are not far-fetched. Black eyed beans, the raw material for Akarajé
is fortified with lots of nutritional goodies! They are very high in protein and also contain soluble
fibres which help lower cholesterol and triglyceride levels. They also contain antioxidants which
help prevent chronic disease conditions such as cancer. Black eyed beans, also referred to as a
“powerhouse of nutrients” also contain vitamins and minerals such as iron, magnesium,
manganese, potassium and zinc.
Despite the great taste of Akarajé and multiple nutritional and health benefits, Akarajé
consumption remains largely local and under-represented, particularly, outside of West Africa,
the Caribbean and Latin America. Amongst the many benefits of globalization which include the
internationalization of African foods such as Akarajé, the increasing adoption and consumption
of this snack can serve both cultural and economic purposes.
Cultural case: Globalization evidently facilitates increased integration and movement of people
and their cultures across the globe. Food is one way to promote people’s culture globally. This,
however, must be a conscious process. The first step in internationalizing a cuisine is exposing to
and gaining the acceptance of others. One way to do this is involving penetration via mainstream
local and foreign retail giants such as Walmart, Loblaws, Nofrills, Target, Costco, Tesco, Aldi, Asda,
Shoprite, Wholefoods etc. This way, retail stores do not only help expose customers willing to try
something new but also help gain their trust. In addition, this also promotes cultural inclusivity
via consumption of ethnic foods; an essential hallmark of global integration.
Economic case: The population of individuals of African & Carribbean is increasing in Canada, US
and the United Kingdom. They currently make up approximately 1.2 Million in Canada 1 (2016
data), approximately 3.8 Million in the US2 (2013 data) and approximately 2 Million in UK3 (2011
data). This translates to an increasing demand and market for local cuisine (including Akarajé)
and, by extension, increased profitability. The availability of and accessibility to this product as a
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Section 1 Business Overview
Ready-To-Eat snack (RTE), driven by increasing demand, is a gap the mainstream retail stores in
Canada, US and the UK are lacking and should be willing to fill.
Akarajé is a tasty and appealing healthy snack which is consumed by many. Globalisation and the
need for internationalization of this product will no doubt creates opportunities for cultural and
economic gains particularly in a diversified society such as Canada, the US and the UK.
Major Players
Major distributors of Afro-Caribbean foods contacted and willing to take our products once
launched
S/N Distributor Areas of Operation
1. Grace Kennedy (Ontario) Inc Canada, US, UK & Europe
2. Kotoko Food Products Inc. Canada, US
3. Mossaic African Foods Canada, US
4. African foods distributor Inc. Canada, US, UK
5. Spicy World of USA Canada, US, Europe
6. Payless Afro-Caribbean food market Canada
Suppliers
Most of the ingredients can be sourced locally however, the major ones are:
S/N Ingredient Supplier
1. Black Eyed Beans RD Legault,
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Section 1 Business Overview
1614 Roule 900 West
K0A 3C0
St Alberta, Ontario. CA
2. Egg White Caneggs,
301-2600 Edenhurst Dr.
L5A 3Z8
Mississauga, Ontario, CA
3. Spices Silver International Inc.,
523N Ash St.
Momence, IL. 60954 US
4. Onions Silver International Inc.,
523N Ash St.
Momence, IL. 60954 US
5. Organic Soy Flour Bob’s Red Mill, Ontario, Canada
Nature of the Industry
The ethnic foods industry is arguably a rapidly growing industry primarily driven by
multiculturalism and integration, globalization and trade liberalization. These major factors are
essential towards facilitating the accessibility of packaged ethnic foods in most parts of the
world. The continously changing demographics of once predominantly homogenous regions in
the Western World portends an increasing demand for ethnic foods and cuisines in the West.
Rimmak’s Foods envisages carving a strong niche within this rapidly evolving segment of the
leviathan global foods industry via its packaged RTE and quick-prep packaged ethnic food
products.
9BUSINESS PLAN
Section 1 Business Overview
Trends in the Industry
As elucidated prior, the above outlined factors indicate an increasing global demand and
preference for ethnic foods and cuisines. This trend also coincides with an increasing demand
for natural, organic, vegan and non GMO foods. All ingredients for our food range of products
wholly satisfy these criteria. We anticipate leveraging these factors in our marketing strategy to
capitalize on the increasing global demand for these kind of food products
Government Regulation
Besides adhering to standard local and global food safety regulations, there are arguably no
well defined regulations especially for packaged ethnic foods and cuisines other than abiding by
labelling & ingredient listing stipulations, and allergen declarations outlined by the Canadian
Food Inspection Agency (CFIA) and Health Canada.
THE MARKET
Market Segment
We envisage having very diverse market segmentation due to the intersections our food
products will have within demographic, geographic, psychographic and behavioural market
segments. We envisage that our primary customer demographic will be middle class individuals
and households of African, Carribean and Latin American backgrounds. Our primary geographic
market segments will be urbanites in Canada and the United States with active future
considerations for Latin America, Europe and Australia. We also envisage that our
psychographic market segments with be predominantly food traditionalists who are fixated on
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Section 1 Business Overview
consuming foods connected to their ethnic backgrounds as well as very liberal food
connoisseurs who are very open to trying ethnic foods foreign to their predominant diets.
We also anticipate that our behavioural market segments will be price-conscious, time-savvy
individuals looking to spend a reasonable amount on high quality, ethnic foods that are readily
consumable or merely take a few minutes to prepare.
Products & Services
Whilst our primary product portfolio is the Akaraje (bean fritters), we also anticipate
diversifying our product portfolio in the not too distant future to include RTE, quick prep
consumables such as bean chips/crisps, bean cakes, essential edible oils etc.
We are also focused on providing consultation services to small, medium and large scale
entreprises looking to gain traction in the ethnic foods industry as well as leverage our unique
supply chain management process for their product distribution needs.
Pricing and Distribution
We anticipate optimizing our pricing model with a special focus on low product unit costs and
high sales volumes to maximize our odds of sustainable profitability. This will mostly apply to
our Akaraje line of products.
For future products that are more niche with less market penetration levels, we anticipate
focusing a lot more on a high unit cost and low sales volume model to optimize our odds of
sustainable profitability. We anticipate such products to have low artificial supply levels to
essentially drive a unique luxurious demand for them.
11BUSINESS PLAN
Section 1 Business Overview
Market Trends
Research analyses support the growing preference, adoption and consumption of ethnic foods
especially within the Western World. There is also an increasing global preference for RTE and
quick prep meals due to more preference for time efficiency in meal preparation and
consumption.
We’ve capitalized on these two major trends to ensure that all our meal products have 100%
ethnic recipes which are ready to eat or merely take very few minutes to prepare.
Implications or Risk Factors
SWOT Analyses
Strengths
• Easy accessibility to raw material product ingredients
• Low price points of these raw material ingredients
• Cheaper start-up and operating costs
• Well defined supply chain management and product distribution funnels
• Majority of product portfolio are ready to eat and quick prep.
• High levels of product differentiation
• All products are 100% organic with no preservatives, food colourings and additives
Weaknesses
• Narrow primary market segment
Opportunities
• Growing global demand for ethnic cuisine
• Prospects of venturing into different market segments
• Prospects of diversifying our product portfolio to reflect evolving client tastes
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Section 1 Business Overview
Threats
• Fierce competition from other established ethnic cuisine competitors
• Increasing prospects of market saturation in the ethnic cuisine market
THE COMPETITION
Competitors and type of Competition
Given the relatively high levels of saturation within the ethnic foods cuisine industry, we
anticipate fierce competition not only from Afro-Carribbean ethnic food companies but also
Meditteranean, Indian and Chinese ethnic foods companies. We envisage our primary
competitor to be mainly Grace Foods which is the industry giant (especially in Canada)
pertaining to ready to eat and quick prep, ethnic snacks and cuisines.
Competitors' Strengths and Weaknesses
Strengths
• Strong brand image and positioning
• Access to large amounts of capital and investments
• Well elucidated supply chain management structure
• Large production and sales volumes
Weaknesses
• Lack of product differentiation
• Less consideration for evolving client tastes and preferences
• Relatively higher price points
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Section 1 Business Overview
• Profuse use of GMO and non-organic ingredients, preservatives, food colourings and
additives in their products
Competitive Advantage
Via the provision of our ready to eat and quick prep packaged meals, we anticipate leveraging
the following competitive advantages;
• Provision of fresh, great tasting nutritious, organic packaged meals free from
preservatives, food colourings and additives
• Relatively cheaper priced food products to boost our sales volume
• Relatively higher profit margins due to lower startup and operating costs
• Widely differentiated range of food products to cater for multiple niche markets within
the ethnic foods industry
14BUSINESS PLAN
Section 2 Sales and Marketing Plan
Customers
NAME \LOCATION TERMS PRODUCT / SERVICE
1 Sales &
Laurie Meat Market, Toronto Meat & Packaged Foods
Distribution
2 Sales &
Folak African Foods, Brampton Packaged Foods & Groceries
Distribution
3 Sales &
Tropical Food Ltd, London Meat, Packaged Foods & Groceries
Distribution
4 African Carribean Grocery, Sales &
Groceries
Mississauga Distribution
Suppliers
Most of the ingredients can be sourced locally however, the major ones are:
S/N Ingredient Supplier
1. Black Eyed Beans RD Legault,
1614 Roule 900 West
K0A 3C0
St Alberta, Ontario. CA
2. Egg White Caneggs,
301-2600 Edenhurst Dr.
L5A 3Z8
Mississauga, Ontario, CA
3. Spices Silver International Inc.,
523N Ash St.
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Section 2 Sales and Marketing Plan
Momence, IL. 60954 US
4. Onions Silver International Inc.,
523N Ash St.
Momence, IL. 60954 US
5. Organic Soy Flour Bob’s Red Mill, Ontario, Canada
Advertising & Promotion
We anticipate advertising to customers via;
1. Flyers and banners
2. Word of mouth
3. Social media platforms such as Facebook, Instagram, Pinterest and Snapchat
4. Pay Per Click advertising and search engine optimization
5. Television Commercials
6. Food expos and bazaars
Customer Service Policy
Rimmak’s Foods offers a satisfaction guarantee on all our food products. Customers are eligible
for a one-time refund if they try any of our food products and are not completely satisfied.
Proof and location of purchase is required for the refund to be processed within 10-12 business
days.
16BUSINESS PLAN
Section 3 Operating Plan
Location
Rimmak’s Foods is headquartered in London, Ontario with active future subsidiary operations in
the UK, Nigeria, the US and Jamaica.
Size and Capacity
We anticipate our global headquarter operating space to be approximately 500 sqft to 2000
sqft.
Lease or Ownership Details
We initially will lease the 500 to 2000 sq ft space for our global headquarters for the first few
fiscal years of our operations with active future considerations for a permanently owned
headquarter base.
Research and Development
We are in active talks with research laboratories in academic institutions such as the University
of Toronto, University of Western Ontario, London, York University and McMaster University in
the creation of specialized green houses that will grow our beans (the major raw material for
most of our food products) in simulated weather conditions matching the tropics.
Environmental Compliance
The executive leadership at Rimmak’s Foods is well versed in regulations from attending dozens
of training programmes and seminars on environmental compliance regulations pertaining to
fire, zone, health and safety, waste management etc. at the London Small Business Centre.
17BUSINESS PLAN
Section 4 Human Resources Plan
Key Employees
NAME OR TITLE KEY
QUALIFICATIONS
(Nº OF POSITIONS) RESPONSIBILITIES
• Overseeing corporate
operations and Ph.D (Food Science),
management United Kingdom
• Creating and instilling M.Sc (Food
company culture Microbiology), United
Kayode Oduse/ Founder &
1 • Human Resource Kingdom
President
Management & BSc. (Food Science),
Nigeria
Development
Diploma (Food
• Deal sourcing and
Technology), Nigeria
closure
POLICIES AND PROCEDURES
Hours of Operations
We operate daily; Mon to Fri 9am to 5pm
Number of Employees
For our first fiscal year of operations, we anticipate having about a dozen employees and
significantly growing that number over the coming years.
18BUSINESS PLAN
Section 4 Human Resources Plan
Training & Development
Rimmak’s Foods provides vestibule/in-house training for all hired full time staff at no extra
expense prior to beginning with their job tenure. Extra on the job training will also include field
visits, laboratory consultation, online courses, seminars etc.
Remuneration and Benefits
Entry level positions (packaging and food processing assistants; supervisors) at Rimmak’s Foods
will begin from $15/hour (Ontario minimum wage mandated) and progressively rise in terms of
positional seniority. The executive management of the company is willing to forego any mode
of compensation until the company turns a sustainable profit.
19BUSINESS PLAN
Section 5 Action Plan
Action Plan
ACTION BY WHEN
1 Deliver products to Distributors Nov, 2018
2 Concluded supplies with at least 5 mainstream retailers Apr, 2019
3 Enter US market May 2019
4 Introduce new line product Aug, 2019
5 Penetrate the UK and European market Nov 2019
20BUSINESS PLAN
Section 6 Executive Summary
Objectives / Description of the Company
Rimmak’s Foods is a Canadian incorporated food and confectionery company headquarted in
London, Ontario. Rimmak is primarily focused on manufacturing, packaging and distributing
ethnic, quick prep and ready-to-eat ethnic snacks of African, Caribbean and Latino origin. The
business is positioned to meet the relatively high demand for ethnic snacks that are time
consuming to prepare and expensive due to high import duties/tarriffs slapped on these
already manufactured snacks imported directly from their source countries.
Business History / Nature of Operations K
Rimmak’s Foods was founded earlier in the 2017 by Kay Oduse, a Post-Doctorate Holder of
Food Science from an accredited UK University. The company is federally incorporated and
headquartered in London, Ontario with active future manufacturing, subsidiary and distribution
considerations in other Canadian provinces, the United States, the Carribbean and the
European Union.
Products and Services
Rimmak’s Foods is primarily focused on the manufacture and distribution of ready-to-eat and
quick prep ethnic snacks and meals of predominantly Afro-Carribbean origin. Our flagship
product is the Akaraje bean fritter.
Project Financing
Rimmak’s envisages securing approximately $120,000 CAD in start-up funding both from its
internal sources ($48000) and also from the Business Development Centre ($72000)
21BUSINESS PLAN
Section 7 Appendix : Financial Projections & References
Management / Advisors
Rimmak’s management team is headed by Kay Oduse. Founder and President
Risk Assessment & Contingency Plan
Rimmak’s is wholly dedicated and committed to ensuring that the funding received is
judiciously put to the appropriate use to ensure that our odds of success and sustainability are
maximized. We are also dedicated towards minimizing the intrinsic and extrinsic risks
associated with our operations to ensure that the financial leverage from the financing
provided yields the expected results.
Financial Institution
Rimmak’s envisages securing approximately $72,000 CAD in start-up funding from the Business
Development Centre as well as any other accredited mainstream and alternative financial
institutions that would be willing to help grow our business.
22BUSINESS PLAN
Section 7 Appendix : Financial Projections & References
5-YEAR REVENUE PROJECTIONS
5-YEAR REVENUE PROJECTIONS
Product Sales Third Party Contracts Consulting Deals
16000000
875000
14000000 1500000
12000000
10000000
8000000
12500000
6000000
575000
4000000 850000
375000
600000
2000000 3500000
125000
200000 1500000
0
45000 850000
0
2018 2019 2020 2021 2022
5-YEAR NET-INCOME (PROFIT) PROJECTIONS
23BUSINESS PLAN
Section 7 Appendix : Financial Projections & References
5-YEAR NET-INCOME PROJECTIONS
Product Sales Third Party Contracts Consulting Deals
4500000
4000000 675000
3500000
850000
3000000
2500000
2000000
275000
1500000 2750000
450000
1000000 125000
225000
975000
500000 62500 575000
75000
125000
0
5500
0
2018 2019 2020 2021 2022
5-YEAR CASHFLOW PROJECTIONS
24BUSINESS PLAN
Section 7 Appendix : Financial Projections & References
5-year cash flow projections
5000000
4000000
3000000
2000000
1000000
Investing
0
Financing
2018
2019 Operating
2020
2021
2022
Operating Financing Investing
25BUSINESS PLAN
Section 7 Appendix : Financial Projections & References
REFERENCES
1. https://en.m.wikipedia.org/wiki/Black_Canadians
2. https://www.dailymail.co.uk/news/article-3034000/African-Caribbean-immigrants-
reshaping-black-population-America.html
3. https://www.ethnicity-facts-figures.service.gov.uk/british-population/national-and-
regional-populations/population-of-england-and-wales/latest
26BUSINESS PLAN
Section 7 Appendix : Financial Projections & References
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