"Keto Nick's Grocery"


 Opportunity

     With the growing popularity of the ketogenic diet, more and more people everyday are finding themselves wanting to follow the diet. Many of these individuals are interested because they would like to lose weight. Others might be interested due to health limitations or dietary restrictions. Even more still might just be wanting to improve athletic performance or just general health overall. 
     The majority of people who would be most interested in following a keto diet would likely be more middle aged, somewhat overweight, and would be male a little more often than female. Many of these people would reside along the coasts of the U.S., in larger urban areas, and most metropolitan areas in the Midwest and Southwest. This is because of the variety of food available that makes it viable to even consider following the ketogenic diet.
     The most important part about the ketogenic diet is to not eat carbohydrates, or limit them to a very low quantity (most sources site 20 net carbs as the maximum allowance, others fluctuate with the amount). People find it the most difficult to quit carbs while trying to follow the ketogenic diet, and this could be for a variety for reasons. Some people have trouble with quitting because they enjoy eating bread, pasta, desserts, sugar, and rightfully so! Others have the capability to follow, but get sidetracked when they see carbs. Some may just have issues with choosing the right foods because they do not know which exactly are keto friendly and which have too many carbs. 
     With current grocery stores, there is a ton of different food options, and half of them, if not most, are totally incompatible for following a ketogenic diet. As health stagnates in some parts of the country, people will want to find ways to get healthier, and the ketogenic diet is a very viable option for some who have certain desired goals. Customers currently satisfy their need by shopping at conventional grocery stores or going to specialty vendors that serve a very specific food type (think UF butchery). Many customers have brand loyalty for a few specific grocery stores, and an even wider circle of grocery stores they would consider shopping at.
     This is a sizeable opportunity to develop a unique and niche brand within a crowded market. It is difficult but worthwhile and can create further establishments easier once the brand has ascertained a certain position in the minds of consumers. This window of opportunity may last for a little while longer, as some others may have considered creating this type of grocery store.
Innovation

     The innovation I am proposing is a ketogenic grocery store. This would be a creative service that would be applied in the grocery market to address the lack of exclusively ketogenic product spaces. This type of service is something that would be considered incrementally innovative. It would be a profitable business that caters to a growing customer base, while establishing a clean and reputable brand. People are able to come and shop for items that are only ketogenic, which allows for keto-friendly purchases to always be made.
     The ability to generate profit for this business will be about how much the marginal cost will be for each grocery item we purchase for resale. Most prices for a wide selection of products will likely be the same as they are in conventional grocery stores. More unique or varied products such as different fish or cuts of meat may be priced higher due to lack of availability by other grocery stores in some places. The day to day business operations would of course be near identical to regional competitors, due to the logical time of day that a grocery store would normally operate.
     
Venture Concept

     This venture concept is specifically designed to capitalize on the opportunity of no exclusively keto grocery stores. Customers would want to switch to shopping at this grocery store because they can shop keto exclusively without having to worry about buying anything that's not keto. They also would be able to buy foods that would not be available at their usual grocery store. It would be somewhat difficult to convince some people to simply stop buying at their old grocery store, but it is possible to have them purchase at ours often to where they may switch over most of their purchases to our location.
     Most of our competitors would consist of local, regional, and national grocery retailers. Very specifically, it would be grocery stores that are healthy, organic, and contain a wider option of healthier foods. You can think of places like Publix, Krogers, Trader Joe's, Whole Foods, Lucky's, as being primary competitors of our business.


Three Elements
     Our most important resource would have to be our product variety. Having a more unique selection of meats and dairies is enough to persuade many to shop for some food items exclusively at our store.
     The next thing for our venture is to come out with series of unique recipes that are all keto friendly. We would display this in prominent locations within the grocery store, and have further information at the service desk that can be read.

     Within the next five years I would hope this venture has several locations within a region, and has developed itself into a reputable and safe brand, with a positive association in consumers minds. In the next decade I hope that I can branch out into other projects safely, without putting my own livelihood or wellbeing at financial risk. This first venture would help me establish credibility, financial capability, and experience with how to begin a business, which is all immensely important for an entrepreneur to succeed.