BUS3ENT Assignment 2: In-depth Analysis of My Muscle Chef Venture

This report provides a comprehensive analysis of My Muscle Chef, an Australian food delivery start-up. It begins with an introduction to the venture, its target customers (health-conscious individuals seeking convenient, high-protein meals), and its competitive advantages, including a focus on healthy ingredients and a recently launched line of vegan meals. The report details the process of My Muscle Chef's creation, from recognizing a market gap to rapid expansion and profitability. It then critically evaluates the business model, including its value propositions, revenue streams, and customer relationships. The report also assesses the entrepreneurial marketing strategies employed, such as digital marketing and SEO optimization, and explores the venture's financial strategies. Finally, the report concludes with recommendations for My Muscle Chef's continued growth and success, emphasizing the importance of digital platform expansion, data-driven decision-making, and customer-centric product development.

Individual Start-up Venture
Report
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. Start-up Introduction................................................................................................................3
2. The process of new venture creation.......................................................................................4
3. Business Model........................................................................................................................5
4. Entrepreneurial marketing and finance....................................................................................5
5. Recommendations....................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8
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INTRODUCTION
Venture is defined as start-up business which initiates the purpose to start a new company by
serving the customers effectively and efficiently (Ladd, 2018). My Muscle Chef is an Australian
company which delivers prepared high protein meals to the customers on large scale.
The report will analyse the venture’s introduction of how it was formed and the essential
information. Along with this, My Muscle Chef will identify the process of its creation. This will
further be described by the entrepreneurial marketing and finances which the venture holds.
Furthermore, business model followed by the venture will be elaborated. And at last,
recommendations will be provided to make the business and company reach success.
MAIN BODY
1. Start-up Introduction
My Muscle Chef is a food company which is functional and provides healthy and ready to eat
meals (Camilleri, 2020). The company supplies prepared meals which are marketed on their
health credentials. My Muscle Chef also serves its products and services through physical stores.
The business targeted customers are the ones who are interested in getting healthier and
quick meals through the food which is being served to them by company. The food which is
being provided to people is rich in proteins which help in making the company focus more on the
ingredients to be served to people. The Business targeted customers have reached the company
as main purpose of My Muscle Chef is focusing on the target customers which are conscious
about their health.
The major products and services which the company offers to the people are prepared meals
along with its main product that is the protein shakes. Other than this the company also caters
other foods which are beneficial for health aspects of people. The main feature of the company is
that it provides best of what are the healthy food ingredients for the body to the people.
Customer needs and wants is the main factor both for My Muscle Chef and people which are
utilizing its products and services (Ulloa, 2019). Customer needs and wants focused on the core
potential area which is health and for which they became more aspirational also they became
health conscious professionals and they looked for meals which benefitted the athletes. The
problems and fears which the venture is trying to address is that Mr Menon the Chef Founder of
company has not yet reinvented the meal delivery wheel. The major problem which aroused was
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that the business had incorrectly diagnosed their target market the last year. The company also
faced the problem of presuming that their customers were some bodybuilder-type.
There are some aspects which make the business differentiated from the other businesses
which served the purpose of including a recently launched line of vegan meals and broader
transformations that make the brand move into snacks and drinks.
This industry that the business is located in is attractive as it helps its customer acknowledge
their health and provides them proteins and healthy meals through which they are benefitted. My
Muscle Chef is competitive in the market with its competitors as it is already providing and
achieving the targets of customers by fulfilling their needs and wants.
2. The process of new venture creation
The two Menon brothers ditched their oversees start-up and started an entirely new company.
Tushar Menon the Chef founder of the company then university graduate was working in a
corporate job and looked for an affordable healthy and convenient way to begin the business of
preparing a meal market for the people (Salamzadeh and et.al., 2017). The Chef Founder was
helped by his brother Nishant Menon as he was a software developer and has acquired technical
skills in the field. Therefore, both the brothers focused on growing and expanding the venture on
large scale by providing the customers the benefits of healthy and protein full meal.
The opportunity recognised was that Mr Menon found a market gap when he was unable to
find relevant sources online while searching for ready-made meals with high protein. Menon
started the business by taking this opportunity through which he benefitted on large scale and the
business seeks expansion (Villan and et.al., 2018). The products My Muscle Chef provided to the
customer became an instant success just after three months. The company was making profits
from 300 customers during the initial week which was $45,000.
Target market was analysed for the better services and products to be delivered at the
customers end. The venture very rapidly turned out to be excellent in grabbing the market and
provided the customers healthy diet (Kimberly-Bowen and et.al., 2021). Through this business
venture My Muscle Chef was able to exploit more of trends in the market along with fulfilling
customer needs and wants. The customers now follow the easy driven processes which help them
to incur ready-made meal services.
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3. Business Model
My Muscle Chef, the Australian supplier markets the prepared meals on the health credentials
with local buy-out house Quadrant Private Equity backing the business. The business or the
venture sells its products and services through physical stores as well as directly delivers to the
customers (Barkoczy and et.al., 2019). The business has attracted investment from Quadrant
which will focus on the power of brand so that the business accelerates growth. The business has
grown rapidly over the past three years which follows the freshly prepared meals that are
designed by sports nutritionists to fulfil and support the health goals of their customers.
The revenue of My Muscle Chef is approaching at its peak which has enlarged the business
criteria and widened more the aspects of the company to grow on large scale. The company
delivers 400,000 meals with direct customer base of over 75%. To buy the rest of the business,
the company has agreed to an offer from minority investor Nestle to deliver through e-commerce
(Xi and et.al., 2020). This deal includes ‘potential earn-outs’ worth up to $550m which is seen
through the successful growth in the business. My Muscle Chef has successfully grabbed the
potential market and its target customers. This has made the business and its services along with
the products more on the grounds of success over the years by fulfilling customer needs and
demands.
4. Entrepreneurial marketing and finance
Entrepreneurial marketing strategies/tactics that have been employed at different stages of
venture’s development consists of increasing the increasing the brand awareness through e-
commerce platforms (Hisrich and et.al., 2018). This helped in increasing the promotion of the
products and the services of My Muscle Chef through online platforms. The company wanted to
enhance their brand awareness, increase conversion rates, increase more traffic to their website
and create a credible strong name in the competitive climate of fitness and health industry.
The company worked on this process through digital marketing approach which helped them
in analysing various methods through which the business can flourish on large scale. This
included the resigning of the website which was optimised by SEO (Yang and et.al., 2017). The
AdWords campaign also helped in the successful accomplishment to drive the customers back to
the My Muscle Chef website. Through this, tangible results were achieved by the company and
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this improved the website systems as well. This campaign also helped in raising the brand
awareness of the business in the market as well as to reach to the target customers.
The venture seeks for finance at different stages during its development. The business has
attracted investment from Quadrant Private Equity which will support the business and help in its
growth by the years of its existence. The company has over 100,000 customer base which makes
its 75% for delivering the meals and making them reach to the customers.
5. Recommendations
There are various recommendations which should be followed and considered as important for
My Muscle Chef and these are as follows –
 My Muscle Chef should expand its business on the digital platforms which will help the
venture grow more with the customer base as the people are now more engaged with the
social media norms and trends (Teutenberg, 2021).
 Decision should be taken on the basis of the data collected or stored for the further
reference of making profits. The decisions should be based on the proper information
collected through the data.
 Different options should be provided to the customers so that they are able to analyse
more about the products and services which My Muscle Chef is providing (de Mol and
et.al., 2020). These options therefore should be kept simple so that they are more on the
clear and precise grounds.
 Modern technology should be utilized at full potential so that My Muscle Chef is able to
reach out to the wide variety of customers and fulfil their needs and wants as per the
requirement.
 The venture should focus more on providing proper diet plans and meals that improves
the health of the customers or people who are acquiring the facilities of My Muscle Chef.
CONCLUSION
Thus, it is analysed from the above report that the My Muscle Chef has successfully
achieved the business position in the market and has acquired target market effectively and
efficiently. The process of its venture creation has made the business grow more on the scales of
new development process to be followed along with satisfying the customer needs and wants.
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Entrepreneurial marketing and finance of the company was also analysed. And finally,
recommendations were made which helped the company know various ways through which they
can expand their business.
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REFERENCES
Books and journals
Ladd, T., 2018. Does the business model canvas drive venture success?. Journal of Research in
Marketing and Entrepreneurship.
Camilleri, M., 2020. Delicious delivery for your muscles.
Ulloa, A.M., 2019. The chef and the flavorist: reflections on the value of sensory
expertise. Food, Culture & Society.22(2).pp.186-202.
Salamzadeh, A. and et.al., 2017. New venture creation: How start-ups grow?. AD-minister.
(30).pp.9-29.
Villani, E. and et.al., 2018. Effectuation and causation in science-based new venture creation: A
configurational approach. Journal of Business Research.83.pp.173-185.
Hisrich, R.D. and et.al., 2018. Entrepreneurial marketing: a practical managerial approach.
Edward Elgar Publishing.
Yang, M. and et.al., 2017. Entrepreneurial marketing of international high-tech business-to-
business new ventures: A decision-making process perspective. Industrial Marketing
Management.64.pp.147-160.
Teutenberg, J., 2021. How a new venture identified digital opportunities in the COVID-19 crisis
to transform their business model. Digital responses to COVID-19.pp.105-117.
de Mol and et.al., 2020. Entrepreneurial passion diversity in new venture teams: An empirical
examination of short-and long-term performance implications. Journal of Business
Venturing.35(4).p.105965.
Xi and et.al., 2020. The survival of business takeovers and new venture start-ups. Industrial and
Corporate Change.29(3).pp.797-826.
Barkoczy, S. and et.al., 2019. Innovation, Start-Ups and Venture Capital. In Incentivising
Angels (pp. 11-27). Springer, Singapore.
Kimberly-Bowen, R. and et.al., 2021. Australia Entrepreneurship-Innovation Report.
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