On the quest of indentifying niche markets -purely generated by the individual needs of consumers; One, might wonder if there is any place left for innovation. The answer is: Yes, but could it be affordable enough for an entrepreneur to undertake? Not really.
In a world where big companies run the field, it is crucial to build your penetration strategy to complement, rather than, compete with the big boys.
Take MacDonald’s/or Burger King for example; whatever the branch next to you serves, they have paid for that royalty! Thus, serving a Breakfast Menu means that they are adding more cost to their business. What if you can turn that into an opportunity!! Here we go:
- Identifying the Gap: the main components of a Breakfast Menu are eggs and sausage; all other components are available of the main (basic) menu.
- The Gap, in Concept: treat Eggs and Sausages as an added condiment like Cheese, Onions or Mayonnaise.
- The Gap, Functional: what do you need to make it work? Any functioning restaurant should be equipped with a grill and a freezer at minimal; all you need from your side is your Eggs, Sausages and an employee/per shift.
- A Requirement: getting your Eggs and Sausages certified/ approved by the mother company being Burger King, MacDonald’s, Wendy’s, etc.
- Who’s your Customer? Any restaurant that hopes to save cost on their menu i.e., cutting on royalties, increasing competitiveness by offering All-day Breakfast without any added cost, etc.
- A Win-win approach: While you can easily charge 40- 60 cents per added condiment being Egg or Sausage, the actual cost is almost half; a decent profit margin when dealt in volume.
- The benefits: a) Thousands of employment opportunities could be generated. b) Customers could enjoy their breakfast meal whenever their day starts. c) Restaurants will cut on another cost and probably much more.