Moving from one country to another is just as usual as going to another city in this global village. People move for their work, study, or to immigrate. Due to this closeness of the boundary, things are getting available everywhere, and people are less likely to compromise to satisfy their demands. This is also relevant to food which is why we observe the growing trend of various restaurants everywhere, but when it comes to cooking food, there are still some unfulfilled areas. That is where we tried to look for a problem to solve for the consumers. 1.2 Vision “To be Norway’s best provider of 1000+ varieties of authentic baskets with tastes from all over the world contributing towards sharing the food culture.” 1.3 Mission Our mission is to offer an authentic taste experience in each basket we sell by supplementing traditional ingredients from different countries under one e-platform. We will offer customizable baskets based on the number of servings and a digital recipe book in each basket that instructs the food enthusiast on the proper ingredients and amount to be utilized while cooking their favorite or different cuisines. Customer satisfaction will be our top priority because it will ultimately help us generate greater demand and accomplish our vision.

1. 1
KNOWLEDGE BASED ENTREPRENEURSHIP
MØA-415
Business Plan
ALT
Name Candidate No.
Gloria Swarna Gomes 4218
Md Navid Hasan 4220
Shristina Dhaugoda 4205
Syed Aqib Ali 4203

2. 2
Table of Contents
1. Background................................................................................................................................3
1.1 Problem Description ...........................................................................................................................3
1.2 Vision..................................................................................................................................................3
1.3 Mission................................................................................................................................................3
2. Product and Concept................................................................................................................4
2.1 Timeline (From Concept to Finished service) ....................................................................................6
3. Corporate Team.........................................................................................................................7
4. Market Analysis ........................................................................................................................8
4.1 Market Segmentation and Target Market ...........................................................................................8
4.2 Market Assessment .............................................................................................................................8
4.3 Competitor Analysis ...........................................................................................................................9
4.4 Blue Ocean Strategy applied to ALT..................................................................................................9
5. Marketing Plan........................................................................................................................10
5.1 Marketing Strategy............................................................................................................................10
5.2 Sales Channel....................................................................................................................................11
6. Business Model........................................................................................................................12
6.1 Key Partners......................................................................................................................................12
6.2 Lean Canvas......................................................................................................................................13
6.3 SWOT Analysis ................................................................................................................................17
6.4 Risk Assessment ...............................................................................................................................17
7. Sustainability at Alt ................................................................................................................18
8. Financial Projections...............................................................................................................19
8.1 Initial Funding...................................................................................................................................21
8.2 Fixed Assets......................................................................................................................................22
8.3 Projected Profit and Loss Statement .................................................................................................22
8.4 Forecasted Cash Flow Statement......................................................................................................24
8.5 Projected Balance Sheet....................................................................................................................25
8.6 Break-Even Analysis ........................................................................................................................26
References ....................................................................................................................................28
Appendix......................................................................................................................................29

3. 3
1. Background
Moving from one country to another is just as usual as going to another city in this global village.
People move for their work, study, or to immigrate. Due to this closeness of the boundary, things
are getting available everywhere, and people are less likely to compromise to satisfy their demands.
This is also relevant to food which is why we observe the growing trend of various restaurants
everywhere, but when it comes to cooking food, there are still some unfulfilled areas. That is where
we tried to look for a problem to solve for the consumers.
1.1 Problem Description
The problem has been analyzed based on three areas:
1. When people move abroad, getting the local ingredients in the market that match their
tastebud is not very convenient. Hence, this results in missing their home country's original
taste/food. Initially, we surveyed 133 people in Stavanger, and 97% of them stated that the
ingredients available here don't provide the authentic taste of their home country.
2. Many people enjoy cooking and experimenting with new dishes from various cultures, but
the challenge is that they often don't know what items to use or how much of them.
3. Several ingredients are wasted because consumers don't test new recipes every day, and
the quantity they buy at the store is for multiple uses and expires if not used in time.
1.2 Vision
“To be Norway’s best provider of 1000+ varieties of authentic baskets with tastes from all over
the world contributing towards sharing the food culture.”
1.3 Mission
Our mission is to offer an authentic taste experience in each basket we sell by supplementing
traditional ingredients from different countries under one e-platform. We will offer customizable
baskets based on the number of servings and a digital recipe book in each basket that instructs the
food enthusiast on the proper ingredients and amount to be utilized while cooking their favorite or
different cuisines. Customer satisfaction will be our top priority because it will ultimately help us
generate greater demand and accomplish our vision.

4. 4
2. Product and Concept
Alt is an e-store where you can order packages of food ingredients from different cuisines in
various countries, including the regular recipes. A package box contains different local and
international ingredients with recipes that allow customers to make country-specific cuisines and
get the taste of different foods from around the world.
For instance, Biriyani is one of the most famous dishes in South Asian countries, but each country
has its own unique ingredients to make it tastier and different. "Kacchi Biriyani," also known as
"Mutton Biriyani," is a famous dish from Bangladesh that can be cooked by anyone at different
spice levels if proper ingredients are provided. The items listed below are from one cuisine that
can be found in a box of Alt along with other food ingredients. The special "Chini Gura" rice and
the main biriyani mix spice pack are from Bangladesh, which create the authentic taste. Same
concept goes for the Jollof rice, the special rice brand Mama’s Pride and the branded AACE foods
jollof rice seasoning power will make the recipe more Nigerian Jollof rice. Depending on the
recipe, some ingredients can be added from the local market, i.e., the perishable and low-shelf-life
items. The quantity can be customized according to the number of members in the family, and for
the long-shelf-life items, customers can even order more. All kinds of payment service will be
available through a secure payment portal. Alt will also try to arrange any new dishes and
ingredients that you wish to try but are unable to find locally. Customers can also get the digital
recipe book and watch the tutorial on our website of how to make the cuisines by scanning the QR
code on the flyer.
Figure 1: Kacchi Biryani (Bangladesh) and Jollof Rice (Nigeria)

5. 5
The concept of the business is to find different food ingredient suppliers from several countries.
Initially, we conducted a survey to get an indication of the market potential and the food items. It
will be a continuous process for the first few years. After getting the desired items, we will import
them to our storage. Considering the demand for the recipes, import lead times, and import
regulations, we will finalize the whole value chain. Since we are aiming to provide a complete
package, we will add a few items bought from the local market, depending on the recipes. At the
same time, the regular recipes will also be available in our e-store. We will initially have two
storage facilities, one in Oslo and one in Stavanger. These warehouses will be the hub for our
imported goods and place for packing. We will have shelves for sorting the goods and refrigerators
for perishable items. Customers can order both single and subscription-based packages and we
will deliver it via third party delivery service. For nearby deliveries we will partner with Foodora
or Wolt and for distant deliveries we have posten, postnord etc.
Name of the baskets: (focusing on standard dish and dessert)
Basket Version
Biryani Bangladesh, Pakistan
Dumplings Nepal, India, China
Polos Srilanka
Jollof rice Nigeria, Ghana
Ugali Kenya
Injera Ethiopia, Eritrea
Figure 2 Supply chain of ALT

6. 6
Jalebi South Asian
Baklava Turkey
Bibimbap Korea
Yam Nigeria, Ghana
Table 1: List of baskets and it’s version
2.1 Timeline (From Concept to Finished service)
Phase Activities Time
1. Idea generation
and concept
finalization
• Confirming the problem via survey
• Brainstorming for solution
• Tutoring session with experts
07/09/2022 -
28/10/2022
2. Research • Research varieties based on demand
• Finalize on Continent (Africa and Asia)
• Research essential key partners
15/10/2022 -
01/11/2022
3. Registration and
Contact key
partners
• Company registration
• Contact Suppliers (International and Local)
• Contact Delivery Partners
• Contact all key partners
• Website developer
• Warehouse owner
25/10/2022 -
15/01/2023
4. Planning and
Prototype
• Sample baskets creation
• Getting feedback on sample
• Loan Application
16/01/2023 -
15/02/2023
5. Product assortment • Import
• Inventory stock
• Secure key partners
16/02/2023 -
15/04/2023
6. Onboarding • Website development
• Photoshoot and Video
• Loan Approval
15/03/2023-
20/05/2023
7. Commercialization • Launch Alt 01/06/2023
Table 2: Timeline from idea generation to commercialization
Name of the baskets: (focusing on standard dish and dessert)

7. 7
3. Corporate Team
Syed Aqib Ali
Experienced in digital content creation, young professional aims to participate in the formation of
ALT as leading service providing company to serve expats in abroad. His academic and
professional life revolves around creative visual designing, visual storytelling, videography, and
graphic designing. Moreover, He has good abilities to manage the marketing department of Alt as
well as operations and algorithms of value chain networks.
Shristina Dhaugoda
Shristina Dhaugoda is currently studying MSB Business development and innovation at University
of Stavanger. She worked as a business developer for multinational corporations in Nepal. She
also has experience working as an intern in one of the leading Nepali e-commerce companies. Her
background includes business development, cross-cultural client management, logistics
management, and social media marketing. She will be responsible for business development at Alt.
Md Navid Hasan
A master student in Business Development and Innovation, a product management intern, and an
experienced marketer. Navid is pursuing his MSc at the University of Stavanger and also working
in the product management of Laerdal Medical as an intern. Previously, he had experience working
in marketing and business development for five years. In Alt, he will be contributing to the strategy
and business development section.
Gloria Swarna Gomes
Having 5 years’ experience working in a financial institution as treasurer, Gloria is now perusing
her masters majoring in Applied Finance in Stavanger. She has a BBA degree majoring in Finance.
She has an experience in financial analysis and fund management refer to her study and work.
Being a citizen of Bangladesh, she grew up with different Asian food culture. Bangladesh is an
agricultural country which produces and exports different spices, vegetables, and food products.
She will be responsible for financials of ALT as well as introducing different recipes

8. 8
Arzon Barua
Arzon is currently studying master's in computer science (Secure and Reliable System) at
University of Stavanger in Norway and working as a Team Lead, Senior Software Developer at
SLB. Before this he was a freelancer Senior software developer for a German Tech company
Greentrax as a software developer remotely. In his whole career he worked as a web developer,
senior web developer. He also worked for a German Based tech firm named Share&charge as a
freelancer software developer. He will help with the website development process and tech support
throughout the timeline.
4. Market Analysis
4.1 Market Segmentation and Target Market
The customer and the user are the same for the products that we are offering. We are trying to
serve two market segments.
1. Expats and immigrants: People who live abroad and want to get home country cuisine
taste.
2. Cuisine lovers: Customers who like to try new and various cuisines from different
countries.
4.2 Market Assessment
• According to the official website Statistics Norway, presently the number of immigrants is
819356 which is 15.1% of the total population. Here, the Norwegian born to immigrant
parents’ number is 205819. There are also other working groups and students who are
expats and can be categorized in the first market segment (Immigrants and Norwegian-
born to Immigrant Parents, n.d.)
• As of the second target market, the growing food culture among the demographics between
25 – 54 years can be a potential market. The number of people in this segment is 1,150,762
male and 1,077,357female, 40.75% of the total population in Norway (Index Mundi).

9. 9
4.3 Competitor Analysis
Description Hello fresh Nettmat
International
grocery stores
ALT
Wide coverage ✓ ✗ ✗ ✓
International ingredients ✗ ✗ ✓ ✓
Single try out option ✗ ✗ N/A ✓
Home Delivery ✓ ✓ ✗ ✓
Dessert cuisines ✗ ✗ ✓ ✓
Allergen customization
flexibility
✓ ✗ N/A ✓
Digital Recipe book ✓ ✓ ✗ ✓
Dietary Preferences- Halal ✗ ✗ ✓ ✓
Table 3: Competitor Analysis on HelloFresh, Nettmat and International grocery stores
4.4 Blue Ocean Strategy applied to Alt
Blue Ocean Strategy Applied to Alt
Create uncontested market space There is no competitor offering the original taste of
different countries in one platform.
Make the competition irrelevant Alt differentiates itself by offering Authentic
basket with a taste of Africa and Asia, Single try
out option, Dessert option and halal meat option.
Create and capture new demand Our approach is customer driven; hence, we have
introduced authentic baskets to the market that has
not been targeted yet.
Break the value-cost trade-off Offering international taste in affordable price.
Table 4: Showcase of ALT’s Blue Ocean Shift

10. 10
5. Marketing Plan
5.1 Marketing Strategy
Considering our marketing budget, we will initially go only for digital media as we can specify
the target market and evaluate the success rate. The activities that we are planning to do are as
follows:
• Search Engine Optimization (SEO)
• Affiliated marketing
• Social media marketing (Facebook, Instagram & YouTube)
• “MatKom/FoodCom” – an online community group
• Joint promotion
The primary plan is to promote the website as much as possible since it is the only landing page
of all our product offering for now. The demo of the website is presented to illustrate the initial
idea. One of our new teammates will be responsible for developing the website with proper human
centered design. The website will have all the information about our business, products, and
services. We have a section for the recipe videos where customers can explore different cuisines
and how to make them. The community section is connected to a Facebook group. SEO will play
a crucial role to reach our target groups. The website affiliation will be placing ads in different
platforms such as food related blogs and websites. These activities will be conducted by third party
marketing agency mostly freelancers since it is cost effective.
Figure 3 Demo Website

11. 11
The social media presence of Alt will be on Facebook, Instagram, and YouTube. Initially, our
networks and peer groups will greatly help get some organic reach for the social media platforms.
To start with Facebook, we will have a page and a community group of food lovers who like to
cook different recipes. This community may be a strong base for spreading word of mouth and
increasing new members through referrals. We can also provide a customized offer for the
community members, and we will promote this so that new people will be interested in purchasing
our offer. Instagram stories and reels will attract customers and redirect them to the order landing
page. YouTube no skippable ads or L shape ads can be placed on food-related videos. An
endorsement might be a bit expensive for now, but we will consider it in the future. We will
manage the social media activities as two of us have previous knowledge
We have an idea for a joint promotion with Foodora, Wolt, and Airbnb. We can integrate our
offering into the food delivery app of Foodora and Wolt. It will also help us make quick delivery
in the local community. Many guests prefer to cook their food during their stay at Airbnb. We can
do a joint promotion, allowing them to buy food items while booking the rooms.
Besides the digital media, we will also do outdoor activities such as providing leaflets, flyers, and
promotion booths at the university and participating in food festivals. All the activities will depend
on the trend of the demand, the target market, and our marketing budget.
5.2 Sales Channel
Website: The main sales channel of our Business will be our website from where we will be
facilitating our customers the most by ensuring them secure payment, quick refunds, transaction
trust, and many other prospects. Our marketing department will also be redirecting all the traffic
on our website so that we monitor and control the transactions efficiently. (www.alt.no)
Foodora/Wolt: Secondary channels of sales would be the food delivery services. They charge their
commission fee on each transaction that varies from order to order. Since these are secondary
channels, we can use them to boost some sales get more target customers to target in the future
marketing campaigns.
Email/Phone: Depends on point of sales, we will be using our website official email
(booking@alt.com) to receive order from the customers manually and will be coordinating with
them by sending booking receipts, answers to their queries, newsletters, new recipes, and others

12. 12
from this email. The phone number (+47 91284426) will be displayed on our website and other
flyers with a time slot limitation as it is in initial phase of our company and is a widespread practice
of many companies here in Norway.
6. Business Model
6.1 Key Partners
Alt will work closely with a number of partner companies to provide authentic ingredients to its
customers reliably and efficiently. These partners include:
Supplier and Manufacturer from Africa and Asia
We have identified regional ingredient suppliers from Africa and Asia based on our initial choices.
For instance, Square Food & Beverage Ltd from Bangladesh, Dugar Spices and Food Products
Pvt. Ltd from Nepal, Shan Pvt Ltd from Pakistan, HB Foods Limited from Nigeria and
P.D.Romanis and Sons from Sri Lanka. These are a couple lists of the vendors we are in contact
with because they supply overall ingredients. In addition, we will also contact wholesale suppliers
from the UK like Samis Online and JK Foods which offer African and Asian authentic ingredients
respectively.
Local wholesale supplier
We rely on local wholesalers that offer a variety of fresh vegetables, meat, and fish items because
we also serve perishable goods. For instance, we will be in contact with a wholesaler named
Norfresh Vest As for fresh fruits and vegetables and TT Meat wholesaler for meat and fish. If we
have a large order in the coming days, we want to select farmers and manufacturers first for a fair
price.
Logistic Partners
This comprises international and local courier companies. For importing ingredients, we rely on
courier companies from different countries. Additionally, Wolt and Foodora will be used for local
deliveries, and Posten, PostNord, and Bring will be used for long-distance deliveries to consumers
in Norway.

13. 13
Warehouse Partners
In the beginning, we have our own friends as our warehouse partners who are living permanently
in Norway. They have agreed to offer the free space in their garage. Sandvedøygarden 18, Sandnes
is the address for Stavanger storage, and Rasmus Winderens vei 2, Blindern is the address in Oslo.
Technology and payment partners
We already have a domain that we will keep using for website construction from wordpress. For
website development, we have our in-house developer, Arzon Barun. We will collaborate with WP
Simple Pay in terms of payment partners. WP Simple Pay collects payments via 10+ payment
methods such as Credit/Debit Card, Visa, Mastercard, Vipps and many more. It also offers users
the ability to pay interest free installments with free financing through Klarna or Afterpay.
6.2 Lean Canvas
For a clear explanation of Alt, we lay more emphasis on (Maurya, 2010) lean canvas business
model that excels at pointing out the risks that need to be addressed and makes the business model
transparent to the entrepreneur. In Figure 4 we portrayed the business model into nine sub
foundational elements: Problem, Solution, Unique Value Proposition, Unfair advantage, Customer
segments, Channels, Key metrics, Cost structure and Revenue streams. These components explain
the rationale of how a company creates, delivers, and captures value.
1. Problem
The problem has been analyzed based on two groups of people. First, when people move abroad,
it's tough to get the local ingredients in the market that matches the taste. Hence, this results in
missing the original taste/food of their home country. Second, many individuals enjoy cooking and
experimenting with new dishes from various cultures, but the challenge is that they often don't
know what items to use or how much of them.
In addition, several ingredients are wasted because consumers don't test new recipes every day and
the quantity, they buy at the store is for multiple uses and expires if not used in time. This is another
issue we are considering.

14. 14
2. Solution
The solution for the first group could be making popular ingredients of respective countries more
widely available. For the second group, a guide that instructs the food enthusiast on the proper
ingredients and dosage to be utilized. For the last problem, a tiny packet of ingredients big enough
for two uses.
3. Unique Value Proposition
The core value Alt offers are a complete basket with authentic ingredients of different countries.
A digital recipe accessible via QR code is also provided by Alt as help with every basket.
Additionally, Alt is an online supermarket that emphasizes convenience and speedy delivery.
Figure 4: Lean Canvas Designed for ALT

15. 15
4. Unfair Advantage
The main competitive advantage that Alt holds is the number of various tastes that it will bring
from different countries in the market. The perk of membership is another service we are offering.
Similarly, Alt contributes to sharing the food culture. Furthermore, we satisfy goal 12 of SDGs
"Ensure sustainable consumption and production patterns" by offering the right quantity to the
consumers.
5. Customer Segments
There are two groups of the intended customers. Expats and Immigrants, followed by locals who
enjoy experimenting with new dishes. Typically, immigrants are persons who have moved to
another country with the intention of staying there permanently and expats frequently travel abroad
temporarily or without knowing how long they'll stay there.
6. Existing alternatives
Currently, our target groups are facilitated by international physical grocery stores. IMS is the most
popular among all the operating stores. IMS is an offline store that offers fresh and exotic
vegetables, halal meat, different spices and so on. Similarly, Syria market, Green Peas, and Lilli
Asia Ziri are also the available options for consumers. Likewise, our target market is using
companies like Hellofresh, who is the largest meal kit provider.
7. Key Metrics
The success of the business will be measured based on Engagement metrics and Conversion
metrics. Under engagement metrics, we will focus on traffic source, subscriber growth rate, page
views per visit, new vs. returning visitors by page, bounce rate and App download. Under
conversion metrics, we will focus on conversion rate, average order value, cart abandonment rate,
ROI, and customer lifetime value.
8. High-level concept
We envision our concept of Alt as a complete e-supermarket with 1000+ varieties of authentic
baskets from all over the world to share the food culture.

16. 16
9. Channels
As an e-supermarket, we will use digital marketing tools to reach the customers. Our main focus
is on organic reach; hence we will also focus on user references. Similarly, we have plan for
canvassing techniques based on demand and budget. Our key partners Foodora and Wolt are also
our secondary channel to reach the targeted customer.
10. Early adopters
We are initially concentrating on the two continents of Africa and Asia. Therefore, individuals
from these two continents make up our initial group of clients' early adopters. Likewise, under our
second group of clients, early adopters are residents in Norway who adore experimenting with new
recipes.
11. Cost Structure
Alt incurs costs in relation to the development and maintenance of its online platform, the
management of its supply chain and suppliers, fixed assets, marketing ads, delivery infrastructure
and operating cost.
12. Revenue Streams
Alt generates revenue through the provision of authentic meal baskets to customers across Norway.
The selling price of a basket which offers two servings is NOK 250 which leads to 37% of gross
profit. The customer can order from a single meal basket to any customized quantity.

17. 17
6.3 SWOT Analysis
Strengths Weakness
- Global appeal
- Better Team Coordination
- Feasibility
- Customization of quantity
- Digital marketing expertise
- Focus on sustainability
- Lack of knowledge in Food quality and
control
- Costly delivery
- Managing delivery of perishable goods
Opportunities Threats
- International market potential
- Expand the taste offering
- Changing trends among consumers
- Post Covid Situation
-Collaboration with companies like Airbnb
- Export regulation of selected countries
- Competitive pressures
- Substitutions (Restaurants)
- Easy to imitate
Table 5: SWOT Analysis of ALT
6.4 Risk Assessment
Risk Ways to Mitigate
Deciding on further types to fulfill our goal
of providing 1000+ varieties in the future
We'll run a timely survey to find out what's more
popular. Additionally, we'll launch pre orders
soon to test the market in the product range.
Maintaining Sustainability within the
offered product
Try to import from those suppliers who meet the
criteria of sustainability set by the officials.
Delivering basket with perishable goods
outside Stavanger and Oslo (concern related
to meat/fish items)
There will be no option of selecting perishable
goods for cities other than Oslo and Stavanger as
of now.
Maintaining food safety excellence Partner with institutions like Campden BRI to
develop training courses for the team about
allergen management, ethical trading, and sensory

18. 18
courses to learn about the sensory and taste
properties of products.
Problems with finding funding Apply for a loan from DNB Bank.
Handling several suppliers from several
countries
Handled by choosing an overall production
partner, so that we have greater control and fewer
links to deal with. We can connect with an agent
in each country.
Table 6: Risk assessment of ALT
7. Sustainability at Alt
At Alt, we aspire to run our company sustainably. Therefore, we will adopt a three-dimensional
approach in which we promptly examine each of our tasks in light of these three areas:
environmental, social, and economic.
We will support environmental sustainability by using paper cartons and only using small amounts
of plastic when necessary. Additionally, we are on track to achieve UN Sustainable Development
Goals (SDGs) 12, which promotes sustainable consumption. As a result, we are providing the
proper amount to cut down on food waste because several ingredients are wasted as the quantity
purchased at the store is for multiple uses and expires if not used within a certain time frame. We
will place bulk import orders to cut down on transportation emissions.
For Social sustainability, we will ensure about four dimensions. Employee satisfaction, Diversity,
Gender Equality and Training and favorable learning environment. At this stage, our corporate
teams currently represent a diversity of nationalities, thus we meet the diversity aspect.
For economic prosperity, we will follow a long-term strategy. Feedback from customers is
essential since it shows how satisfied they are with the business, which can set it apart in the
market. In order to assure future revenue, Alt works to establish lasting relationships with its
clients. Alt will use the e-community and review option on the website to gather feedback and
make improvements as necessary. We aim to accomplish more SDGs in the upcoming days.

19. 19
8. Financial Projections
In this section the forecasted financial reports are explained. Alt will be serving different kinds of
ingredients of recipes from different countries; thus, the pricing will be different for different
recipes. Here we projected our pricing based on average which is 250 NOK per unit which will
contains two person’s serving. We are projecting to launch Alt on 1st
of June 2023 and therefore
Table 7 shows the forecasted sales for the 1st
week of June 2023 and the rest of the months
accordingly.
Forecasted Sales ALT
Cost
Per
Unit
1st
Week
Monthly
2023
Jun Jul Aug Sep Oct Nov Dec
Unit (for 2 servings) 20 80 90 90 100 100 120 120
Revenue
(Unit*Cost) 250 5000 20000 22500 22500 25000 25000 30000 30000
Spices/oil/sauce 20 400 1600 1800 1800 2000 2000 2400 2400
Vegetables 30 600 2400 2700 2700 3000 3000 3600 3600
Meat/Fish 40 800 3200 3600 3600 4000 4000 4800 4800
Total Raw Material
cost 90 1800 7200 8100 8100 9000 9000 10800 10800
Waste (2% of Raw
Material) 1.8 36 144 162 162 180 180 216 216
Transportation 50 1000 4000 4500 4500 5000 5000 6000 6000
Packaging 15 300 1200 1350 1350 1500 1500 1800 1800
Total Variable cost 156.8 3136 12544 14112 14112 15680 15680 18816 18816
Gross Profit 93.2 1864 7456 8388 8388 9320 9320 11184 11184
Electricity 800 800 800 800 800 800 800
Internet 500 500 500 500 500 500 500
Warehouse Expense 15000 0 0 0 0 0 0
Import tax 15% 240 270 270 300 300 360 360
Salary 0 0 0 0 0 0 0
Advertising 11000 1000 1000 1000 1000 1000 1000
Other Expenses 50000 500 500 500 500 500 500
Depreciation 417 417 417 417 417 417 417
Total Operating cost 77957 3487 3487 3517 3517 3577 3577
EBIT -70501 4901 4901 5803 5803 7607 7607

20. 20
Interest 1250 1229 1208 1188 1167 1146 1125
EBT -71751 3672 3693 4616 4637 6462 6482
Tax 22% 0 0 0 0 0 0 0
Net Income/Loss -71751 3672 3693 4616 4637 6462 6482
Table 7: Forecasted monthly sales
We calculated the average raw material cost in consideration of spices, vegetables, fish, and meats.
In the assumption of 2% of the raw materials could be wasted, the waste cost is also adjusted.
Altogether the variable cost is around 63% of the price of per unit 250.
Other operating cost electricity, internet and advertising cost is assumed monthly 800, 500 and
1000 accordingly. For the year 2023, we will be using our friend’s storeroom as our warehouse
and 15000 NOK is initially needed to prepare. In the Other Expenses we included all the
miscellaneous cost the company registration cost of 35000 and some one-time initial transport
cost. Our cost assumption of the month of June 2023 is quite a lot compared to other months as
we included all the initial costing in the first month’s calculation.
The import tax for the country specific ingredients is calculated as 15% of the raw material. The
Corporate tax must be paid 22% of EBT but in the year 2023, the projection for Alt is it will be
facing loss; thus, no income tax should be paid.

21. 21
8.1 Initial Funding
On the month of May 2023, we required the initial funding which is around 150000. To start off,
the 4 co-founders will invest 10000 each which makes our equity invest 40000. Table 8 shows the
diverse aspects of initial funding, and the pie chart shows Alt will be investing around 34% of its
initial funding on fixed assets and around 24% on Company registration cost.
Estimation for Initial Funding
NOK Percentage
Company
Registration
Cost
35,000 23.6%
Bank Loan Fee 6,500 4.4%
Fixed Asset 50,000 33.7%
Warehouse set
up cost
12,000 8.1%
Inventory 20,000 13.5%
Advertisement
Cost
10,000 6.7%
Transport cost 5,000 3.4%
Miscellaneous 10,000 6.7%
Total 148,500 100.0%
Table 8: Initial Funding
By checking to the corporate loan from DNB Bank from their official website, we decided to apply
for the bank loan of 300000 NOK at 5% interest for 5 years, the effective rate for the loan will be
6%. We are considering applying for the loan by the month of February so that bank can disburse
the loan amount by June, and we can invest in our business.
The 5 years Amortization schedule of Bank loan also show in the Appendix 1.
Year 2023 2024 2025 2026 2027 2028
Bank Loan 300,000 - - - - -
Bank loan fee 6,500 - - - - -
Interest payment 8,313 11,875 8,875 5,875 2,875 313
Principal payment 35,000 60,000 60,000 60,000 60,000 25,000
Installment Payment 43,313 71,875 68,875 65,875 62,875 25,313
Table 9: Bank loan payment through 5 years
Company
Registration
Cost, 23.6%
Bank loan
fee, 4.4%
Fixed
Asset,
33.7%
Warehouse
set up cost,
8.1%
Inventory,
13.5%
Advertisement
cost, 6.7%
Transport
cost, 3.4%
Miscellane
ous, 6.7%

22. 22
In the table 9, it is explained how much interest and total installment we are paying to bank in next
5 years. Bank will charge 6500 Nok as bank loan fee if loan is granted (DNB Bank).
8.2 Fixed Assets
Introducing Alt, the crucial asset we need are two refrigerators and 1 packing machine for now.
There are some other assets we may need like containers, boxes, scissors, knives etc. which we are
considering under others. The depreciation for these assets is considered straight-line methods for
10 years therefore 5000 Nok will be charged each year.
Capex Calculation Asset Life 2023 2024 2025 2026 2027
Refrigerators 10 25,000
Packing Machine 10 10,000
Others 10 15,000
Total Capex 50,000 - - - -
Depreciation 5,000 5,000 5,000 5,000 5,000
Table 10: Capital Expenditure calculation
8.3 Projected Profit and Loss Statement
As per the 5 years forecast from 2023 (from June) to 2027, we will be facing net loss in the 1st
year
of the Alt. At the top of Table 11, we can see the per unit increase of sale each year. We will be
needing one or two part-time employees from the year 2024 to assist us therefore we added the
salary cost here. Alt already has the domain for website, we included the cost regarding website in
the advertising expense.
Forecasted Income Statement ALT
Year-end 31st December
Year
2023
(From June)
2024 2025 2026 2027
Unit (for 2 servings) 700 1700 2000 2500 3000
Revenue (Unit*Cost) 175000 425000 500000 625000 750000
Spices/oil/sauce 14000 34000 40000 50000 60000
Vegetables 21000 51000 60000 75000 90000
Meat/Fish 28000 68000 80000 100000 120000
Total Raw Material Cost 63000 153000 180000 225000 270000
Waste (2% of raw material) 1260 3060 3600 4500 5400
Transportation 35000 85000 100000 125000 150000

23. 23
-42189
38505
55088
55166
92684
-60000
-40000
-20000
0
20000
40000
60000
80000
100000
2023(F ROM
JUNE )
2024 2025 2026 2027
5 YEARS PROFIT FORECAST
Net Income/Loss
Packaging 10500 25500 30000 37500 45000
Total Variable Cost 109760 266560 313600 392000 470400
Gross Profit 65240 158440 186400 233000 279600
Electricity 5600 5600 14400 14400 14400
Internet 3500 3500 3500 3500 3500
Warehouse Expense 15000 12000 12000 12000 12000
Import tax 2100 5100 6000 7500 9000
Salary 0 48000 48000 96000 96000
Advertising 17000 12000 12000 12000 12000
Other Expenses (legal etc.) 53000 6000 6000 6000 6000
Depreciation 2917 5000 5000 5000 5000
Total operating cost 99117 97200 106900 156400 157900
EBIT -33877 61240 79500 76600 121700
Interest 8313 11875 8875 5875 2875
EBT -42189 49365 70625 70725 118825
Tax (22%) 0 10860.3 15537.5 15559.5 26141.5
Net Income/Loss -42189 38505 55088 55166 92684
Table 11: Forecasted Profit and Loss Statement
Form the Figure 5, Alt will be facing loss in the starting year 2023 as there are many initial costings
like registration cost, warehouse set up cost etc. But Alt will be clearly having profit from 2nd
year
and forward, 38505 Nok, 55505 Nok, 55088 Nok and 92684 accordingly. In the graphical
presentation, there is a stable profit shift from 2025 to 2026 because Alt is employing two part-
time employees. This new expense is stabilizing the profit increase.
Figure 5: Net
Profit/Loss year
2023-2027

24. 24
8.4 Forecasted Cash Flow Statement
Here the forecasted cash balance is calculated for 5 years, and cash balances are transferred to the
projected balance sheet. Table 12 shows the detailed calculation (Operating, Investing and
Financial Activities) of Cash Flow Statement.
Statement of Cashflow
2023 2024 2025 2026 2027
Net Income -42189 38505 55088 55166 92684
Operating Activities
Depreciation 2917 5000 5000 5000 5000
Change in Inventory 1890 2700 810 1350 1350
Change in Account Receivables -4375 -6250 -1875 -3125 -3125
Change in Account Payables 945 1350 405 675 675
Change in Deferred Revenue 1050 1500 450 750 750
Operating Cashflow 2427 4300 4790 4650 4650
Investing Activities:
Capex -50000 0 0 0 0
Investing Cash Flow -50000 0 0 0 0
Financing Activities:
Debt Repayment -35000 -60000 -60000 -60000 -60000
Net Borrowings 300000 0 0 0 0
Equity 40000 0 0 0 0
Financing Cashflow 305000 -60000 -60000 -60000 -60000
Net Cash Flow 215238 -17195 -123 -185 37334
Beginning Cash Balance 0 215238 198042 197920 197735
Ending Cash Balance 215238 198042 197920 197735 235069
Table 12: Statement of Cashflow

25. 25
8.5 Projected Balance Sheet
To calculate the Assets and liabilities, some assumptions are made. The Account receivables are
measured 2.5% of net revenue, Accounts payables are 1.5% of Cost of Goods Sold, Deferred
Revenue is .6% of Net Revenue, Inventory is 3% of COGS. There assumed no changes in Owner’s
equity. Calculation is shown in table 13.
Projected Balance Sheet ALT
2023 2024 2025 2026 2027
Assets:
Cash 215238 198042 197920 197735 235069
Account Receivables 4375 10625 12500 15625 18750
Inventory 1890 4590 5400 6750 8100
Total Current Asset 221503 213257 215820 220110 261919
Fixed Asset 50000 50000 50000 50000 50000
less: Accumulated depreciation 2917 7917 12917 17917 22917
Total Non-current Asset 47083 42083 37083 32083 27083
Total Asset 268585 255340 252903 252193 289002
Liabilities and Owner's Equity:
Account Payable 945 2295 2700 3375 4050
Deferred revenue 1050 2550 3000 3750 4500
Total Current liabilities 1995 4845 5700 7125 8550
Debt- Bank Loan 265000 205000 145000 85000 25000
Total non-current liabilities 265000 205000 145000 85000 25000
Total Liabilities 266995 209845 150700 92125 33550
Equity 40000 40000 40000 40000 40000
Accumulated Deficit / Retained
Earnings
-38409 5496 62203 120069 215452
Total Capital 1591 45496 102203 160069 255452
Total Liabilities and Capital 268586 255341 252903 252194 289002
Table 13: Projected Balance Sheet

26. 26
8.6 Break-Even Analysis
The Break-even Analysis is in which point the company is facing no profit no loss scenario. In
the table 14, the initial senecio is assumed as yearly sales of first year. In this projection Alt is
facing loss of 43835 Nok.
Initial Projection
Selling price 250
Unit sold 700
Revenue 175000
Cost per Unit 156.8
Variable Cost 109760
Fixed Cost 109075
Profit -43835
Table 14: Initial Projection
To identify the breakeven point, we used the gool-seek function of MS Excel. The four scenarios
from table 15 describe the different point of view of breakeven. All variables will be remained
same as initial projection except one to identify change in which component will be the best option
to reach breakeven. In scenario 1, if all the variables are remained same as initial projection other
than change in selling price, the gool seek found the price should be 312.62 instead 250 to reach
breakeven. Scenario 2 increases the unit sold to 1170 at least to get breakeven point. Scenario 3
reduces only the cost per unit to 94.18 from 156.8, and Scenario 4 reduces the fixed cost 65240 to
109075 Nok to get zero profit.
Scenario 1 Scenario 2
Change in Price Change in Unit Sold
Selling price 312.62 Selling price 250
Unit sold 700 Unit sold 1170
Revenue 218835 Revenue 292583
Cost per Unit 156.8 Cost per Unit 156.8
Variable Cost 109760 Variable Cost 183508
Fixed Cost 109075 Fixed Cost 109075
Profit 0 Profit 0

27. 27
Scenario 3 Scenario 4
Change in Cost Per Unit Change in Fixed Cost
Selling price 250 Selling price 250
Unit sold 700 Unit sold 700
Revenue 175000 Revenue 175000
Cost per Unit 94.18 Cost per Unit 156.8
Variable Cost 65925 Variable Cost 109760
Fixed Cost 109075 Fixed Cost 65240
Profit 0 Profit 0
Table 15: Break Even Analysis considering different scenarios
Analyzing all four scenarios we anticipate that it will be best option to increase the unit sold beyond
1170 to reach breakeven and make profit afterwards.

28. 28
References
Index Mundi, 2018. Norway Age structure. [Online]
Available at: https://www.indexmundi.com/norway/age_structure.html
[Accessed 12 10 2022].
Maurya, A., 2010. What is the right fill order for a lean canvas?. [Online]
Available at: https://blog.leanstack.com/what-is-the-right-fill-order-for-a-lean-
canvasf8071d0c6c8c
[Accessed 15 10 2022].
SSB, 2022. Immigrants and Norwegian-born to immigrant parents(n.d). [Online]
Available at: https://www.ssb.no/en/befolkning/innvandrere/statistikk/innvandrere-og-
norskfodte-med-innvandrerforeldre
[Accessed 11 10 2022].
DNB Bank, 2022. Company Loan Calculator. [Online]
Available at: https://www.dnb.no/bedrift/finansiering/kalkulator/laanekalkulator.html
[Accessed 22 10 2022].

29. 29
Appendix
Appendix 1:
Amortization Schedule Bank Loan
Date
Beginning
Loan
Balance
Interest
Payment
Principal
Payment
Installment
Yearly
Interest
Ending
balance
Jun-23 300,000 1,250 5,000 6,250 295,000
Jul-23 295,000 1,229 5,000 6,229 290,000
Aug-23 290,000 1,208 5,000 6,208 285,000
Sep-23 285,000 1,188 5,000 6,188 280,000
Oct-23 280,000 1,167 5,000 6,167 275,000
Nov-23 275,000 1,146 5,000 6,146 270,000
Dec-23 270,000 1,125 5,000 6,125 8,313 265,000
Jan-24 265,000 1,104 5,000 6,104 260,000
Feb-24 260,000 1,083 5,000 6,083 255,000
Mar-24 255,000 1,063 5,000 6,063 250,000
Apr-24 250,000 1,042 5,000 6,042 245,000
May-24 245,000 1,021 5,000 6,021 240,000
Jun-24 240,000 1,000 5,000 6,000 235,000
Jul-24 235,000 979 5,000 5,979 230,000
Aug-24 230,000 958 5,000 5,958 225,000
Sep-24 225,000 938 5,000 5,938 220,000
Oct-24 220,000 917 5,000 5,917 215,000
Nov-24 215,000 896 5,000 5,896 210,000
Dec-24 210,000 875 5,000 5,875 11,875 205,000
Jan-25 205,000 854 5,000 5,854 200,000
Feb-25 200,000 833 5,000 5,833 195,000
Mar-25 195,000 813 5,000 5,813 190,000
Apr-25 190,000 792 5,000 5,792 185,000
May-25 185,000 771 5,000 5,771 180,000
Jun-25 180,000 750 5,000 5,750 175,000
Jul-25 175,000 729 5,000 5,729 170,000
Aug-25 170,000 708 5,000 5,708 165,000
Sep-25 165,000 688 5,000 5,688 160,000
Oct-25 160,000 667 5,000 5,667 155,000
Nov-25 155,000 646 5,000 5,646 150,000
Dec-25 150,000 625 5,000 5,625 8,875 145,000

30. 30
Jan-26 145,000 604 5,000 5,604 140,000
Feb-26 140,000 583 5,000 5,583 135,000
Mar-26 135,000 563 5,000 5,563 130,000
Apr-26 130,000 542 5,000 5,542 125,000
May-26 125,000 521 5,000 5,521 120,000
Jun-26 120,000 500 5,000 5,500 115,000
Jul-26 115,000 479 5,000 5,479 110,000
Aug-26 110,000 458 5,000 5,458 105,000
Sep-26 105,000 438 5,000 5,438 100,000
Oct-26 100,000 417 5,000 5,417 95,000
Nov-26 95,000 396 5,000 5,396 90,000
Dec-26 90,000 375 5,000 5,375 5,875 85,000
Jan-27 85,000 354 5,000 5,354 80,000
Feb-27 80,000 333 5,000 5,333 75,000
Mar-27 75,000 313 5,000 5,313 70,000
Apr-27 70,000 292 5,000 5,292 65,000
May-27 65,000 271 5,000 5,271 60,000
Jun-27 60,000 250 5,000 5,250 55,000
Jul-27 55,000 229 5,000 5,229 50,000
Aug-27 50,000 208 5,000 5,208 45,000
Sep-27 45,000 188 5,000 5,188 40,000
Oct-27 40,000 167 5,000 5,167 35,000
Nov-27 35,000 146 5,000 5,146 30,000
Dec-27 30,000 125 5,000 5,125 2,875 25,000
Jan-28 25,000 104 5,000 5,104 20,000
Feb-28 20,000 83 5,000 5,083 15,000
Mar-28 15,000 63 5,000 5,063 10,000
Apr-28 10,000 42 5,000 5,042 5,000
May-28 5,000 21 5,000 5,021 313 -
38,125.00 300,000.00 338,125.00 38,125.00