4 Mistakes To AVOID When Starting A Food Business | Food Business Success
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- Опубликовано: 6 июн 2024
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👀 ABOUT THIS VIDEO
Are you thinking of starting a food business? Well here are 4 critical mistakes to AVOID when starting a food business if you want any success. These are business mistakes that I've made and have seen so many other food business owners make when they first start a cloud kitchen or start a home bakery or start an online food business.
So if you want to open a food business, open a cloud kitchen, open a home bakery, open a food truck business, or am an aspiring food entrepreneur, keep on watching!
Chapters:
0:00 - 0:42 Intro
0:43 - 1:10 Why you need to avoid these food business mistakes
1:11 - 2:42 Mistake #1: Not being right fit to start a food business
2:43 - 5:29 3 Questions to ask yourself to see if you're fit
5:30 - 6:38 How to properly run a food business
6:39 - 9:10 Mistake #2: Not knowing your target demographic
9:11 - 9:44 How to craft your target demographic
9:45 - 10:59 Mistake #3: Not knowing your numbers
11:00 - 11:10 3 key numbers to know
11:11 - 12:46 1. Average Order Value (AOV)
12:47 - 16:00 2. Cost of goods sold (COGS)
16:01 - 18:27 3. Burn rate
18:28 - 19:16 Master the core food business numbers
19:17 - 20:59 Mistake #4: Not having a growth mindset
21:00 - 22:25 How to get ahead and build a food business
4 Mistakes To AVOID When Starting A Food Business | Food Business Success
• 4 Mistakes To AVOID Wh...
• 4 Mistakes To AVOID Wh...
#wilsonklee #startafoodbusiness #foodbusinessmistakes
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👤 ABOUT WILSON:
I’m Wilson, your new restaurant business partner. I’m here to help turn your food and beverage concept into a reality with expert tips & tricks for success.
My videos are based on years spent in the industry building multi-million dollar businesses, including my own international dessert chain (720sweets.com/) with locations spanning the globe. Since my franchise was acquired (2020) it’s been my mission to share this knowledge with people like you who have great ideas, but just can’t seem to break through. If I did it all with no experience, so can you. I know firsthand the struggles and mistakes most entrepreneurs make, and want to show you exactly how to avoid them.
I’ve helped hundreds of restaurant owners and entrepreneurs create explosive Food & Beverage businesses. You don’t have to take my word for it. I’ve been awarded Top 30 Under 30, Young Entrepreneur of the Year, Top 10 Emerging Entrepreneurs, and recently a Forbes Business Council Member.
Subscribe to see what everyone’s talking about and learn how you can achieve the same life-changing results.
Find more great resources, check out www.wilsonklee.com/
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As a food business owner, this guy is speaking super valuable facts!!
Wish me luck! Are you still in business now?
Don't just expect "luck", work till you make it.
Jack of all trades, master of none.
Though, often better than a master of one.
Thank you for paying it forward, I love your genuine and empathetic approach to helping others build their businesses
Love these videos
Easy to understand and very helpful..
Thank you so much for sharing this! Lots of great information.
I appreciate your time and effort with this video! Very helpful 😊
Thank you very much for this Video. I am going into Breakfast Business and I’m glad to learn from you ❤❤❤❤
Hospitality...I like it 🌎
I really love your content. Especially all about coffee business. Thank you so much. I am currently working here in Manhattan NY and planning to go back to my country soon and start a business. Food business. Thank you so much for your videos. I learned so much. Please keep making contents that help people planning to have business. Because of your videos I think I am now ready. All I need is to start and learn more along the way....❤🎉
Thank you for all your food business info.
So helpful,
Thanks
Facts, thank you!
Hi Wilson 👋
Thanks for this very informative tips ,will be running a business soon ,U are so true and genuine✌️
Over reliance on e commerce platforms aswell.
Hands on consumers are a must
Appreciate the content
SO great !
Thank you Wilson
thank you so much for being inspiration
I'm learning so much from you, Wilson. Thank so much! I have signed up for the free masterclass and I'm so excited about my future as a food business owner!
How is it going mami
Thank you so much 🙏
I scream my best YES for those 3 questions lol. wish I'll finish my degree asap so I can start running my caffe shop. I'm so blessed with your sharing. THANKYOUUU. I still have to learn much from you sir.👮♀️
Haha then you maybe fit for this :) You don't need to wait until you finish your degree to add some useful skills/experience to your tool set. Maybe getting a job at a local coffee shop or learning some marketing on the side so you can use them in the future! Know that this is all a journey and anything you do before can be super valuable for what you want to do in the future. So be strategic with your time. Best of luck!
Thank u so much , i'm really appreciate that ❤❤ and i learning with you , how can i make my own business successfully
Great video
Thank you so much Wilson! I’m currently trying to run a vegan business in Mexico and I’m struggling a little bit, but your videos had been soooo helpful. 🙏🏼🙏🏼🙏🏼
Glad my videos could help Ana! What are you struggling with right now?
Your struggling because your watching you tube videos. Get back to work
@@gio_32 What? that is some of the dumbest thing I've ever heard. They're on youtube to learn how to improve what they're doing wrong and learn from more experienced people.
@@badrel-huni4394 obviously you could not sense the sarcasm in my comment. The real reason he is struggling is because he is trying to run a vegan restaurant. Maybe 10 percent of the people in any given area know exactly what vegan is and maybe 1 percent or people or less are actually vegan.
He should have opened up a restaurant that sells regular food and have a nice vegan menu for people who live that lifestyle.
This is a real good opportunity because for example a family with 2 kids has a vegan daughter and they want to go out to eat. The vegan daughter must compromise and do her best to “create” or “alter” a signature dish.
Perhaps he is passionate about libinjbhhu he a vegan lifestyle. He can still incorporate that into hid mcç fine but understand the demand is low. U
@@gio_32 oh my bad bro, didn't mean to come off that way, a lot of people would have meant it that way and I guess I thought the worst
Powerful lesson
Thanks for tuning in Bruce!
Good analysis
you are really great and very helpful !!! watching now all your free course, i really appreciate you for sharing everything you know with us ! MERCI BEAUCOUP WILSON !
Target market + Location has to match... figure out. Thanks. Greetings from Colombia. The Venezuelan Immigrant writer 🇻🇪
thanks for tuning in antonio!
thank you
You're welcome Sab!
hmmm 40 hour/week...isn't that quite low at least for me...when i first started my food business, i worked min 12 hours per days, 7 days a week with no vacation for 5 years just so that i could get ahead of the competition...it was so brutal but fortunately i love doing it so it feels more like playing then working...and now everything pays off instead of working 12 hours per days, now i just show up to monitor for 2 hour max and then spend the rest of my days playing with friends and family while having the same amount of income (my salary) per month as head manager
Yeah....40 hours a week is just like any other jobs. For me its not that bad because i used to work from 8-5 for six days a week then do business on weekends.
I was thinking of selling food from Deli style restaurant from 10 to 3pm and 6 to 11pm. Is that wise for closing in the mid day? Thanks for ur ideas
Not it’s not wise to close.
That’s throwing away sales. It may be slow, but your hours r off
Busy hours up to 2 pm and start as early as 4 for dinner rush.
If it’s about man hours, cut the staff hrs but keep them doing “busy work” by preparing for dinner rush. Probly needa close round 8-9 depending on the day of the week
Hi wilson. Thank you. I'm having an issue. I have a take out restaurant in Jamaica and I realised that my expenses are more than my sales. You have any video that can assist me?? Thank you
Double check your prices maybe your profit margin is too low
Maybe too many things on menu!
me recently found a place for open a restaurant, but right now very difficult to get a employee
Yep it is something a lot of industries (not just food) are feeling. Congrats on spotting a location! What about that location makes it attractive for you?
this is a big chunk of basic knowledge which can help any small startup business...thank you sooo much i found you on a right time of my life even. i wish you a more success and will be waiting for you in india as well, where ever in india will definitely travel and would love to visit
Sir i just want to thank you, the lessons and guides that you teach are so valuable and knowledgeable, almost identical to what my accountant mother teaches me but without being angry. Just kidding hahahah but seriously man you're awesome and thank you for your videos, Truely.
burn rate is the amount that i used in production of the food
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I notice that there are no videos about opening or starting fruterías. Why do you think that is? Would you dive into that category to share with us how people open those?
What is a fruterias?
A frutería could be one person by themselves selling nothing but fruit in a small stand and the other version would be like a small mom and pop shop that sells things like fruit but can also have smoothies sandwiches that sorta thing.
It sounds like a fruit/deli. I believe it's happening in certain city in regards to fruit stands, but there's a lot regulations and license in the US especially if meat is involved.
i dont get mistake number 2 can somebody explain ?
Know who you're selling to. For example kids vs adults, richer vs poorer people,...
Also, if you're a restaurant owner, you don't have a menu with taco's and thai food and pizza's and steaks and...
Average order bundles
What if the price of the ingredients just randomly when up? What should I do? Prices here never been consistent
13:35
Food prices going bonkers rn for real!
I’d like to start an online food business, because as a chef that’s helped open and ran 2 restaurants, there’s NO WAY I’d like to own a restaurant. Lol
What kind of online food business are you thinking?
@@WilsonKLeegourmet candy and confections
Did this man really just tell me some people are running businesses right now without snide ring the cat of the goods and the labor and incorrectly pricing their food cause of it ??? I knew about that all when I was like 8, I was dreaming bout a restaurant since I was like 5 like, I WAS 8
Your rule of thumb is
25% labour
25% cogs
25% rent.
Others say 30,30,15
Ano ba talaga ang rule of thumb?
I thought there's only one rule of thumb!
i need to contact you please
He retired from the food business. These videos are up just for the people some of his program still may be active check the links in the description❤
@@ChelseaMonetOfficialoh wow I didn’t know he tired 😮why ?