💎 [FREE COURSE] Learn how to start an online food business - swiy.co/start-FPF-program 🚀 [FREE COURSE] Learn how to start a restaurant/brick&mortar business - swiy.co/Start-PRO-Academy

@thelifeboat7

4 жыл бұрын

Can you mentor me in this area in terms of pricing? Thanks

@miconyo

4 жыл бұрын

How much?

@maggiearellano6944

4 жыл бұрын

Where are you located?

@addyrose5184

3 жыл бұрын

I see a lot of comments about the music and personally I really liked it and didn’t feel to it took away from anything. Also great video, really helps put everything into perspective

@tpaobrien

Жыл бұрын

That music, get rid of it, it’s like a toothache.

I think you better talk without music background.its better and can feel the atmospher.thank you

@WilsonKLee

4 жыл бұрын

yup. new vids dont' have bg music.

@luxtrichoma8458

3 жыл бұрын

@@WilsonKLee did the cost of goods sold jump from 40% to 46% as an error . It was $2.00 then $2.30

@only4263

2 жыл бұрын

@@WilsonKLee I LIKE THE MUSIC WILSON

@abtheorychannel

2 жыл бұрын

Yup.too loud

@kareeseboone6011

Жыл бұрын

@@WilsonKLee Please update this one with no music.. I can't even listen the video past 6 minutes

The way i did it,and admittedly I didn't know at the time if would work, was my Plain Ham burger was the same price as everyone else, but we made it to basically break even gross inc wages, consumables and energy, The burger was huge and people loved it, then the add-ons to those burgers were 200 to 500% markup. And we went from selling 150 burgers a week, to 400 burgers. And it ended up becoming my strategy, to draw people in and break even on budget and make money from the rest of the food bought around the burger.

@lethal2453

2 жыл бұрын

There was an unexpected benefit to it too, because we started turning over lots more food, our suppliers stated to provide us better prices, which enabled us to make a little more on every sale, and improved the Net per sale.

@lethal2453

2 жыл бұрын

Also it allowed us to use much better quality food, which also helped improve the revenue as people know when they are getting good quality fresh food. We stopped skinting on price, and worked out a way to get better food and sell lots of it.

Thank you. That's exactly what I've been needing. Very helpful

This is amazing. Extremely valuable content. Thank you sooo much for putting this out there.

Thanks Wilson for sharing this, especially point out the ideal percentage of COGS and food cost. (This is the first time I'm thankful to took Accounting as my major and am not overwhelmed with your explanation).

@WilsonKLee

4 жыл бұрын

Great to hear!

Thank you so much for this video, you explained everything so well, I actually understood your video. My costing test is next week, so Thank you!

Truth be told, your videos are a godsend! Thank you 👌🏾

@WilsonKLee

3 жыл бұрын

I appreciate that!

Explained quite clearly and concisely. Great video, thumbs-up 😊 Subscribed.

Great videos. Love your explanations. Love how simple you keep it.

Business planning involves sitting down and designing the menu and market you want to serve. And how the location kitchen, and decor meets those needs .This could take 7 hours or 40 hours depending on restaurnant experience . Business managers and owner and planner need to have analysis meeting , luncheon.

Wilson thank you for your videos, they are really helpful and informative. THANK YOU!

Thank you so much. Very informative. Easy to understand

i never in my life thought i would look this up but here i am and thank u so much

Love the advice. Trying to start a small Cafe. Thanks for it. I subbed

You are awesome Wilson, i love this video. Keep it up! Very helpful

@WilsonKLee

4 жыл бұрын

Glad it was helpful!

Thank you for this video! this has helped me so much

Thank you Wilson! Helped a lot.

Loved this video and the rest in the series. you do a very good job of breaking everything down and giving good examples. Thanks Wilson!

@WilsonKLee

3 жыл бұрын

Glad it was helpful!

Hello Wilson, new subscriber here. Can you make a video on food purchasing? Sharing ideas, tricks or knowledge on how to do it smart. Maybe using examples focusing on proteins and produce orders as a chef. Thanks Wilson! Keep up the great work

I love how you explained the Cost of Goods Sold (COGS) with a clear breakdown and all the information without feeling overwhelmed. The 3 advantages of calculating COGS include the ff: 1. Strategize and engineer new menu 2. Run proper promos 3. Make more profits Thank you for this excellent video, Wilson. 🙌

What a great video! Thank you so so much

Thank you very much. You're a very good teacher!

This is an amazing content video. Music is distracting but I just watch & take notes. Super helpful as I’m starting one myself. Thanx for the info!!,

@WilsonKLee

3 жыл бұрын

Thanks for tuning in Eddie!

Amazing video Sir, learned a lot from this.

Glad I found you when I did. Your a great educator thanks for all you have shared so far.

@WilsonKLee

4 жыл бұрын

I appreciate that!

Hello Wilson, dude I love your content. Your well versed and beautifully composed. Good luck my man. Greets from Lusaka Zambia.

@WilsonKLee

3 жыл бұрын

Thank you very much!

man im about to start my coffee shop and with these videos i feel like im getting top tier advice thanks a lot

@WilsonKLee

2 жыл бұрын

Glad to hear it!

Thank you for this info....it help me a lot

@WilsonKLee

4 жыл бұрын

Good to hear! Let me know if you have any otherr topics you'd like me to cover!

Excellent, helpful video Wilson’s. Thank you.

@WilsonKLee

2 жыл бұрын

Glad it was helpful Dan!

you are the super generous man ..... thank you so much . god bless you.

Awesome video. Helping thousands. Keep up the good work Wilson.

@WilsonKLee

4 жыл бұрын

Glad to help!

Nice videos i really wanted to start my own food business nd luckily I found out you. on top of that you are really good and kind hearted personality..

Great video. Easy to understand.

Hey there, I haven't watched this video yet. I just wanted to say that you & your videos are fantastic. Excellent advice, to the point, professional delivery, kind nature, etc. I wish you the best on this channel, keep going! Best Regards p.s. you can find a lot of gems or "gold nuggets" around startups

@WilsonKLee

4 жыл бұрын

Appreciate the kind words!

Thank you for this video ❤

Thank you sir 🙏 this was much needed.

Wilson! how are you? this video is very important for beginners! If it possible, for the future practical approach can give detail lesson, you can show us from local restaurant who can cooperate willingly!

hello Wilson this video was great I'm starting my food trailer business in a month or so looking forward to maybe purchasing the online course

Great video!

Great video. I was wondering if you could share how you create food cost on spreadsheet.

Very good stuff..eye opening

great work.

Thanks a lot for sharing the info. Running business is never easy. A lot of things to be considered. Therefore, I thought that it would a good idea to share knowledge how to build such a tool to manage the restaurant in Excel. Just following title, it will give you a nice solution: Restaurant Management System - Food cost control - Dashboard Tutorial in Excel

The major problem is that with new restaurants people are looking for the best food for the lowest price. So, say I wanted to make a foie gras terrine, I would need to sell lower end stuff, but make it flavorful enough to eventually build up enough revenue to begin selling that terrine without breaking the restaurant

Thank you Wil

Thank you Wilson!!!! 😁

Very informative. I appreciate that. But I have a question. Do you look for a building first or do you get the license and permits first

Thanks a lot for all the advices from a chef that want to open his own business. Of course many things I knew alre because of the experience but heard from you is more like a statistic I like it

@WilsonKLee

3 жыл бұрын

So nice of you, my pleasure!

@bzgidey7356

3 жыл бұрын

It seems we have a number of things in common. I am very interested to connect with you and get to know you and your business further and how we could work together to help each other out. I'm a Business Consultant that helps business owners increase their credit and offer alternative lending loans. If you are open to that please accept my request. Email me at CEO@BZCapitalConsulting.com Best, Bz

Cost of the cookie is 0.25 to 0.5 ... You put a price - 50 dollars .. and the sell with a 90% discount! People would flood in. ... What a brilliant idea

Thank u so much for this😊

Great work. Thanks for this.

@WilsonKLee

4 жыл бұрын

Glad you liked it!

this is great content, thankyou

@WilsonKLee

4 жыл бұрын

Glad it was helpful Imran!

Thank you God bless you men

Very useful. Love from Sri Lanka ❤

You gave me something to think about

Thank you very much for making this informative video love from India

Amazing thank you

Thank you😊

thank you Sir Sharing ideas food coast

Amazing videos i learn a lot with you

@WilsonKLee

2 жыл бұрын

Happy to hear that!

It was interesting to see.

Very informative Thank You soo much

@WilsonKLee

3 жыл бұрын

Glad it was helpful!

You're amazing. Thanks for sharing

@WilsonKLee

3 жыл бұрын

You are so welcome Emily!

You missed the utilities cost in calculating the menu cost, if I am not mistaken. Indeed loved all aspects, thanks much!

Great material! thanks! :)

@WilsonKLee

2 жыл бұрын

My pleasure Sergio!

Great job on explaining everything Sir

@WilsonKLee

4 жыл бұрын

Glad you liked it!

Thanks Wilson for sharing. One feedback is I find the music kind of overpowering your voice. Maybe my hearing ain't that good :( just thought you might like to know. Thanks once again

@WilsonKLee

4 жыл бұрын

thanks for the feedback! Will try to lower it for the next ones!

@tash211186

4 жыл бұрын

agree!

@iamachine92

3 жыл бұрын

@@WilsonKLee mind to attach the link?, it's so hard to navigate since you have tons of videos

Well explained

Thanks Wilson 🌎

Thanks for sharing. It was somewhat challenging to focus on what you were saying. Perhaps the music could be turned down a little bit more.

Thanks for this information. How do I calculate the cost of each ingredient that make up menu items?

Thank u so much❤

Your info is excellent and you have good tips. The style of video is just enough to keep your attention without overkill. However, I’d recommend losing the music entirely or just use it when you segue. You don’t need it in the background when you are talking numbers. Maybe for something broader it would be fine. That said, I really like your videos and they get my ideas going as well as remind me of what I need to think about still. Thanks for your work!

@WilsonKLee

4 жыл бұрын

Thanks for the tips!

Believe me you are such genius person thanks very much Mr Wilson..

@WilsonKLee

4 жыл бұрын

You are very welcome

Very nice video 🌎 Greetings from Colombia. The Venezuelan Immigrant writer, ecologist, entrepreneur🇻🇪

Thank you

Thank you so much

thank you

I understand fine with the music lol ❤️ thank you for the information

@WilsonKLee

3 жыл бұрын

I'm so glad!

very helpfull boss..!! thank you however in my opinion if the background music could be at a much lower volume, would make it easy for me to focus thanks again

Awesome video great value keep up Wilson! (Didnt like the music!!)

@WilsonKLee

2 жыл бұрын

Sorry about the music! I've taken it out in all my newer videos :)

Bless u wil

this guy is tooooo underrated

Thanks for sharing! 🇲🇾🇲🇾

@WilsonKLee

4 жыл бұрын

Thanks! Hope this was helpful for you :)

GREAT2 VIDEO

Thank u so helpful to me

@WilsonKLee

3 жыл бұрын

Glad to hear that Rina!

Hi, Wilson! Thanks for the great video. I have a small question though. If you are calculating the labor cost as a part of food cost, wouldn't you end up adding it twice when you are doing the overall cost calculation (food cost+labour+rent+etc.)?

@WilsonKLee

4 жыл бұрын

thanks! :) take the ones you've accounted for in food cost out from your labour cost when calculating. you can ask your accountant to prepare your books and catagorize them accordingly for your viewing.

@geckografix8045

7 ай бұрын

@@WilsonKLee At Intercontinental hotels every department was based on a profit/loss(de-centralised), so the food cost was the actual food cost (not including labour) any wastage needed to be accounted for in a spoilage report and was logged as a NET cost so we had a food target % to meet every month, the same with Beverage, the same with Staffing(overstaffing was considered mismanagement of human resources). I did have a kitchen excel spreadsheet that was used to Tally the kitchen expenditure and costs and it would take into account all the above and spit out your end of month Food cost % but alas it is buried on a hard drive somewhere, if I find it I will share a link.

I love this video... EXCELLENT... HINT: Your background noise/music was a little too loud making it hard to hear and understand you at times... We Don't need music (even though it is beautiful) We just want to HEAR you Talk... Thank you for sharing this video.

Brilliant video with many helpful advices👌 aside the music, it's just too loud & distracting.

Thanks for the explanation. So good! But how about the operational cost to produce the products? For example, water for the products, water for washing & cleaning, the gas for cooking / boiling, electricity to produce, to turn on the lamp, the wifi, the POS at cashier, etc. I think it's very important as well to be counted in the calculating the food cost. Hope that you / anyone can explain this. Really appreciate.

@aaronchowdhury2187

2 жыл бұрын

Hi David - I'm not sure if you got an answer but I hope this helps. Food Costs should only relate to the actual food items involved in making a dish, and if takeaway, I include the packaging (Box/Plate, Napkin, Bag, Straw, Cup, Lid etc) as it a cost of every dish. These are "direct costs" that can be easily and accurately measured when producing a food/beverage item. I believe Wilson includes a Direct Labour component into some of his Food Costs but I prefer to keep this separate and track Labour separately. All other costs can be counted as "Expenses". Whilst they are involved in producing the food they are a general cost for running your business and also can't accurate be measured for items of food/drink. Blessings

@davidfrankykurniawan8478

2 жыл бұрын

@@aaronchowdhury2187 thank you so much Aaron! your answer really helps. really appreciate your time & sharings. blessings!

@aaronchowdhury2187

2 жыл бұрын

Glad to hear it helped @@davidfrankykurniawan8478

I enjoyed it n learned something, thanks n I liked also

@WilsonKLee

4 жыл бұрын

Glad to hear that! Do you own a food business too Fei?

@feimohach

4 жыл бұрын

My mum owns one, I try to make some adjustments here n there, The own an ice cream shop

good video, thanks. maybe lower the volume of the background music.

thanks form BANGLADESH

You offer great value...but the music begins to tire the viewer...its great to start out with a bang...but then bring the volume way down...it could even go in and out of listening range to offer more variety. I found that I was attentive to what you were saying...but I got tired and had to pause it for a break. Thank you for your contribution to my education and future success :)

Thank you for very useful video. Backround music very loud. :( ..

Hallo Wilson, thank to you , I am getting better every day. Do you know a free software to calculate food cost and inventory cost for a restaurant?

@WilsonKLee

4 жыл бұрын

Excel is what I use. There are probably fancy software out there.

You're amazing bro

@WilsonKLee

3 жыл бұрын

You too man!

Hi Wilson and thanks for sharing all these information I was wondering, before minute 12:23 you were talking about Food cost = COGS = (Ingredients costs + Direct Labour) / Food sales And at minute 12:23 Food cost became only Ingredients costs (inventory and purchases), without Direct labour / Food sales Question : Where did the labour goes at the second explanation of the food cost Thanks a lot

@jintogeorge8424

2 жыл бұрын

u have to calculate labour cost and other expenses... Buz... Minute 12.23... He only explained the food cost... Not, cost of goods sold

@4smereka

2 жыл бұрын

Food and labour should only be calculated together when creating a menu. After that, food cost has nothing to do with labour and vice versa. Hence why it is essential that your menu takes into consideration prep time, etc. Actual food cost is Beginning Inventory - Closing Inventory + Purchases/ Food sales. Then typically once you count inventory, you should have a theoretical cost to compare it to. Any differences is lost money

Very good video, but the music is too loud and distracting. However, the topic is very well explained