💎 [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
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
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.
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.
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.
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
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!
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. 🙌
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
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..
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
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
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.
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
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).
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
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
hi wilson, i have a question, if the restaurant owners, are giving away cookies and cakes to their customers,wich contain alcohol,and tons of ingredients..how as a pastry chef can i help them keep their cogs under control, the servers dont help either...i know ill just get another job..lol..thank you for the tutorial...
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!
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.
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 :)
How do you work out the minimum mark up on products, when including all the costs like rent and labour and energy etc. Say you have worked out the food costs already to sell 100 of a specific product. I don't mean what price of a product should be, as that could be based on market as well but the minimum mark up before you make a loss while selling. It is difficult to know because you don't know how many products you might sell in a day or week or month.
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.)?
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.
@@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.
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
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
Hi we have a project in our subject that we should think of a product or services that we want and make a product plan of it , and i chose to do a video demo about my product or services but then i dont now what business should i pick and how to do a video demo of it . Do you have any suggestions please .
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.
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
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
Do you guys know if Food Cost Percentage accounts for GST or should I add GST on-top of my selling cost? Right now my item costs $2.74 to make and I can afford to sell if for $10 making the food costs percentage 27.42%. The GST in my country is 10% of the Sales Price. My GST Payable is $1.00 for selling it at $10, so should I assume my food cost is actually 30.47% because $1 is going to be taxed? Or Do I increase my sales price to $11?
💎 [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
Can you mentor me in this area in terms of pricing? Thanks
How much?
Where are you located?
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
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
yup. new vids dont' have bg music.
@@WilsonKLee did the cost of goods sold jump from 40% to 46% as an error . It was $2.00 then $2.30
@@WilsonKLee I LIKE THE MUSIC WILSON
Yup.too loud
@@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.
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.
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.
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
Explained quite clearly and concisely. Great video, thumbs-up 😊 Subscribed.
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!
Truth be told, your videos are a godsend! Thank you 👌🏾
I appreciate that!
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
Awesome video great value keep up Wilson! (Didnt like the music!!)
Sorry about the music! I've taken it out in all my newer videos :)
man im about to start my coffee shop and with these videos i feel like im getting top tier advice thanks a lot
Glad to hear it!
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. 🙌
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!!,
Thanks for tuning in Eddie!
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.
Wilson thank you for your videos, they are really helpful and informative. THANK YOU!
Thank you. That's exactly what I've been needing. Very helpful
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
This is amazing. Extremely valuable content. Thank you sooo much for putting this out there.
Excellent, helpful video Wilson’s. Thank you.
Glad it was helpful Dan!
Great video. I was wondering if you could share how you create food cost on spreadsheet.
i never in my life thought i would look this up but here i am and thank u so much
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..
Thanks for this information. How do I calculate the cost of each ingredient that make up menu items?
Love the advice. Trying to start a small Cafe. Thanks for it. I subbed
Thank you for this video! this has helped me so much
Thank you Wilson! Helped a lot.
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
So nice of you, my pleasure!
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
I'm interested in learning more about your journey and was wondering if you have any advice? I'm looking into starting a food truck in texas soon.
Very useful. Love from Sri Lanka ❤
Hello Wilson, dude I love your content. Your well versed and beautifully composed.
Good luck my man.
Greets from Lusaka Zambia.
Thank you very much!
good video, thanks. maybe lower the volume of the background music.
Amazing videos i learn a lot with you
Happy to hear that!
Thank you for very useful video. Backround music very loud. :( ..
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.
Thank you very much. You're a very good teacher!
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
thanks for the feedback! Will try to lower it for the next ones!
agree!
@@WilsonKLee mind to attach the link?, it's so hard to navigate since you have tons of videos
You are awesome Wilson, i love this video. Keep it up! Very helpful
Glad it was helpful!
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).
Great to hear!
Very nice video 🌎 Greetings from Colombia. The Venezuelan Immigrant writer, ecologist, entrepreneur🇻🇪
Thank you very much for making this informative video love from India
Great video. Easy to understand.
Awesome video. Helping thousands. Keep up the good work Wilson.
Glad to help!
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
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
Thank you so much. Very informative. 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
Appreciate the kind words!
What a great video! Thank you so so much
hi wilson, i have a question, if the restaurant owners, are giving away cookies and cakes to their customers,wich contain alcohol,and tons of ingredients..how as a pastry chef can i help them keep their cogs under control, the servers dont help either...i know ill just get another job..lol..thank you for the tutorial...
8:44 dont u need to add some electric and water or smth bill into it or maybe i missed it
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?
Excel is what I use. There are probably fancy software out there.
Thank you for this info....it help me a lot
Good to hear! Let me know if you have any otherr topics you'd like me to cover!
You missed the utilities cost in calculating the menu cost, if I am not mistaken. Indeed loved all aspects, thanks much!
Great video!
Very good stuff..eye opening
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!
Thanks for the tips!
Very good video, but the music is too loud and distracting.
However, the topic is very well explained
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!
Glad it was helpful!
Thanks wilson, Wanted to know if you have a recomendationfor a food costing template or app to use for my restaurant. Thank you
i use quickbooks and my accountant does it. however, a simple excel sheet would do too.
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.
Your video didnt need music . Great job
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 :)
You have good content but the music is louder than your voice.
13:29 it’s a request to reduce the music volume because I want to hear you
How do you work out the minimum mark up on products, when including all the costs like rent and labour and energy etc. Say you have worked out the food costs already to sell 100 of a specific product. I don't mean what price of a product should be, as that could be based on market as well but the minimum mark up before you make a loss while selling. It is difficult to know because you don't know how many products you might sell in a day or week or month.
Good content. Thank you for sharing. Music is way too loud.
Took it out in my newer vid
Great details. But the background music is a bug
you are the super generous man ..... thank you so much . god bless you.
How do I calculate the usasge of the machines when preparing an item? And does it go under food cost?
Those are depreciable items under Fixed Assets
thank you Sir Sharing ideas food coast
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.)?
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.
@@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.
Brilliant video with many helpful advices👌
aside the music, it's just too loud & distracting.
how about overhead cost like electricity? franchise fee?
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
u have to calculate labour cost and other expenses... Buz... Minute 12.23... He only explained the food cost... Not, cost of goods sold
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
Glad I found you when I did. Your a great educator thanks for all you have shared so far.
I appreciate that!
Very great tips… thank you. But the music is really too loud.
Believe me you are such genius person thanks very much Mr Wilson..
You are very welcome
You gave me something to think about
Amazing video Sir, learned a lot from this.
I was confused about CoGS. The higher it is the lower the profit? How is that?
Thank you sir 🙏 this was much needed.
this guy is tooooo underrated
Thank you for this video ❤
It was interesting to see.
Great work. Thanks for this.
Glad you liked it!
Great material! thanks! :)
My pleasure Sergio!
Thank you God bless you men
this is great content, thankyou
Glad it was helpful Imran!
The music is too loud, but the video is excellent!
Great job on explaining everything Sir
Glad you liked it!
Thank you Wil
Hi we have a project in our subject that we should think of a product or services that we want and make a product plan of it , and i chose to do a video demo about my product or services but then i dont now what business should i pick and how to do a video demo of it . Do you have any suggestions please .
Thanks Wilson 🌎
Amazing thank you
Thank you for your lovely video. But I am a bit irritated with background sound..😢
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.
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
@@aaronchowdhury2187 thank you so much Aaron! your answer really helps. really appreciate your time & sharings.
blessings!
Glad to hear it helped @@davidfrankykurniawan8478
Thank you Wilson!!!! 😁
I understand fine with the music lol ❤️ thank you for the information
I'm so glad!
You're amazing. Thanks for sharing
You are so welcome Emily!
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
Do you guys know if Food Cost Percentage accounts for GST or should I add GST on-top of my selling cost? Right now my item costs $2.74 to make and I can afford to sell if for $10 making the food costs percentage 27.42%. The GST in my country is 10% of the Sales Price. My GST Payable is $1.00 for selling it at $10, so should I assume my food cost is actually 30.47% because $1 is going to be taxed? Or Do I increase my sales price to $11?
Answered your question in my latest Live in the Q&A section!
Hello I need some knowledge on how to understand how to maximize Icecream
Otherwise you are doing us soo well
The loud background music is killing me...