The Professional Personal Chef 1 Chapter 6 Finances.
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Transcript of The Professional Personal Chef 1 Chapter 6 Finances.
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The Professional Personal ChefThe Professional Personal Chef 11
Chapter 6Chapter 6
FinancesFinances
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The Professional Personal ChefThe Professional Personal Chef 22
3 Different Costs3 Different Costs
• One time costOne time cost– Deposit or licenseDeposit or license
• Fixed costFixed cost– A cost that does not change as sales A cost that does not change as sales
changechange
• Variable costVariable cost– A cost that changes as sales changeA cost that changes as sales change
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The Professional Personal ChefThe Professional Personal Chef 33
Start UP CostStart UP Cost
• License / FeesLicense / Fees
• Insurance Insurance
• Professional serviceProfessional service
• Phone / Web set up Phone / Web set up
• Office equipment Office equipment
• Printing costPrinting cost
• CookwareCookware
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The Professional Personal ChefThe Professional Personal Chef 44
Fixed CostFixed Cost
• Vehicle paymentVehicle payment
• RentRent
• Web-hosting feeWeb-hosting fee
• Association feesAssociation fees
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The Professional Personal ChefThe Professional Personal Chef 55
Variable CostVariable Cost
• Cost of foodCost of food
• Cost of fuel used in transportation Cost of fuel used in transportation
• Uniforms / LinensUniforms / Linens
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The Professional Personal ChefThe Professional Personal Chef 66
Finding Capital Finding Capital
• How much do you need ?How much do you need ?– In what time frame ?In what time frame ?
• What resources do you have ? What resources do you have ? – Savings / family / friends ? Savings / family / friends ?
• How much are you willing to pay ?How much are you willing to pay ?– InterestInterest
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The Professional Personal ChefThe Professional Personal Chef 77
Finding Capital Finding Capital
• Your credit history Your credit history – Credit report Credit report
• How will repay the loan ?How will repay the loan ?
• How much of your own money will be How much of your own money will be at risk ?at risk ?
• Personal references Personal references
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The Professional Personal ChefThe Professional Personal Chef 88
Cash Management Cash Management
Cash from Sales
Your Personal Chef Business
Cash thatPays the Bills
Cash Flow through your business
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The Professional Personal ChefThe Professional Personal Chef 99
Cash FlowCash Flow
• Positive Positive – More monies coming in than going outMore monies coming in than going out
• It’s a GREAT thing!It’s a GREAT thing!
• Negative Negative – More monies going out than coming in More monies going out than coming in
• Must be short livedMust be short lived
• Breakeven pointBreakeven point– Where positive and negative cash flow balanceWhere positive and negative cash flow balance
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The Professional Personal ChefThe Professional Personal Chef 1010
Planning On ProfitPlanning On Profit
Sessions per month
Income per session
Total gross receipts
Variable + Fixed Cost
Net Profit
X
=
-
=
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The Professional Personal ChefThe Professional Personal Chef 1111
YieldYield
• As purchased (AP)As purchased (AP)
• Edible portion (EP)Edible portion (EP)
• EP / AP = Yield EP / AP = Yield
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The Professional Personal ChefThe Professional Personal Chef 1212
Yield CostYield Cost
• Example Example – Whole fish AP 6 lbs @ $4.00 per pound Whole fish AP 6 lbs @ $4.00 per pound – After cutting After cutting
•3 lbs EP3 lbs EP
– 6 lbs AP / 3 lbs EP = .50 (%)6 lbs AP / 3 lbs EP = .50 (%)– $4.00 / .50 = $8.00 per pound EP$4.00 / .50 = $8.00 per pound EP
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The Professional Personal ChefThe Professional Personal Chef 1313
Setting Up Your BooksSetting Up Your Books
• Use a system that you are Use a system that you are comfortable with comfortable with
• Do your “bookkeeping” every week, Do your “bookkeeping” every week, same day same time same day same time
• Keep an accounting journal Keep an accounting journal – Save ALL receipts Save ALL receipts