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Chapter 6. Finances. 3 Different Costs. One time cost Deposit or license Fixed cost A cost that does not change as sales change Variable cost A cost that changes as sales change. Start UP Cost. License / Fees Insurance Professional service Phone / Web set up Office equipment

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chapter 6

Chapter 6

Finances

The Professional Personal Chef

3 different costs
3 Different Costs
  • One time cost
    • Deposit or license
  • Fixed cost
    • A cost that does not change as sales change
  • Variable cost
    • A cost that changes as sales change

The Professional Personal Chef

start up cost
Start UP Cost
  • License / Fees
  • Insurance
  • Professional service
  • Phone / Web set up
  • Office equipment
  • Printing cost
  • Cookware

The Professional Personal Chef

fixed cost
Fixed Cost
  • Vehicle payment
  • Rent
  • Web-hosting fee
  • Association fees

The Professional Personal Chef

variable cost
Variable Cost
  • Cost of food
  • Cost of fuel used in transportation
  • Uniforms / Linens

The Professional Personal Chef

finding capital
Finding Capital
  • How much do you need ?
    • In what time frame ?
  • What resources do you have ?
    • Savings / family / friends ?
  • How much are you willing to pay ?
    • Interest

The Professional Personal Chef

finding capital7
Finding Capital
  • Your credit history
    • Credit report
  • How will repay the loan ?
  • How much of your own money will be at risk ?
  • Personal references

The Professional Personal Chef

cash management
Cash Management

Cash Flow through your business

Your Personal

Chef Business

Cash from

Sales

Cash that

Pays the Bills

The Professional Personal Chef

cash flow
Cash Flow
  • Positive
    • More monies coming in than going out
      • It’s a GREAT thing!
  • Negative
    • More monies going out than coming in
      • Must be short lived
  • Breakeven point
    • Where positive and negative cash flow balance

The Professional Personal Chef

planning on profit
Planning On Profit

Sessions per month

Income per session

Total gross receipts

Variable + Fixed Cost

Net Profit

X

=

-

=

The Professional Personal Chef

yield
Yield
  • As purchased (AP)
  • Edible portion (EP)
  • EP / AP = Yield

The Professional Personal Chef

yield cost
Yield Cost
  • Example
    • Whole fish AP 6 lbs @ $4.00 per pound
    • After cutting
      • 3 lbs EP
    • 6 lbs AP / 3 lbs EP = .50 (%)
    • $4.00 / .50 = $8.00 per pound EP

The Professional Personal Chef

setting up your books
Setting Up Your Books
  • Use a system that you are comfortable with
  • Do your “bookkeeping” every week, same day same time
  • Keep an accounting journal
    • Save ALL receipts

The Professional Personal Chef