404 business plan
TRANSCRIPT
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NUTR 404
Business Plan
Chef In Fridge
Natalie Meltzer, Katie Lechner, Gabby Monzon, Austin Hermosillo
11/20/2013
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1. Executive SummaryCompany Summary:Chef In Fridge is an established and unique personal chef business located in South San Diego,
California. Chef in Fridge has been growing in revenue and clientele each year catering to the
greater southern region of San Diego and is now ready to expand business to the northern region
of San Diego and Orange County to reach new clientele.The services that Chef in Fridge provides includes a chef entering the clients home to prepare
meals, package and store them properly with reheating and/or other instructions immediately
prior to consumption. The partners, who bring more than 20 years of management, restaurant,
and retail experiences to the company, are seeking a $10,000 loan for a 10% stake in our
business to facilitate the expansion of Chef In Fridge.1.1-Business OpportunityChef In Fridge is an up-and-coming business in the personal chef industry that is
currently based in San Diego, California. We are finding that more families are requiring
a dual income household and often time there is little time to prepare meals after
returning home from work. We have also found a greater opportunity among the single-
housed professionals and the elderly population. San Diego has been a great place to start
our business, as there are 3.1 million people in the San Diego County (FactFinder). San
Diego is becoming increasingly aware and conscious about making healthy choices and
becoming more of a health conscious consumer, this makes San Diego the perfect place
to expand Chef in Fridge. These people will find that having a freshly made, readyprepared meal in their house will fit their fast paced lifestyle.1.2-Product/Service SummaryChef In Fridge will be providing services to the greater San Diego County and will
expand to Orange County. After one complete session with CIF, the customer will start
with the base package and have seven days worth of home cooked meals that are
prepared, packaged, and stored in the home of the customer. Any additional meals will be
at the discretion of the customer for an extra charge. The meals will be chosen from a
standard menu with several additional meals and preferences to please the customersdesires. Each meal will be pre-portioned and have reheating instructions for ease of the
customer.
An additional service that is offered by Chef In Fridge are counseling sessions with a
registered dietitian. A client has the opportunity to meet one-on-one with one of the RDs
on staff to discuss food and nutrition.
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1.3-Current Business PositionChef in Fridge is currently owned by four partners: Katie Lechner, Natalie Meltzer,
Gabby Monzon, and Austin Hermosillo. All owners are equal partners, each owning 25%
of the company.
1.4-Financial PotentialThe projected profit and loss for Chef In Fridge will be that of a sales increase of about
$150,000 for the first month to close to $300,000 by at least the third year through the
proposed expansion plan. There may be a slight loss at the initial start up of the
expansion but Chef in Fridge is expected to break even within the first six months of the
expansion.
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Profit Monthly1.5-The RequestIn the first year of business, Chef in Fridge made a little over $150,000 in sales and after
three years of business, the number of sales have been increasing dramatically after eachyear. At the rate that Chef in Fridge is going, the expected profits made for this year
would be over $100,000. Therefore, Chef in Fridge is seeking a loan of $10,000 in order
to expand into northern San Diego and Orange County, to procure new office/storage
facilities, and to purchase more equipment.
Sales, Gross Margin and Net profit for years 1, 2 and 32. Company BackgroundAustin, Gabby, Katie, and Natalie all lead busy lives in the of field of nutrition. The company is
set up such that each person owns an equal part. The partners recognized a need for not only a
personal chef business, but a personal chef business that focuses on healthy quick meal options.
Chef in Fridge recognizes a market gap in the personal chef field. With an ever rising obesity
trend in this country, Chef in Fridge sees it as an opportunity to help provide affordable quick
nutritious meals for those with busy lives that would otherwise turn to less nutritious options.
2.1- Business DescriptionChef in Fridge provides home cooked meals that are targeted towards the working class
professionals, dual income households, and the elderly and with pricing rates that even
the single parent household could afford. Delicious, nutrient dense meals are prepared on
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site at the clientshome by the head chef and sometimes assisted by a sous chef. All of
the items are portioned out and stored in the clientsfreezer. All of our products are
cooked and prepared with the least amount of preservatives possible, so the products are
meant to be consumed fresh within one week. Frozen meals can be stored up to one
month.
2.2-Company HistoryThe four partners became associated in 2010 as college students at San Diego State
University, all aspiring to become Registered Dietitians. Our passion for food and skilled
techniques in the kitchen eventually turned into the business idea of Chef In Fridge. We
conducted extensive research on how to prepare healthy and ready-to-eat food for the
working professionals who are too busy to maintain a healthy diet with their busy
schedules. Our research indicated that there were no other companies quite like Chef In
Fridge in the San Diego. The absence of a similar business drove the four partners to the
beginning of Chef In Fridge.2.3- Current Position and Business ObjectivesChef In Fridge is currently in the expansion process. The expansion of offices from
southern to northern San Diego will attract new business clients and opportunities.
Chef In Fridges mission statement is as follows:Chef In Fridge has a goal to create every meal to the highest quality in the clients home.
We are committed to creating meals with fresh ingredients and no preservatives,supporting a healthy lifestyle, and supporting efforts to reduce our carbon footprint.
Long-term goals for Chef In Fridge include an expansion into North San Diego and
Orange County. We would like to hire more qualified employees to be capable to provide
our services to future clientele.
3. Ownership and ManagementThe partners of Chef In Fridge are Registered Dietitians all with adequate experience in the
hospitality industry. The partners are aware of the management and operation duties as well asmaintaining their customer contacts in the business. The following sections will discuss the
managerial roles of the partners.
3.1- Management/PrinciplesNatalie Meltzer has three years of management experience at Fresh Millions, a local salad
shop based in the county of San Ramon. She graduated from San Diego State University
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with a degree in Food and Nutrition and a minor in business administration. Like all of
the other chefs in Chef In Fridge, she has her credentials as a Registered Dietitian.Austin Hermosillo has many years experience working with inventory and customer
service at Pacific Market in Santa Rosa, California. Austin is not only a Registered
Dietitian but has worked as a sous chef alongside some high profile chefs in the industry,
such as Chef Bobby Flay, Chef Gordon Ramsey and many others.3.2- Organizational StructureChef In Fridge will be structured as an equal partnership. In order to ensure a strong
infrastructure that is sustainable, the four partners delegated areas of the business where
they have their primary responsibilities.The partner in charge of finances, including purchasing power, utility and rent bills, and
the exchange of money between CIF and client is Gabby. Gabby is also in charge of other
administrative authority. Katie is in charge of client bookings, advertising, and marketing
for the company. She talks to other companies to gain sponsors and form a positive
relationship with other companies in the community. Natalie has management control
over the company. She ensures CIF is running smoothly and is directly involved with
answering questions and handling and negative feedback from clients. Since Austin has
extensive experience working as a chef, he is the lead chef. Austin creates standard
recipes and communicates with clients to be sure to plan the best meal plan for each
individual.
3.3- Professional ConsultantsDue to the size of the business and the industry experience of the partners, the need to
hire outside the consultants would only be the need to hire sous-chefs due to the
increased demand for service. The need for accountants would be minimal to none
because Natalie has an accounting background.4. Products and Services Summary
Chef In Fridge will provide five services for customer. The services provided are meal planning,grocery shopping, meal preparation, recipe directions, and nutrition counseling.
4.1- Product/Service Overview
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1. Meal planning: Chef In Fridge uses information from the customer based on dietary
needs, food preferences, and price range to create the perfect meal plan. Chef In Fridge
specializes in dinner meal planning, but plans all meals in the day, including snacks.2. Grocery shopping: Utilizing Chef In Fridge will allow the customer to seldom or never
have to return to the grocery store ever again. CIF buys items based on the needs of the
meal plan, but upon requests, will purchase additional food items from the grocery store
to be stored in the customers kitchen.3. Meal preparation: The benefit of using Chef In Fridge includes healthier eating and
having a home cooked meal each night. CIF uses the clients own kitchen to prepare the
meals and store them until eaten. This allows customers to spend less time in the kitchen,
have time to have a family meal or save time for other projects and commitments, and
have an easy clean up because all food items are stored in biodegradable containers.
4. Recipe directions: After each meal preparation, directions to replicate the recipe are
left for the customer. Each recipe provides reheating instructions and information on how
long the meal can be stored in the freezer or refrigerator.5. Nutrition counseling: Chef In Fridge employees include several registered dietitians.
Their extensive knowledge gives them the credibility to provide nutrition counseling for
clients. These sessions that are available for clients are one of many things that set CIF
apart from other personal chef companies.
Example of Products Offered4.2- Competitive Analysis
Competitor My Five StarChef:
Dinner Is On The UpscaleBistro Chef In Fridge
Products None None None NoneServices Creates all
meals forprivate home;packaged and
Creates entreesfor privatehome; packagedand stored
Creates a fourcourse meal inthe privatehome; uses a
Create all typesof meals forprivate home;packaged and
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stored standard menu stored withreheatinginstructions;offer nutritioncounseling
Quality High Quality Low Quality Ultra-finedining High Quality
Pricing Depends onrecipe andquantity;average of $60per person permeal
Cost of groceriesand base price $90 per personplus cost of
travel andgroceries
Base price of$200 plus $40per hour; priceof groceries
Locations All of SanDiego Countyin home
North San DiegoCounty in home
Orange County;Ventura County
All of SanDiego; wouldlike to expandto OrangeCounty
Market Share ~30% ~40% ~20% ~20%Years in Business 9 years 11 years 6 years 3 yearsOwnership Larry Michaels Shelley Odelson Andres
Dangond Partnership:NatalieMeltzer, KatieLechner,GabbyMonzon,AustinHermosillo
Financial Strengths Services arecheaper whenthey areoffered ingreaterquantities
Prices do notinclude cost oftravel
Pricing is perperson Set prices allowclient to feel
more in control
Importance of
Product to Business Important Low importance Very important Very Important
Advertising Showcased onSan Diego
Showcased onSan Diego
Showcased onwww.kichit.co
Showcased onSan Diego
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personal chefwebsite;companywebsite; YelpDeal voucher
redeemable for$100 for $50
personal chefwebsite m personal chefwebsite;
advertisementsand brochuresat outpatient
clinics;companywebsite; ForbesMagazine
Image Classy Outdated Fancy; Classy;Formal Upbeat;professional
Customer Profile Corporatebusiness;cocktail
parties; privatehome
Private homeonly Private homefor a dinner
party/guestsPrivate homeonly
Strengths Summary Covers all ofSan DiegoCounty
Experience inpersonalcheffing
Experience infine cuisine Affordableprices
compared tocompetitors
Weaknesses Summary One employeeas assistant inkitchen
Poor advertising;no employees
Servicesprovided are forone dinner meal
(catering), not aweek supply ofmeals
Limited topreparingdishes for
storage, havenot ventured tocateringservices
Market share (%) was calculated with the knowledge of the share of customers served using the
calculation of number of houses served divided by number of potential customers times one
hundred (Dummies, FactFinder). Information for this chart was determined using the websites of
the companies (My Five Star Chef, SD Personal Chefs, and KitChit).
4.3- Suppliers and InventoryChef In Fridges equipment, groceries and produce will be supplied by various vendors,
including the following: foodservicewarehouse.com, Sysco, and the grocery stores Vons
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and Costco when needed for quick grocery trips for clients. CIF has chosen to use these
vendors because they are cost effective, established, and trustworthy companies to do
professional business with.
These suppliers are located in the region which our business is growing. Costco and Vons
are not found in all areas of the United States, but as the CIF company grows, more
vendors will be added as official suppliers. Foodservicewarehouse.com offers all kitchen
supplies necessary for CIF to operate. Sysco and Costco offer wholesale distribution that
is ideal for big ticket items such as flour, rice, sugar, and potatoes. Vons has been
selected as a vendor because it offers smaller items that may be purchased for clients.
There have been no problems in obtaining supplies and inventory. On a day to day basis,
CIF has an inventory of 14 days worth of wet food items and 30 days worth of dry
food items to ensure wholesomeness of products.4.4- Research and DevelopmentThe success of Chef In Fridge will grow from customer satisfaction of the benefits of
having ready prepared and healthy meals that fit into their lifestyle. This type of service is
not available in grocery stores without the high salt and added preservatives in frozen
food.Due to the increased demand for Chef In Fridge, the four partners are now looking to
expand. The expansion will include hiring sous chefs, purchasing additional cooking
equipment, increasing promotion events and expanding to new cities.
5. The Industry, Competition and Market
The personal chef industry is generally recognized as the entrepreneurial side of the culinary
world. This industry brings in millions of dollars of revenue a year and is continually growing at
a rapid rate. The competition for this industry is not comparable to the of Chef in Fridges
business due to the fact that no other personal chef business has the complete services that Chef
in Fridge offers. San Diego's market is the perfect place for Chef in Fridge's business because
with the health craze on the rise, San Diego is ranked number 2 on the list for the top-10 health
conscious cities.5.1- Industry Definition -- Market Analysis
The personal chef industry is the entrepreneurial side of the culinary world. This industry
generates approximately $52 million a year and the estimated clients served is estimated
to be at 72,000. At the rate that this industry is growing, within the next 5 years there will
be nearly 20,000 personal chefs in the United States, serving to 300,00 clients and
contributing about $1 billion in revenue (APPCA).
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Personal chefs have the reputation of being only for the rich and the famous however the
clients that personal chefs have range from working singles to large families and seniors.
Personal chefs are utilized in many areas such as for seniors who dont want to go into
assisted living homes, for fine dining and for homemade comfort foods (Chef Crossing).This industry is not only thriving but itslooking as if personal chefs are here to stay.
More and more chefs are looking to owning their own business and taking charge of the
way they express their culinary creativity. People are getting busier and busier and are
too busy to prepare meals that are healthy, delicious and nutritious or they have all the
tools and supplies to create the meals but don't know how. This is where this industry is
booming and now more people are looking to hire personal chefs to take the ease off of
their busy load. Hiring a personal chef gives the customer a cheaper alternative to
restaurant quality food without having to pay for restaurant quality food while also being
able to eat from the comfort of their own home.5.2- Primary CompetitorsSan Diego currently has other personal chef businesses. Two other popular companies are
Dinner Is On and My Five Star Chef (SD Personal Chefs).After reviewing these personal chefs in San Diego, it is clear that we have an advantage
over them. This is due to most personal chefs in the San Diego area being private
practices which may cause their prices to be exponentially high in comparison to CIF (SD
Personal Chefs). Chef in Fridge's pricing has been set so that all walks of life, from theworking class to the single mom to the elderly or even to those just too busy to cook. This
was done so that our clients could afford our services while still allowing CIF to make a
hefty profit. In turn, offering lower prices also led to massive referrals from clients which
gave CIF a big lead in the personal chef business. However, Chef Shelley Odelson and
Chef Larry Michaels are two personal chefs who CIF believes are their primary
competitors.
Chef Shelley Odelson claims to customize a menu to suit taste and dietary goals, which is
also a claim CIF makes (SD Personal Chefs). Chef in Fridge has an advantage because of
the extensive schooling our employees have gone through to fully be able to meet sensoryand dietary desires. Not only do our employees have extensive backgrounds in the
culinary arts but they are also registered dietitians as well. Currently, Chef Shelley
Odelson only serves the Northern County of San Diego (SD Personal Chefs). Chef Larry
Michaels offers many of the services that are similar to Chef in Fridge but caters to all of
San Diego county (SD Personal Chefs). Chef in Fridge's ultimate goal is to expand to all
of San Diego County as well as to Orange County.
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By examining our primary competitors, we have learned that overall we have succeeded
and surpassed other personal chefs in our area due to our advantage for the locations that
we serve and an advantage for the amount of services that are provided (SD Personal
Chefs).5.3- Market SizeSan Diego is a city that has a diverse population and is located on the very southern tip of
California. It is home to about 1,326,000 people ranging from young, old with a plethora
of different races and ethnicities and is continually growing every single day. (SD County
Quick Facts) San Diego alone takes up 4,206 square miles in California, making it the
eighth largest city in America and the second largest city in California. The adult
population in San Diego is roughly around 821,000 people, this market includes adults
from the age of 20-55 years old (SD: Population Profile). The median household income
for San Diego is $45,733.
5.4- Market GrowthSan Diego is an ideal location for Chef In Fridge to continue to be a thriving business.
San Diego's huge market size and high percentage of upper class working professionals
make it so that there are many opportunities for Chef In Fridge to expand. In America,
more than one-third of the adult population are obese and this epidemic is the most
serious and most costly condition that America faces. The growing trend in America is
the food industry. Due to the high population of adults being obese, the health craze isalso on the rise causing more and more consumers to be health conscious (Adult Obesity
Facts). San Diego is ranked number 2 on the top 10 most health-conscious cities in
America (Idea Fit). Chef in Fridge has realized this need and has chosen San Diego
because the industry is definitely on the rise and doesnt seem to be going anywhere.
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Market Analysis Compared to Competitors5.5- Customer ProfileChef In Fridge has three target customer populations which has been determined based
on the size of the population, the competition CIF has in the market, and the strengths,
weaknesses, opportunities and threats that have been analyzed for our company. Working class households with no children. This customer has a daily hectic life
that is constantly being controlled by their professional careers. It would be
advantageous for this customer to use CIF to meet their desires for a healthy andtasty meal every day while minimizing or completely removing time spent
preparing food in their kitchen. This customer recognizes the benefit of a home
cooked meal through the utilization of CIF.
Working class households with children. This customer has a daily hectic life thatis primarily controlled by the lives of their children, their childrens activities, and
their own career. This customer recognizes the benefit of having prepared meals
each day to save free time to enjoy with their children.
Elderly citizens. This customer is the fastest growing population in the UnitedStates (US Population Growth Rate). This customer would benefit from CIF
services because many elderly citizens no longer have the ability to effectively
cook for themselves in their kitchen.
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Market Analysis of Segmented Target Market
6. Marketing PlanChef In Fridge marketing plan will reach out to consumers through fliers, social media, and
word of mouth. Chef In Fridge will emphasize the quality of our meals as well as their
convenience.
6.1- Competitive Advantage
There are no other businesses in the San Diego and Orange County that offers the sameservices that we offer. We focus exclusively on following guidelines set by the Academy
of Nutrition and Dietetics. Our clients are granted one free consultation with a dietitian
during any time of their service with CIF. Our services go directly to the client. We hire
trusted employees that have undergone multiple interviews and a background check
before being hired. The ingredients we use for our meals are always fresh, as we receive
weekly shipments of foods for bulk orders and go to grocery stores for ingredients on an
as-needed basis. There are no other businesses like us who offer flexible hours, seven
days a week, and allow the client, if desired, to create meal ideas to fit exactly what they
want.
6.2- PricingResearch in other personal chef businesses in Southern California have indicated several
different methods of pricing. Some methods of pricing that are used include: pricing per
person, pricing by the hour, pricing determined by cost of groceries, or a standard flat rate
(Pricing Methods).
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Chef In Fridge will use a combination of two methods to keep cost down for our clients,
they are as follows:Base Price: $200Price of GroceriesNutrition Counseling: first session free; $50 for half an hour
.6.3- Distribution ChannelsOur primary facility is our headquarters at the Foremost Professional Plaza in San Diego,
CA. At this location, we handle our paperwork amongst clientele as well as serve as a
home base for our employees. Here, whichever partner is in the office schedules
appointments with clients and goes over a detailed summary of the planned services.
Clients are able to come in to the office for a more personal arrangement of our services.
6.4- Promotional PlanChef In Fridges marketing strategyis important to reach new customers who have not
yet heard of our business. Our marketing mix campaign will involve print advertisements,
social media, sponsorships, and incentives to use our services. Flyers and Pamphlets: To be distributed at the local fairs, big culinary events,
medical offices, outpatient clinics, and shopping centers in San Diego and Orange
County
Social Media: Facebook, Twitter, Yelp, and our own dynamic website willprovide updated information about our business. Social media will be a vital
aspect of our marketing mix.
Sponsorships: Local radio stations will mention our services Referral discounts: Clients are encouraged to spread the word of our services to
their friends and family. If a new customer joins our services because of a referral
from one of our current clients, referee will receive 10% off the base price of their
next service.
6.5- FeedbackChef In Fridge will receive feedback from clients by using an assortment of methods
Follow up phone call: This direct method will form a relationship with clients andallow CIF chefs to know strengths and areas of improvement for services. It will
allow clients to ask questions directly to the chef
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Yelp page: A yelp page will provide a place for our customers to rate and/orreview our company. We will encourage our customers to use our yelp page for
promotional purposes
Comment section/survey on website: Our website will provide a section forclients to add comments and rate their experience with CIF. The comments and
ratings will be open for the public to see.
Questionnaire: A questionnaire will be stapled to the grocery receipt after eachtrip to the grocery store for the client. CIF will leave the receipt and stapled
questionnaire with client and can be mailed in with the bill for groceries or picked
up with the bill.
7. Operating Plan
Chef In Fridge has a primary location in San Diego, CA. The purpose of this main office is for
necessary paperwork, phone calls, organizing and planning with colleagues and clients to take
place. This is also where we park the company vans. The equipment in this facility is minimal, as
the equipment we use most often will be stored and kept in our travelling vans. The following
sections go further into detail about our operating plan.7.1- LocationThe Chef In Fridge headquarters will be located in the Foremost Professional Plaza at
12396 World Trade Drive in San Diego, CA. (LoopNet). The CIF office is 507 square
feet and costs $27 per square foot; the total rent for one year is $13,689 (LoopNet). To
provide services to our customers, our staff will be traveling to the homes of our clientswithin San Diego and in Orange County.A second facility is planned to be added in the eighth year of operation in Orange County
once we are an established company after our expansion. The location is to be
determined.7.2- FacilityThe facility that CIF utilizes is 507 square feet. The main headquarters will contain an
office that is suitable for client consultations if necessary. The office is available fordeveloping recipes, preparing client meal plans, personal consultations, developing
internet advertisements, the business telephone, and all mail will be sent to this location.
However, the main facilities that majority of the employees will be working at will be in
the clients personal homes.
7.3- Operating Equipment
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The chefs that will be traveling to and from the homes of clients will have operating
equipment that include a van to transport all the fresh produce, meats and other food
items. Personal pots, pans, cooking utensils and disposable storage Tupperwareswill
also be utilized by the chefs (Restaurant Equipment and Supplies).
In the main headquarters, the operating equipment are telephones that will be used for
scheduling consultations, making appointments or any other questions that a client may
have. A computer and printer will also be used to record down appointments, recipes,
nutrition counseling notes and will have all of the clientsinformation regarding
consultation, meal plans and etc.A table of operating equipment, the source of each item, and the cost is provided in the
appendix.
7.4- Suppliers and VendorsChef in Fridge vendors will include Sysco and Costco for the items that can be purchased
in bulk such as large staple items and the containers that will be used for food storage.
Other local grocery stores will be utilized to obtain fruits and vegetables that is of the
freshest and highest quality (Restaurant Equipment and Supplies).7.5- Personnel PlanThe four main partners will be performing the majority of the cooking in the clients
homes. At least one partner will be operating from the business office during operation
hours. Each of the employees at Chef in Fridge operate however throughout the various
counties of San Diego. There is an employee that operates out of east county, south bay
and the various beach cities. We are looking to expand and hire more personnel who will
work in parts of north county and to the greater Orange County area. Currently, all
payroll is divided equally between the four partners.
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7.6- General OperationsThe main headquarters is open seven days a week from 8am-4pm. Chefs will travel to the
customers homes at the appointed time discussed between the client and chef.
8. Goals and StrategiesChef In Fridge will be the first large scale personal chef business with multiple chefs to service
San Diego and Orange County. The companys experienced dietitians/chefs, marketing plan, and
affordable rates compared to other personal chefs are expected to lead the partners to financial
success.8.1- Business GoalsChef In Fridge's business goals are as follows:
Expand to Northern San Diego and Orange County in the next 6 months Expand to Los Angeles County in the next 12-18 months Hire more qualified employees: sous chefs and registered dietitians to facilitate
the expansion
Increase client base from the expansion Increase revenue from the company while limiting expenses as much as possible To become more efficient in dealing with business and clients while increasing
productivity
8.2- Keys to SuccessChef In Fridge success will come from providing quality service and delicious products
unavailable in any grocery store. The success will come from the appeal the business has
on its customers and their satisfaction with the products. San Diegos large population of
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working professional will help to excel Chef In Fridges successful outcomes. No other
business currently provides the type of service Chef In Fridge does which will cause the
customers to develop loyalty to the company. Another key to Chef in Fridge success
would be marketing paired with competitive pricing. The marketing techniques to gain
customers will be through fliers, advertisements in newspapers as well as social media,
and special event promotions where Chef In Fridge will display the benefits of the
business. Through these means the customer will be able to clearly see the comparison of
our services and prices to the other competitors out there and realize that Chef in Fridge
will definitely be the better choice.8.3- Future PlansSince Chef In Fridge has proven to be a successful business, the partners are now
exploring possible franchising opportunities for new locations and possibly new cities.
Chef In Fridge future plans include: To expand to Central California by the end of year ten To explore additional expansion through the creation of products: aprons,
dishware, Tupperware, etc. by the end of year fifteen
To explore additional expansion through retail locations for products by the endof year fifteen
9. Financial AssumptionsThis section of Chef In Fridges business plan will summarize the financial assumptions used in
the creation of the projected financial outcomes.
9.1- Beginning Balance Sheet
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The total organization start up expenses for Chef In Fridge is $41,515. The initial cash
investment from the four partners equals $250,000, and with the addition of short-term
and long-term loans, the total cash infusion for the organization is $282,080.9.2- Profit and LossThe total cost of sales increased from year one at $43,795 to $65,315 in year three. With
the addition of operating expenses the total expenses for the business equated to $88,520
in year one to $96,884 in year three.
9.3- Balance SheetCash: Chef In Fridge made $240,836 in year one, $269,348 by year two, and $293,010 in
year three.
Accounts Receivable: Chef In Fridge works primarily with customer accounts. The
accounts in year one totaled $6,344 in year two, $9,198 and by year three, the accounts
have grown to totaling 10,365.Inventory: On a day to day basis, CIF has an inventory of 14 days worth of wet food
items and 30 days worth of dry food items to ensure wholesomeness of products.9.4- Cash PlanChef In Fridge will bill customers at time of service; customers will pay the base price up
front and will be billed subsequently for groceries. These transactions will be considered
cash transactions.Inventory Purchases: These purchases will be made through the official CIF suppliers,
Costco, Sysco, Vons and Food Service Warehouse. CIF will plan to have cash on hand
for at least 14 days worth of perishables and 30 days worth of dry goods.Distributions: Due to the uncertainty of business, partners can expect at least $1,000 per
month in the first three years. In years two and three, the partners can assume an increase
in monthly payouts.10. AppendixOperating Plan EquipmentBeginning Balance SheetProfit & Loss - Years 1, 2, & 3Balance Sheet - Years 1, 2, & 39
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Cash Plan - Years 1, 2, & 3Ratio Analysis - Years 1, 2, & 3Personal Financial Statement
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