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@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.
@padangbakingschool8931
4 жыл бұрын
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
@lethal2453
2 жыл бұрын
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.
@cateringcoachal
3 жыл бұрын
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. 🙌
@excel-tutorial
Жыл бұрын
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
@pers01727
24 күн бұрын
Explained quite clearly and concisely. Great video, thumbs-up 😊 Subscribed.
@dneuman7455
Жыл бұрын
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.
@carole-anned.1423
3 жыл бұрын
Truth be told, your videos are a godsend! Thank you 👌🏾
@WilsonKLee
3 жыл бұрын
I appreciate that!
@TheEarlyellow
4 жыл бұрын
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
@mulatiechekol4513
Жыл бұрын
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!
@tonymascarenhas5754
4 жыл бұрын
Honestly I couldn't understand much..Iam sure you spoke a lot of sense..But it was unitelligible..Pls kill the music at alltimes..Its distracting..What you speak is much more important than the music..I'am speaking from an audio engineers experienced perspective.. I do conferences & presentations for about 500+ almost everyday..This is just for your improvement.Cheers
@WilsonKLee
4 жыл бұрын
Thanks for the feedback Tony! Will look into reducing music for future vids.
@xiongly435
Ай бұрын
I think the music was fine. However, I can see how it can be a distraction for many.
@zxed183
2 жыл бұрын
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!
@lieybethl1992
4 жыл бұрын
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!
@dramarcellasarti
2 жыл бұрын
Thank you. That's exactly what I've been needing. Very helpful
@GoGetterEddie
3 жыл бұрын
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!
@johnhughes4967
2 жыл бұрын
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.
@gnybishz6330
2 жыл бұрын
i never in my life thought i would look this up but here i am and thank u so much
@nji-sun-godran
Жыл бұрын
This is amazing. Extremely valuable content. Thank you sooo much for putting this out there.
@lindiwezikalala4079
3 жыл бұрын
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!
@bilalmahmood2944
6 ай бұрын
You missed the utilities cost in calculating the menu cost, if I am not mistaken. Indeed loved all aspects, thanks much!
@olgamakarova5127
4 жыл бұрын
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.
@ambivalentdisaster673
4 жыл бұрын
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!
@alirizvi3009
4 жыл бұрын
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!
@peachfuzz3214
3 жыл бұрын
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!
@tonnynganda.h7449
3 жыл бұрын
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!
@5TA1KR
Жыл бұрын
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
@defectionis6117
3 жыл бұрын
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
@earldechsakda5766
3 жыл бұрын
Great video. I was wondering if you could share how you create food cost on spreadsheet.
@kynthea4101
Жыл бұрын
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 :)
@mattmallecoccio8378
2 жыл бұрын
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
@foodbizztalk919
4 жыл бұрын
Awesome video. Helping thousands. Keep up the good work Wilson.
@WilsonKLee
4 жыл бұрын
Glad to help!
@danw8916
2 жыл бұрын
Excellent, helpful video Wilson’s. Thank you.
@WilsonKLee
2 жыл бұрын
Glad it was helpful Dan!
@VentMonsoon
3 жыл бұрын
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
@seekandfind5858
4 жыл бұрын
You are awesome Wilson, i love this video. Keep it up! Very helpful
@WilsonKLee
4 жыл бұрын
Glad it was helpful!
@user-pl3yz8qf1w
7 ай бұрын
Wilson thank you for your videos, they are really helpful and informative. THANK YOU!
@zarrarali3910
Жыл бұрын
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
@kennethstephens992
6 ай бұрын
Great videos. Love your explanations. Love how simple you keep it.
@yuriliu8472
3 жыл бұрын
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
@emzescalada3211
4 жыл бұрын
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!
@nishakathrotiya9825
Жыл бұрын
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..
@derek9441
2 жыл бұрын
Love the advice. Trying to start a small Cafe. Thanks for it. I subbed
@Longevityosf
2 жыл бұрын
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 :)
@tauratonge8984
Жыл бұрын
Thank you for this video! this has helped me so much
@khairulanwar3398
3 жыл бұрын
Thank you so much. Very informative. Easy to understand
@marrki1000
11 ай бұрын
Thank you Wilson! Helped a lot.
@tukzaro1959
2 жыл бұрын
Thank you very much. You're a very good teacher!
@jayofman
4 жыл бұрын
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!
@robertglasburry1460
2 жыл бұрын
Amazing videos i learn a lot with you
@WilsonKLee
2 жыл бұрын
Happy to hear that!
@antoniodossantos5960
2 жыл бұрын
Very nice video 🌎 Greetings from Colombia. The Venezuelan Immigrant writer, ecologist, entrepreneur🇻🇪
@judichristopher4604
Жыл бұрын
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.
@CaffeineMark
2 жыл бұрын
Thank you sir 🙏 this was much needed.
@karimtounsi7950
3 жыл бұрын
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
@sugathchanakawijerathna9629
11 ай бұрын
Very useful. Love from Sri Lanka ❤
@laurengrobbelaar6026
2 жыл бұрын
What a great video! Thank you so so much
@dhundupasiktsang8688
3 жыл бұрын
you are the super generous man ..... thank you so much . god bless you.
@smokedoutmotions_
6 ай бұрын
great work.
@patriciapierre5542
2 жыл бұрын
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
@annasantiago7787
2 жыл бұрын
Great video. Easy to understand.
@SpasticStudios6
4 жыл бұрын
Thanks wilson, Wanted to know if you have a recomendationfor a food costing template or app to use for my restaurant. Thank you
@WilsonKLee
4 жыл бұрын
i use quickbooks and my accountant does it. however, a simple excel sheet would do too.
@fedensiferum
Жыл бұрын
Very good video, but the music is too loud and distracting. However, the topic is very well explained
@kanvalnaik511
2 жыл бұрын
Thank you very much for making this informative video love from India
@kayedomingo8001
7 ай бұрын
Great video!
@ibrahimhaneef6684
Жыл бұрын
Thank you Wil
@haziqhadifjunaidi3268
3 жыл бұрын
this guy is tooooo underrated
@davidfrankykurniawan8478
2 жыл бұрын
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
@markchristianprado7135
3 жыл бұрын
Amazing video Sir, learned a lot from this.
@kizelabaker1929
11 ай бұрын
Thanks for this information. How do I calculate the cost of each ingredient that make up menu items?
@thehealinggarden7850
3 жыл бұрын
I understand fine with the music lol ❤️ thank you for the information
@WilsonKLee
3 жыл бұрын
I'm so glad!
@abdullahbhatti.
3 жыл бұрын
Very informative Thank You soo much
@WilsonKLee
3 жыл бұрын
Glad it was helpful!
@Wokeafricantvs
7 ай бұрын
You gave me something to think about
@sayedsharifsadat8784
4 жыл бұрын
Believe me you are such genius person thanks very much Mr Wilson..
@WilsonKLee
4 жыл бұрын
You are very welcome
@michaelteamkasandokunity1682
Жыл бұрын
thank you Sir Sharing ideas food coast
@arunkumarjangid9287
Жыл бұрын
13:29 it’s a request to reduce the music volume because I want to hear you
@samkelisiwemathonsi384
2 жыл бұрын
Thank you God bless you men
@anielloruocco5106
4 жыл бұрын
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.
@abbosxonolimov2965
3 жыл бұрын
willson you are amazing but plaese remove the backgroud music or just volume down its just unnessery
@WilsonKLee
3 жыл бұрын
all new videos have NO music! :) thanks for the kind words!
@CairoJoe
4 жыл бұрын
this is great content, thankyou
@WilsonKLee
4 жыл бұрын
Glad it was helpful Imran!
@ViralMoments2023.
2 жыл бұрын
Thank you for this video ❤
@darrenng9828
2 жыл бұрын
good video, thanks. maybe lower the volume of the background music.
@gebronthomasson6960
3 жыл бұрын
Very good stuff..eye opening
@TheHonestFoodTeller
Жыл бұрын
The music is too loud, but the video is excellent!
@invernessmobile5020
Жыл бұрын
Thank you for very useful video. Backround music very loud. :( ..
@jopetaldecoa
2 жыл бұрын
Thank you Wilson!!!! 😁
@marcopolosebastian
2 жыл бұрын
I wouldn’t include labor cost in food cost. Neither is done in Asia or Middle East in my experience working for restaurants and hotels. And neither is necessary to have food cost max 30%, for example, if you are a causal dining restaurant and want to offer a high end steak, you wouldn’t consider its cost 30% compared to selling price. ( this comes down to menu engineering) but very well said,
@zmfaro922
2 жыл бұрын
It was interesting to see.
@p8zero58
2 жыл бұрын
Brilliant video with many helpful advices👌 aside the music, it's just too loud & distracting.
@RabiulmHossain
Жыл бұрын
Thank you for your lovely video. But I am a bit irritated with background sound..😢
@kentyfrancois4570
Жыл бұрын
Very great tips… thank you. But the music is really too loud.
@samuelakpenyi8125
4 жыл бұрын
Great work. Thanks for this.
@WilsonKLee
4 жыл бұрын
Glad you liked it!
@SvGKutz
4 жыл бұрын
I’m confused how did u come up with .50 for cone, .50 for cups etc how did u get .50 number? Great video by the way, I’m starting to get in the food business and learning the whole food cost thin lol thanks for help
@WilsonKLee
4 жыл бұрын
these are all projections based on past experience. you will need to do your own adjustments based on your suppliers :) best of luck! email me if you need any other help. wilson@720sweets.com
@cathiebalmes
11 ай бұрын
Thank u so much for this😊
@sergiodavidorias5424
3 жыл бұрын
Great material! thanks! :)
@WilsonKLee
3 жыл бұрын
My pleasure Sergio!
@samm1883
4 жыл бұрын
Great job on explaining everything Sir
@WilsonKLee
4 жыл бұрын
Glad you liked it!
@marajade2414
2 жыл бұрын
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...
@firthouz6409
Жыл бұрын
Thank you😊
@tomatobrush3283
9 ай бұрын
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.
@shaziapatel8172
2 жыл бұрын
Thanks for all the helpful information but the music is so distracting.
@daverobau9656
3 жыл бұрын
Good content. Thank you for sharing. Music is way too loud.
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