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Eva’s Edibles E Eva Tan Age: 20.

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Presentation on theme: "Eva’s Edibles E Eva Tan Age: 20."— Presentation transcript:

1 Eva’s Edibles E Eva Tan Age: 20

2 Mission Statement Describe the Opportunity Busy lifestyles
Increase in health consciousness Desire for quick and nutritious dinner Mission Statement Eva’s Edibles is a personal chef service and will provide busy professionals with healthy and delicious dinners that are based on their preferences and prepared in their own kitchen

3 Business Profile Type of Business Legal Structure Service Business
Benefits: Less time shopping, cooking, cleaning up Eat dinner whenever at home Delicious, healthy dinners Less Expensive Legal Structure Limited Liability Company (LLC) Protect Personal Assets and tax benefits

4 Qualifications I am qualified to run this business because:  
Associates Degree-Business Management Assistant Director-Campus Dining Services at OSU Certified Personal Chef (CPC)

5 Market Analysis Total Population
Industry Name Personal Chef Industry/Special Food Services Industry Size $31,130,659,000 Total Population Columbus, Ohio households with two or more people 301, 800 Target Market Men and Women In Business or Medical field Average Household Income: $50,000 110,760 Potential Market Size 25% of Target Market purchase food outside four times/week. Willing to purchase Eva’s Edibles healthy meals. 27,690

6 Consumer Profile By Location Greater Columbus, Ohio area By Population Professionals primarily in growing business and medical areas By Personality Hard working Busy professionals that like to spend free time with friends. Like to exercise and stay active and eat healthy. By Behavior Eat out often (4 times a week), spends on friends and family outings. Brand conscious and loyal customers By Income Household Income of $50,000 or more. Educated consumers that do research on any large purchases.

7 Competitive Advantage
At home Chef Franchise Restaurant Your Business Factors Not good– service/ not healthy Custom meals—Very good Quality of Product//Service Very Good Healthy Price $300-$500 $50-70 $325 Location Columbus Columbus Columbus Brand/Reputation Well Established Well known but not good New to market Unique Knowledge Certified USPCA/local suppliers Knows clientele Fast turn around, franchise model

8 Marketing Mix Marketing Plan
People: Who will buy your product/ service? Promotion: How will you promote your product/ service? Product: What is your product/ service? Place: Where will you sell your product/service? Price: What is your product/ service price? Busy people who value free time and good, home cooked food $325 meal plan—Competitive but more affordable Website, referral listings, in-store and local event sampling Columbus, OH area in customer homes Personal Chef that purchases groceries, cooks in house and cleans up

9 Current & Short Term (1 month -6 months) Long Term ( 6 months-1 year)
Marketing Plan Awareness Purchase Retention Current & Short Term (1 month -6 months) Company Website Listing on Brochures at local stores Presentation at Wire Whisk Free samples, gift baskets, discounts at local events (e.g. Earth Day, fairs, malls) Free snacks and desserts after purchasing 3 meal plans Long Term ( 6 months-1 year) Referrals from customers Additional discounts and coupons in local papers. Offer 10% discount for new client referrals Monthly cost, by phase: $50.00 $50.00 $45.83 Awareness Purchase Retention

10 Cost of Materials/Direct Labor
Definition of One Unit Cost of Sales Per Unit Direct Labor (Labor Cost per Hour) (A) Time (in hours) to make 1 unit (B) Direct Labor Cost Per Unit (A)*(B) $25.00 6 hours $150.00 Total Direct Labor Per Unit Material Description Cost/Total Quantity Cost Per Unit ($) Groceries Local market/custom $100 Total Material Cost Per Unit Total Other Variable Costs Per Unit (Gas) $4 Cost of Sales Per Unit (labor +material+vc) $254.00 For Service and Manufacturing Businesses only. Definition of Unit: A quick description of the product or service being sold. Think of this as the minimum number and type of products students’ are willing to sell to a customer. For example, if a student plans to sell retail sunglasses, the minimum number they’ll be willing to sell will likely be 1 pair of sun glasses. Direct Labor/Unit: This calculation only includes time spent actually building a product or providing a service (On your mark…get set…GO…stop.). It doesn’t include indirect labor, such as time spent passing-out flyers, shopping for materials or sweeping office floors. Helping students arrive at a direct labor figure can be challenging. There are a number of ways they can look at it: 1. If I’ve never worked before and took a job, what might I be paid? 2. What do others, with my experience level, get paid for similar work? 3. If I had to hire another person to perform this labor for my business, what would I be willing to pay them given the level of quality and efficiency I expect? Materials/Unit: We should encourage students to shop for wholesale prices. These items should likely be purchased in bulk at better prices than retail shopping. There’s room here to enable judges to follow these calculations, which are the numbers behind the Economics of 1 Unit slide. Many students unnecessarily pay themselves more than once in the business plan. There are four main ways that students pay themselves: Direct Labor: This is an hourly wage based on the standard pay for the industry in which the student is working. Try to get students to think beyond minimum wage by looking at online resources such as or to get comparable rates of pay. Steer students towards paying more than minimum wage for skilled or semi-skilled labor (braiding hair, lawn care, computer repair, etc.) Entrepreneurial Stipend: This can be found on the Fixed Costs slide and is similar to a salary students may pay themselves on a monthly basis. Comission: This is on the EOU slide and is a variable cost that fluctuates based on the number of units sold. Salary: This can also be found on the Fixed Cost slide % of profit: There is no slot on the template for students to indicate they are taking a percentage of profit but students could mention it when they present the income statement. Whenever students enter any of the above information on the template, have them write it in green to keep track of payments. Then, students must double check their plan to make sure they are not paying themselves more than once. ACTIVITIES: Bic pen activity (disassembled in bag – make teams of students assemble them) Fieldtrip to manufacturing or service business ZipBin Case Study Book store owner case study to be written (may be oppty recognition) Activity for identifying variable costs (vs. direct labor and materials) – packaging, commission, Variable and fixed cost bingo activity *Try to keep a ‘math journal’ with your students: Spend first 5-10 mins of class each day doing math calculations based on business financials. 10

11 Economics of 1 Unit $ 325 $ 150 $ 100 $ 250 $ 4 $ 254 $ 71
Definition of One Unit dinner plan (1 day of cooking) Selling Price per Unit $ Direct Labor per Unit $ Materials per Unit $ Total COGS per Unit $ Total Other Variable Costs per Unit (Gas) $ Total Cost of Sales $ Contribution Margin $

12 Average Monthly Fixed Costs 10th Edition-Chapter 9/11th Edition-Chapter 10
Type of Fixed Cost Monthly Cost Insurance $116.67 Advertising $145.83 Depreciation $16.67 Utilities $100 Auto Maintenance $24.33 Other Fixed Costs (Cooking Supplies $83.33 Total Monthly Fixed Costs $486.83

13 Business Schedule for a Typical Week
Time Management Plan Business Schedule for a Typical Week

14 Monthly Sales Projections
Break-Even Units 7 days Total Units 252 Full Capacity 22 days

15 Projected Yearly Income Statement
Selling Price Per Unit $ 325 # of Units Sold 252 Total Sales $ 81,900 Total COGS $ 63,000 Other Variable Costs $ 1008 Total Variable Costs $ 64,008 Gross Profit $ 17,892 Yearly Fixed Costs $ 5,842 Other Costs/Unforeseen $ 0 Total Fixed Costs Profit before Taxes $ 12,050 Less Estimated $ 1,808 Net Profit $ 10,242

16 Start-up Investment Item Where I will buy this? Cost of Item $ 5,000
Cooking Tools The Wire Whisk $ 2500 Marketing Materials/website Kinkos and Online Vendors $ CASH RESERVE covering 3 months of fixed expenses $ Estimated TOTAL START-UP INVESTMENT $ 5,000 50 hours $100/hour $500 x =

17 Return 204.84% $2.04 12.51% $0.13 …on Investment …on Sales = =
Annual Net Profit $10242 = $2.04 (dollar equivalent) Start-Up Inv. $5000 …on Sales 12.51% Annual Net Profit $10242 $0.13 (dollar equivalent) = Total Sales $81900

18 Financing Strategy for Total Start-up Investment
Source Amount Debt Equity Gift Eva’s Personal Savings $5000 X Totals: $ 5000

19 Business Responsibility Plan Philanthropic Strategy Plan
Use locally grown ingredients Use “green” practices: Paper, Storage materials Provide internships for culinary students in the community, Eva will volunteer at local elementary schools to speak about health eating options Contribute 1% of yearly net profit to local food bank after three years of operation

20 Business & Educational Goals
Personal Build a strong customer base year 1 to ensure returning customers Strengthen relationship with local grocers and farmers to reduce costs and better produce USPCA course on growing personal chef business Learn from colleagues from USPCA Short Term Increase market penetration by leasing/buying commercial kitchen Deliver meals to customers May sell the business or franchise Develop skills as a personal chef to potentially start a healthy food restaurant. Long Term

21 Thank you for your consideration of
Eat healthy, Eat happy Thank you for your consideration of Eva’s Edibles

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