4 Mistakes To AVOID When Starting A Food Business | Food Business Success
Channel: Wilson K Lee - How To Open A Restaurant / F&B Shop
Date: 2021-09-15

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👀 ABOUT THIS VIDEO
Are you thinking of starting a food business? Well here are 4 critical mistakes to AVOID when starting a food business if you want any success. These are business mistakes that I've made and have seen so many other food business owners make when they first start a cloud kitchen or start a home bakery or start an online food business. 

So if you want to open a food business, open a cloud kitchen, open a home bakery, open a food truck business, or am an aspiring food entrepreneur, keep on watching!

Chapters:
0:00 - 0:42 Intro
0:43 - 1:10 Why you need to avoid these food business mistakes
1:11 - 2:42 Mistake #1: Not being right fit to start a food business
2:43 - 5:29 3 Questions to ask yourself to see if you're fit
5:30 - 6:38 How to properly run a food business
6:39 - 9:10 Mistake #2: Not knowing your target demographic
9:11 - 9:44 How to craft your target demographic
9:45 - 10:59 Mistake #3: Not knowing your numbers
11:00 - 11:10 3 key numbers to know
11:11 - 12:46 1. Average Order Value (AOV)
12:47 - 16:00 2. Cost of goods sold (COGS)
16:01 - 18:27 3. Burn rate
18:28 - 19:16 Master the core food business numbers
19:17 - 20:59 Mistake #4: Not having a growth mindset
21:00 - 22:25 How to get ahead and build a food business

4 Mistakes To AVOID When Starting A Food Business | Food Business Success
https://youtu.be/KOXKYfN5tK4
https://youtu.be/KOXKYfN5tK4
#wilsonklee #startafoodbusiness #foodbusinessmistakes

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👤 ABOUT WILSON: 
I’m Wilson, your new restaurant business partner. I’m here to help turn your food and beverage concept into a reality with expert tips & tricks for success. 
My videos are based on years spent in the industry building multi-million dollar businesses, including my own international dessert chain (https://720sweets.com/) with locations spanning the globe. Since my franchise was acquired (2020) it’s been my mission to share this knowledge with people like you who have great ideas, but just can’t seem to break through. If I did it all with no experience, so can you. I know firsthand the struggles and mistakes most entrepreneurs make, and want to show you exactly how to avoid them. 

I’ve helped hundreds of restaurant owners and entrepreneurs create explosive Food & Beverage businesses. You don’t have to take my word for it. I’ve been awarded Top 30 Under 30, Young Entrepreneur of the Year, Top 10 Emerging Entrepreneurs, and recently a Forbes Business Council Member. 

Subscribe to see what everyone’s talking about and learn how you can achieve the same life-changing results. 

Find more great resources, check out https://www.wilsonklee.com/
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