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what is up eaters and feeders we are discussing how to start a meal planning company with just $500 today we're gonna be discussing what sales is gonna look like I mean you've only got 500 bucks you can't salary a bunch of people what's this I mean how you gonna scale it how are you going to set your initial sales goals what's production gonna look like we're gonna discuss all that and more in today's video before we get started my name is casey cochran i am co-founder of food fresh florida's highest rated meal plan company and we started this from zero so we're starting with 500 bucks tomorrow with the knowledge that I've amassed over the last six years this is gonna be easy and I'm gonna show you how I would do it in that after mentioned scenario with the $500 starting tomorrow with all this information so we're gonna discuss tips tricks and pitfalls as well as anything else that you guys want to hear comment below let me know shoot me a direct message do whatever and also subscribe so when I do get around to answering your question or somebody else's question that you might just want to know about you won't miss out on that well let's get started so again we start this with nothing we were Outsiders we were my business partner and I we weren't personal trainers we weren't chefs we weren't nutritionists we were meal plan customers honestly and we wanted to eat healthier we most importantly just wanted the convenience of because we were super busy guys and we just couldn't find a company that we liked so if you are and I'm a high school dropout so if you are a trainer a nutritionist or a chef you've got plenty of advantages on us and I'll just be able to fill in some gaps of anything that you have maybe hopefully and if you aren't a trainer a nutritionist dietician or chef don't worry you don't have to be I still know how to cook I could burn water okay so sales what's that going to look like well going to the bathroom clean the mirror look right into it that's you that's the sales force you're it so congratulations as the founder of any company as the C level of any company you are you should consider you know you're at least 50% of your responsibilities are going to be sales you have to be an evangelist even if you're the CTO of a company you need to be the evangelists or an evangelist for that company and just selling to whoever but initially let's start talking to sales goals because that's going to be the most important thing because what's beautiful about this business is you don't need to have fifty or a hundred people to start you can start this with ten people I wouldn't do it with less than ten twenty would be better fifty would be pretty cool but ten is where I would start because that's what we started with and we were able to do it you can do it ten people ten items keep it really simple don't let them pick if they're allergic to something or they absolutely can't have something that's on the menu give them two of something else keep it easy because if we're starting for five hundred bucks and some of you may be more advanced so obviously this doesn't you know pertain to you maybe you have more money maybe doing this a while and just looking for some other tips and tricks but in the scenario where we've only got 500 bucks we don't have a site bill because we're gonna pretend we don't have to do any of that so again if you have those skill sets great more power to you high five but in this scenario we've got none of that we don't know what we're doing all we know is we got 500 bucks and we want to make awesome food for people so we got to figure this out the dumb way no website how are we getting our our orders in email text and I look at my video or watch my video on ordering systems because that ordering systems in production have a lot to do with sales because the more simplified your production is the easier the sales are gonna be so again 10 items 10 people maybe even less if you can get away with it the less the better and the more simple the better you want to squeak out you want to squeeze out as much profit as possible initially because if you're if you start off they always razor thin margins you're never never able to get ahead of things and if we really only have 500 bucks we're gonna want to make it last so what's beautiful about this though is this is one of the rare businesses where you could technically have revenue before anything else if I started this out by just emailing a menu out and either I'm making this food or if I already got my you know costs figured out for production I can email out this menu to people they email it back and if they're not picking if I don't allow them to pick and it's just like an on or off thing and they just get whatever food like I said they don't like chicken you give them to my he's whatever it make it a lot easier for you so you get that initial production going and congratulations you're profitable your first week if you know your numbers and you shouldn't move forward if you don't know your numbers and I'll discuss different numbers but initially the rule that we're going to be discussing is well I guess first you are sales I'm gonna capitalize it because it's it's serious you are sales yeah you are sales breath all right that's number one number two I think I got this from Grant Cardone and this is uh one of those lessons that you kind of learn there's some lessons that you think you learn it in and I like how to make it in I thought I knew how to make it in and I just show what I didn't and you think you learned in the lesson but you just keep on learning it over and over that is Network is greater than your net worth your network is worth more than your networks net worth what do I mean by that well if I know a ton of people to whom I can sell a product all I need to do is like tell them I'm selling this product what's beautiful about food is like most people tend to eat I find I like to eat several times a day every day so I'd be a great client for a meal playing company so if you know anybody else like me just go to them and say hey you're probably already buying food several times a day right yeah how'd you know then just say guess what I'm making food now so you just instead of spending that money with the stranger you can help me and it'll make your life easier because you won't have to cook the food or sell your friends it'll be easy to get ten twenty people even if you don't have friends everyone's got social media these days cut them in on a good deal know that you make a profit on it and treat them like founders like like seed investment but what's better about this is instead of just getting like some stocks and then IPO listing that they really can't do anything with you know you don't at least be able to eat this investment next week they have to make another investment obviously but yeah like I said they're already spending this money so this should be a really easy sell ten to twenty people I said ten because that's if you get ten start with 10 don't procrastinate look the most interesting is I know a lot of people in a lot of different businesses all over the place and you'll find an excuse not to do this if I told you 50 people was awesome you might wait until you have 50 people you might never get 50 people if you have ten people you're not going to lose much money if you do your numbers wrong you'll learn a lot and I guarantee you have to come back at you know 15 or 20 million at 20 people you're gonna be spot on that time but uh you know don't be afraid to fail start with 10 people just keep that initial motion going even if you had to stop it and start it up again I know these are a lot of our concerns in the beginning there's one time we even you know faked to tell you more about this but we told everybody we had a kitchen fire because we had a chef who quit half week never midweek she we do two cooks a week or two different deliveries a week so two different cooking sessions she did one and quit because she had a wedding or something the caterer that was early any I'll probably talk about more more than that in production so Network Network get out there and meet people I'm not a big people person you might be messing throught ik it might just be shy but get on LinkedIn get on social media if you hate people but if you're good with people just get out there anybody eats now the next thing I'm gonna want to address again is the fact that you're able to get the money upfront it's something that's very rare and very very awesome about this business so whatever money you're able to collect from this network you won't might not you should not even be touching that $500 alright so getting that money up front is P now the reason the reason I mentioned this is right now and when you start your production time isn't going to be as crazy your material sourcing time your shopping time is it going to be as crazy as you grow it will get crazier initially you're probably going to maybe a retail store or maybe a restaurant supply store to get your stuff and you're gonna be able to bang it out on a Sunday and then you're gonna have to start you know doing production on a Saturday because you're gonna get there and you're gonna have to start doing production you know on the Friday now we start production for Monday on Thursday because that's when stuff gets delivered that's when we start peeling stuff or putting it in a marinade or anything else so keep that in mind is yeah one thing to keep in mind is as you grow you're going to want to make sure that deadlines further back I would suggest starting it at Wednesday Wednesday midnight that's your deadline that gives you Thursday to put in an order or Friday to put in an order you do you know nice a fit you can compare prices when you're rushed if your deadlines Friday you're starting to bring out you know thousands of meals you're not buying the cheapest potatoes you're not buying the cheapest chicken you're just buying everything from the first guy who can get a truck to you and the truck delivery is I think around here if you spend like at least 500 bucks I think you can get a distributor to drop off at your kitchen so those are some things to consider keep that deadline back and you're gonna have to sell them on that because a lot of people are gonna be like well why is it that this company lets me order you know on Friday or why am i ordering Wednesday when I'm not getting the food till Monday it's not a big problem but you know if people are spoiled and they're used to a bigger company who's banging out meals more efficiently or maybe they're using a map process that is one thing that people don't like but in the beginning it should be friends or family these this should be the most tolerant audience that you're ever going to have and these are the people you're gonna make your mistakes with these are the people you're going to push the hardest rules that it'll give you an advantage business-wise so yeah 10 to 20 people at least get some women with that now don't rely on gyms I'm gonna say that we've got a lot of gym owners who are very good friends of ours got we're friends with everybody we got meal plan companies we have a bunch of friends you have meal plan companies and we discussed this stuff all the time and my understanding from the gym owners and I hold this against none of them because I completely understand if I was in their situation I would do the same but basically the way it looks it looks is first off everyone's gonna tell you you know what you should do when you go to set up a bank account at you know the bank or when you go to the restaurant supply place in your body pans and they find out what you do owe you so healthy food yo you should do you should go to my gym you should set up a table I know the manager and he'll put everybody's doing that and gym owners love that they love free food for their members because it's just free food for people who are paying to be in my building so it gives an added perk to that gym membership if you if they always have a meal plan company there so the downside of that is if you can't be in that gym next time they're probably not going to turn down your competitor and they might seek out your competitor and that's okay and that happens like I said we've got friends showing gyms we just can't be everywhere we can't go to all their events they'll run events you know maybe more frequently just because they're trying to drum up their own business and they'll want somebody to be there and then we'll have a chiropractor and they'll have an essential oils personal I'm a juice place and they want that food place to be there just to have some num nums maybe it's a you know workout like a holiday workout or whatever it is they just want some food there it's so free catering that's really what we are we're doing in bed we're doing some free catering and we're getting some weeds so the problem with an event with gyms is they don't have loyalty so if you don't have a name that really sticks out like food fresh doesn't really stick out we didn't really pick the name it's another story but yeah so we could sell you on the product this week and then when you see our competitor there next week you sign up with them that sucks the other thing is if if you are gonna do a gym and I don't want to scare you away from them but one thing to consider is the price of the gym and the price of your meals we are on the higher end we charge more than a lot of the meal playing companies here we are just targeting that demographic we concern ourselves you know the Nordstrom - the Walmart of meal plans not to offend anybody or whatever but it's just that idea of you expect a bit more than the essentials you're willing to pay a bit more than what the essentials cost right so for us we can't go into and I won't name these gyms that's great can't go in I'm not gonna yeah crunch we can't go any of the ten dollar gyms Planet Fitness you fit there ten dollars a month not saying everyone who works out there is not serious but it is more reasonable to expect somebody paying $200 a month to be a bit more serious and willing and able to invest in a nutrition claim that a lot of people see as an add-on or a luxury item they don't understand they're already putting out this money so you can't think logically you've got to understand when people see this bill um this is gonna be part of your sales stick is when they're looking at this bill it's like oh it's 150 bucks a week for food it's like yeah but I mean how much are you already spending plus the time and everything else so you have to be going places where it's more likely than not to have a higher [Music] population of people who value their time you know attorneys are beautiful because they have a dollar amount on their time five hundred dollars an hour they know what it when they go to Whole Foods and do shopping and they go home and do cooking they're doing that math in their head so you gotta think of where they're gonna be now if you have a value-based or a price based meal plan kind of angle where you're trying to do a more affordable meal playing company there's some here that do like seven dollar meals we are we got meals that are more than twice that but seven dollar meals there would you find at Planet Fitness or 24 hour fitness or LA Fitness or crunch or you fit or any of those other ones we have to like go to a CrossFit where people are paying like at least 165 even then it might be a stretch for people so we try to go to the higher-end gyms if we do go to gyms but we rely a lot on referrals thankfully we've done you know pretty well as far as that's concerned Instagram models and athletes same thing everyone's gonna think like oh that's all I have to do is get somebody who has a lot of followers to post about my food and then the money's just going to roll in the reality of situation is nowadays people are so numb to seeing the Instagram models and the athletes and everything do these promotions the bigger athletes the bigger the people who have a lot of views you know like costs a lot to do that the really big athletes we had a rod and we had Jason pierre-paul we've had Shane ray and we've had Mark Ingram and we got a bunch of guys I don't ev
n know I know nothing about sports those are just you have to be really big for me to know who you are and those are just the people I could vote we can list up a bunch of people who asked me to we've had on the program and they've got tons of followers and those guys those guys aren't interested in a promotion or anything like that they're not going to go on their Instagram and post anything for free food that might be effective I don't know but we don't approach those guys they just pay regular price we go we get them through their trainers or something the ones who tend to want to it's the higher knee is the guys who would probably be able to maybe get us some eyeballs and something if they just do it for free those guys don't really have any interest because they've had tons of money they're just paying full price and it's just not like cool to kind of approach them for that and but even when you do it hasn't been fruitful we've had Instagram models who have millions of followers post about us on going for weeks and months at a time you don't really get much when you're starting off the other thing you have to consider is even if you had somebody who had millions of followers and they were gonna post for free how is that person going to take advantage of whatever that post is going to be advertising likes to say is hey it's let's say it's a 20% off or whatever if you're just starting off let's assume you don't have a website or anything the coupon not being there people are so misanthropic and so lazy they want something that will click paste' maybe I don't even want a copy paste I just want to click I want me me me I want super easy I do not want to get on the phone and say hey this Instagram model said that or this athlete so that I would get 20% off if I mentioned that I saw their post people aren't going to do that I've never seen it done whenever we've had the call to action involve a phone call nothing happens coupon maybe but even then it's not great so the bottom line is don't really expect it to be easy if those are your backup plans like you're playing CDE Instagram models gyms and athletes whatever else you might know somebody I like everybody knows somebody who knows something even if you don't it doesn't matter you're not missing out on much there's I keep on reading different articles about how Instagram models are basically like failing to show much return on investment for a lot of different businesses so that's just a dwindling market or approach to take and I would advise against it and this is no hate towards Instagram people or athletes or anything at the end of the day consumers have already adapted we're adapting faster and faster to these marketing tactics like I said they're just numb to seeing these Instagram models and athletes promoting something they don't care they're following them but the content or because they like them or because they're a fan whatever else it's it's not necessarily gonna be that fruitful not saying it's not gonna work but don't rely on it that's the most important thing is I know a lot of companies are like well I've got this connection or I'm gonna go this route and I'm gonna do this thing that no one's ever thought of everyone's thought of it pretty sure like there's I haven't heard any unique ideas a lot of coming so cool or this or do you oh I'm gonna develop a software for this business and then I'm going to ice it out to other companies oh I'm so smart everyone's got that idea everyone's had that problem they were running the same things everyone's not like oh would it be easier if some shape with like 10 million followers just posted my food I blunt I've been a bunch of people buy it because she's in good shape or because he's a professional athlete now but before you get to any of that stuff if you do go that route consider it like commission because a lot of them that are gonna ask you to invest in them so Commission it all just contributes to your CPA really so let's go over that oh I haven't written on here in a while your CPA what is that that is a cost per [Music] egg oh man I'm horrible at this I hope they didn't look awkward that looks really cool my mom was a teacher I dropped at high school so cost-per-acquisition what's that mean well if you don't know it just means how much it costs to get a client let's say we run an ad and it costs us $1,000 and out of that ad we get 10 clients our cost for acquisition is $100 per client thousand times 10 I reapplied by 10 right so that's our CPA what else do we need to know well if I'm going to be paying somebody or investing in something not only do I need to know how much it cost me to get them I need to know how much I'm gonna make once I have them to make sure that the CPA is justified if I'm paying $100 to get you but I only make $90 off of you I'm paying $10 for the pleasure observing you now this is where we talk about the LTV air TV what does that mean lifetime value yeah you guys probably can't even see this on the screen I apologize all right so you've got your LTV lifetime value what is your LTV where's your lifetime value well it's a very simple it's very simple bit of arithmetic all right so we're gonna take the average profit per ticket we're gonna multiply that by now we do weeks so you might do months but we do weeks it's units like you buy a week at a time so this will be average lifespan in weeks all right and then that'll give us what their LTV is all right so let's do a scenario let's say that we are doing let's just use round numbers let's say 200 dollars let's say our cost for food is 30 bucks around high side and let's say our labour out of that 100 this is another 30 so we're looking at $60 to manufacture let's just assume everything's in there and we're looking at a forty dollar profit actually that's a bit much anymore let's say it's a thirty dollar profit so let's just say forget all of this 30 bucks right here just to make it easy let's say people stay on the program for an average of ten weeks so the average person spends $100 with me on that I get $30 and then I get that 30 on an average for ten weeks so that gives us an LTV of $300 so as long as my cost per acquisition he's lower than 300 I'm making money profit hey you know if there you want it to be a fraction of the 300 so you're making a lot of money because there's a lot of things that you're not going to be able to taking to consider but this is also something that you're gonna want to these are all numbers that you're gonna want to constantly go over because this is gonna be the life and death for your business so your cost for acquisition my training might change depending on your different methods might change even if you're doing you know Google AdWords campaigns as more companies become you know savvy to doing get at Google Adwords they're gonna be bidding for those you know same AdWords and driving up the price your lifetime value is gonna change and it might depend on where you get your clients you might have a source or a rep commission based sales person who has a higher or lower LTV then your standard client if they've got a lower one you've got to reassess how much money you're paying that rep to bring them on because it better not be as much as you're paying to get a standard client who's gonna make you 300 bucks if you're bringing on you know people you're still making 30 bucks a week but let's say when they come from that rep for some reason they're only staying on for like three weeks because they're just helping that rep they're friends of that rep the rep works at a gym that they go to is like I'm selling meals it helped me out with Commission tried for a couple of weeks it's not really in my price range and you just you know try them for a couple of weeks and tell me what you think that wasn't a good client to have you paid that rep whatever Commission for someone who has a lower lifetime value it's Bad News Bears same thing with radio commercials or any any other outlet it might be this rep has great you know the this rep it has great referrals that stay forever spend a ton of money in this rep for whatever reason they suck might be this radio show has great you know people who come from it this one's garbage so you have to test everything but the other thing to consider is also as you grow your LTV main change becomes maybe your customer service isn't as good maybe your CPA is going to change because now you're not able to get two leads as effectively so that person who would have closed and didn't go with a competitor because you had to take another day or half day to call them so you're gonna want to always look at these things as you grow because I assure you they are gonna change you're gonna have natural attrition rates that don't exist one year but then next year when you've doubled or you've tripled you see this this this hemorrhage of clients when you come up on a holiday or summer even though last year when you were smaller you grew right through it we averaged thirty percent growth for like a year and a half month over month thirty percent growth month over month it was crazy was something ridiculous like that maybe like two years yeah and we're talking two competitors larger companies trying to buy us out in the area and they're just like oh man December was wrong or just like Oh No right there December we go right through summer like we're smart we figure this out it's like no it's because we're this big so when you're able to bring let's say you're bringing 20 people on a week and you have an attrition of 10% weekly just naturally well what when you're at a hundred people that 10 percent attrition means you're only losing 10 people so it's 10 percent of 100 you lose 100 so you got 90 people left then you get that 20 that you've been able to grow on boom you still grow by 10 that's easy now it's fast forward to a thousand now you've got a thousand people ten percent of that is how much and I assure you it might be more but even if the nutrition stay the same there's just that gradual 10% that's losing the hundred people now if you're still only putting on twenty people a week and you haven't figured out a more efficient way to start adding to the sales process you're going to be out of business you're gonna find you actually you'll never get to a thousand if you have that natural attrition problem that you're not able to overcompensate because you're just hitting this glass ceiling where eventually you're gonna be out like what would that be 200 so you get to 200 and that's when you'd have that equilibrium of I'm bringing on 20 but I'm naturally losing that 10% which is now 20 so it would probably not work like that in in life because life is not a vacuum you'd either plumb it down or maybe fight up and down whatever but you're generally gonna have that because there's something about the fundamentals of your business your sales process or otherwise that needs to be reassessed and tweaked now you can see that stuff coming if you stay on top of your CPA and you stay on top of your LTV and then like I said measure that individually especially your LTV for each of the different sales sources or outlets that you're gonna have above yourself and then but again those are your you're playing CD and ye you are your plan a you are your plan B we're gonna get that initial Network we're gonna pump them for some referrals and that's really what it looks like it's nothing crazy or complicated if I were to tell you a way to add a hundred people your first week I mean it might it might make you self implode I don't know how I would add a hundred people my first week without drumming up and waiting or wasting a lot of time going to companies or anything like that and I'm not going to tell you some fairy tale you don't need a hundred people your first week you need ten me 20 you need ten who are gonna be evangelist and bring their friends on and pay full price to help you out or pay maybe a discount price but tell their friends that they're painful price but at least the price where you're making profit that's the most important thing behind anything because it's not worth selling if you don't know what the numbers are and where you have to be at the end of it at the end of the day so hopefully that guy gave you guys some answers and most importantly what I want you to take away from this is make some mistakes be comfortable to fail on a small scale of ten people starting off where you're not even tapping into that 500 you've got a lot of potential now if you have any skill sets if you have any networks that you can tap into you if you have any experience anything like that that would be able to help you you're going to be even more ahead but understand I'm trying to keep this whole little scenario of 500 bucks as generic as possible and I'm trying not to assume that you're a personal trainer who has a bunch of people if you already got 20 people you're training duh you're just gonna increase your income a lot that's that's easy if you're a nutritionist it has a bunch of clients already consulting for it but you know like there's a lot of ways that you guys can get a natural boost look at what you already have remember network and net worth which one are you gonna have which one are you gonna focus on if you don't have the network now focus on starting to build that I was very behind I'm still very behind I'm building my network I've been kind of behind the scenes with food fresh focusing on putting my screen into his might my face into a screen for the last almost six years now I really regret not getting out there and building up that Network I've been focusing too much on this and this is just stuff that you gotta spend this is you this is way better because this is stuff that's spending with you this is stuff that I work to get to spend hopefully get stuff to come back go right to this you know enough people you can do anything that's all I got again guys like comment and subscribe most importantly comment and subscribe that's the most important thing because I want to know what else you guys would like to hear you should be we should be hearing from my business partner Stephen I'm gonna have his input we have a lot of differences on our perspective but it makes a very interesting combination you know obviously you know 15 fresh would it be what it is without both of us so that's what I'm gonna leave you guys with
