- Home
- Issue
- Solution
- Market validation
- business model
- Competition
- Founding team
- Traction
- Fundraising
Issue
The kitchen industry has always been considered complicated and daunting to many. Most people resort to the usual home-cooked meals that don’t require any special skills or techniques, while others choose to dine in, which is costly in the end. However, cooking can be fun, therapeutic, and very satisfying for people who want to learn, but many of them don’t have access to the right training and equipment to make it happen. For example, Sarah, a working mom of two, always wanted to learn how to make sushi for her family’s weekly dinner, but she didn’t have the right technique or the right ingredients due to limited resources.
This issue is relevant because many people lose the opportunity to explore their cooking skills and enjoy delicious home-cooked meals. According to the Bureau of Labor Statistics, more than half of Americans’ food expenditure goes to Dine-Out meals.
Current solutions to this problem include enrolling in cooking classes at community colleges, which are inconvenient for those with day jobs due to time constraints, and cookbooks, which can be messy. or lack practical information, which makes it difficult to practice.
This problem exists because, on the one hand, people do not have access to the right kitchen equipment and ingredients for their desired meal, and on the other hand, they do not have a convenient and practical way to learn to cook at their own pace and at their own pace.
[right_ad_blog]
Solution / value proposition
The problem we aim to solve is the difficulty people have in creating healthy, delicious meals at home without spending a fortune on grocery shopping or attending expensive cooking classes. Our solution is a hands-on cooking class experience that focuses on healthy, affordable, easy-to-make meals that can be replicated at home with minimal effort.
Our cooking classes are led by expert chefs who have experience creating healthy and delicious meals using simple ingredients. They will guide our customers through a step-by-step process to create delicious and healthy meals, while offering helpful tips and tricks along the way.
Our cooking classes cater to all skill levels, from beginner to expert, and are designed to be interactive and fun. We provide all the necessary ingredients and utensils, and our customers can take home the delicious meal they have created.
We think our solution is so good that our customers will do anything to get it. Our cooking classes provide a unique and memorable experience, and the meals created during our classes are both healthy and delicious. Our customers will be confident in their ability to create healthy, easy meals at home, saving them time and money in the long run.
Our solution is amazing because it solves a real problem that people have in their daily lives. It provides a fun and interactive experience that not only teaches our customers how to cook but also provides them with knowledge and skills they can use for a lifetime. By taking our cooking classes, our customers will have a great time while learning how to create delicious and healthy food at home.
- Does this really solve the problem discussed? Yes, our solution provides an affordable and fun way for people to learn how to prepare healthy and delicious meals at home.
- How will the customer feel after using the solution? Our customers will be confident in their ability to create healthy, easy meals at home, saving them time and money in the long run.
- Is the solution amazing? Yes, our solution solves a real problem people have in their daily life and provides a fun and interactive experience.
Market validation
According to a report by Research and Markets, the cooking class industry is worth .5 billion and is expected to grow at a CAGR of 8.5% between 2020 and 2025. This shows that the cooking class market is large and growing, with many opportunities available for companies in the industry.
Our target market is made up of adults aged 25 and over who want to improve their cooking skills. Our research shows that the market is willing to pay an average of per class. We have also discovered that many people prefer to attend cooking classes in person rather than online due to the interactive nature of the classes.
Starting a cooking class business is a good idea because it offers the opportunity to tap into a growing market and meet the needs of people who want to learn how to cook. Additionally, cooking is an essential life skill that is becoming increasingly important in today’s society, and many people are willing to invest time and money to learn how to cook.
The market is growing and there is a demand for cooking classes from people of all ages and backgrounds. In fact, statistics show that cooking classes are becoming increasingly popular among millennials and Gen Zers who want to learn how to prepare healthy meals at home.
Another specific of our addressed market is that it has a short-term selling cycle. Clients book classes immediately after learning, and we can offer them to smaller groups of people at higher prices, which translates to a shorter sales cycle and higher revenue per client.
Competition analysis
- On the table: This is one of our top contenders in the cooking class industry. The company offers in-person and online cooking classes in the United States. On the Table has an annual revenue of 0 million (2021).
- Cooking Lab: Cooking Lab offers online cooking classes and has a turnover of million per year.
- Chez Panisse: Chez Panisse is an acclaimed restaurant that offers cooking classes in the San Francisco Bay Area. They have been in the industry for over 40 years.
Although our competitors have significant market share and brand recognition, we believe there is still a gap in the market that we can fill by offering unique dining experiences at reasonable prices.
business model
On this slide, we will explain how our business operates and generates revenue. Our cooking class company will offer a variety of classes for different levels of cooking experience, from beginner to advanced. We will generate income through the sale of our courses, as well as the sale of kitchen tools and equipment in our on-site store.
Our main source of income will be our cooking classes. We will be offering classes in a variety of styles including vegetarian, gluten-free and ethnic cuisine. Classes will have a price, depending on the type and duration of the class, and we will offer discounts to customers who purchase multiple classes or refer friends to our company. We expect to generate total sales of 0,000 in our first year of operation.
In addition to our classes, we will operate an on-site store where customers can purchase kitchen tools, equipment and ingredients. We will be carrying a variety of high quality products including cookware, cutlery and kitchen gadgets. Revenue generated from our store will be a smaller portion of our overall revenue, but we anticipate it to be a valuable addition to our business.
To complement and promote the sale of our courses and product storage, we will also offer catering services. We will serve events such as corporate lunches, dinners and weddings, generating additional revenue for our business. We can also offer additional services, such as private cooking lessons or special event catering.
In summary, our business model is focused on selling cooking classes, with additional revenue generated through our on-site store and catering services. We expect to generate total revenue of 0,000 in our first year of operation, with potential for growth in the future. Our mission is to provide high quality cooking education and products to our customers, creating a memorable and enjoyable experience for everyone who visits our business.
Competition
Who are your competitors?
Our main competitors are other cooking class companies in the area, such as the Culinary Academy and the Cooking School. Additionally, some supermarkets and specialty food stores also offer cooking classes as part of their services.
Who could do what you are going to do?
Other food-related businesses, such as catering companies or meal delivery services, could potentially offer cooking lessons as an additional service. Additionally, individual chefs or cooking enthusiasts can offer private lessons in their home or online.
What makes you better?
Our business is solely focused on providing cooking classes, as opposed to a wider range of food-related services like some of our competitors. Our courses have a unique focus on international cuisines, and we frequently bring in guest chefs from different regions to provide a diverse learning experience. Additionally, our courses are all hands-on and have a maximum of 12 participants, providing a more personalized and interactive setting.
What are your USPs?
- Unique focus on international cuisines
- Small class sizes offering personalized attention
- Exclusive hands-on experience
- Frequent guest chefs from various regions
- Use of locally sourced and fresh ingredients
Who is stealing your customers and how?
Our main competitors generally offer a wider range of services, which may drive customers away from our business. Additionally, some customers may opt for simple online recipes or cooking tutorials instead of taking a physical class. However, we believe our focus on unique international cuisines and personalized attention sets us apart and will appeal to those seeking a more specialized dining experience.
Founding team
Our founding cooking class team is made up of three people who have a deep passion for food and a wealth of experience in the culinary arts. Together, we bring a unique set of skills and knowledge to the table that makes us the perfect team to meet the challenges of launching and growing this business.
John Smith, CEO and Co-Founder
- Graduated with a Culinary Arts Degree from the Culinary Institute of America
- Has worked as a head chef in several 5-star restaurants for over 15 years
- Won several prestigious cooking competitions, including the World Chef Championship in 2015
Jane Doe, coo and co-founder
- Graduated with a degree in Business Administration from Harvard University
- Worked as General Manager in several successful restaurants for over 10 years
- Has experience in managing and supervising operations in the food industry
Mark Johnson, CMO and Co-Founder
- Graduated with a degree in Marketing from the University of California, Los Angeles
- Worked as a marketing manager at a popular food company for over 7 years
- Has experience in branding, digital marketing and social media strategy
Our goal as a team is to create a cooking class business that not only teaches people how to prepare delicious and healthy meals, but also provides them with the skills and confidence to experiment and create their own recipes. We believe cooking is an essential life skill that everyone should have the opportunity to learn and enjoy.
In terms of skills, we have a diverse skill set that covers all aspects of this business including culinary expertise, restaurant management, marketing and branding. However, we are continually learning and seeking new information to improve our skills and ensure the success of our business.
We are the right people for this challenge because of our passion for food, dedication and industry experience. We understand the needs of our target audience and are committed to creating a unique and valuable experience for each of our customers.
Traction
Our cooking class business has recently launched and we are pleased to report early traction in several important areas.
- We received positive feedback from our initial customers, with an average rating of 4.8/5 stars on review sites like Yelp and Google Reviews.
- We have already booked over 70% of our available courses for next month, suggesting a high level of demand for our services.
- We struck a deal with a local grocery store to promote our courses, resulting in a significant increase in website traffic and bookings.
Looking at our measurements, we see promising results:
- Our customer acquisition cost has decreased by 25% over the past two months, indicating that our advertising and marketing strategies are becoming more effective.
- We are achieving a customer lifetime value that exceeds our initial projections, indicating that our business model is sustainable over the long term.
These early steps give us confidence that our cooking class business is on track to achieve significant growth in the months and years to come. As we continue to expand our reach through partnerships and word of mouth, we are confident that we can reach a wider audience and become a premier destination for food lovers in our region.
Fund raising
Our cooking class business is seeking total funding of 0,000 to fund our initial operations and launch to market. The seed capital will further help us accelerate our growth and expand our business in the years to come.
The funds will be used in three main areas: product development, marketing and operations. 30% of funds will go towards product development to finalize our class offerings, hire cooking instructors and purchase cooking equipment. An additional 40% will be allocated to marketing to promote our courses, build brand awareness and attract potential customers. Finally, 30% of the funds will be reserved for operational expenses, such as rent and salaries.
With these funds, we aim to achieve several milestones over the next 24 months. First, we plan to launch our first offline cooking classes in our initial location and reach a minimum of 1000 students in the first year. Second, we hope to expand into online cooking classes and reach a minimum of 10,000 online customers in the next 24 months. Finally, we expect to break even in 18 months and generate positive cash flow from our operations.
- 0,000 total funding needed
- 30% product development, 40% marketing, 30% operations
- Launch offline cooking classes and reach a minimum of 1000 students in the first year
- Grow in online cooking classes and reach a minimum of 10,000 online customers in the next 24 months
- Break even in 18 months and generate positive cash flow from our operations