+- Online Degrees and CLEP and DSST Exam Prep Discussion (https://www.degreeforum.net/mybb)
+-- Forum: Miscellaneous (https://www.degreeforum.net/mybb/Forum-Miscellaneous)
+--- Forum: Off Topic (https://www.degreeforum.net/mybb/Forum-Off-Topic)
+--- Thread: off topic - starting our business! (/Thread-off-topic-starting-our-business)
off topic - starting our business! - bricabrac - 08-17-2011
Wow, what an awesome venture, use of your knowledge and skills!! Congratulations to both of you!!! Whoo Hooo!! :hurray:
off topic - starting our business! - cookderosa - 08-18-2011
andy3000 Wrote:I recommend putting up a free video class ASAP (a series of videos). You need to establish yourself as a subject matter expert. If you can use the kitchen of your current job that would allow you to create some very professional looking videos. Just make sure you can't get fired for using their kitchen, or post after you quit you job.
I would also think about making the biz heavily focused on web based learning from the start. It is probably a lot cheaper in terms of overhead.
Good luck!
Excellent idea, however "I" won't be doing culinary instruction. Though I enjoy it, I'll be doing admin. I can't say anything about my chef instructors at this point, but they are absolutely subject matter experts. I'm 100% sure the CC kitchen off limits.
I want to incorporate web learning, but our business model initially will be extensive hands on lab instruction- something that is missing currently from the local CC program. I'd love to hear your ideas though, I'm not clear on how we could use web vids yet?
off topic - starting our business! - cookderosa - 08-18-2011
Geezer Wrote:Exciting stuff!!! Congrats. I'm going to throw you a curve, but bear with me.
A partner of mine (in another business) was just offered $5 million for his business + they want him to continue to run the business at full salary and they want to pump another $5 million into expanding the company. Why??? EVERYONE with money is trying to find new ways to earn 10% return on their money right now. This company (representing venture capitalists) doesn't want to run company's they want to earn a return on investing in them.
Makes perfect sense in this economy....and it is unlikely to change anytime soon.
I know this is your dream, but you should consider the possibility of building it and selling it. That is how you make money.
The other thing you should consider (after SCORE has helped/critiqued the business plan and if funding becomes an issue) is to take on a partner (under 50%) who knows you, is familiar with the education concept and has deep pockets that is currently only earning 1-2%. There are probably 5-6 people on the other board who qualify and would, if it was presented properly, invest. I'm serious.
Good luck, you can do it!!!
OMG that should sound exciting but that scares the crap out of me. That's so over my head I don't even have a question. :confused:
Re: buy outs- in my state, 3 long-time private culinary programs were gobbled up by the for-profit franchises/community colleges. Art Institute bought one, Cordon Bleu bought one, and a community college bought The French Pastry School. The owners of the French Pastry School still (somehow) run the school- not sure how that works, but Washburn and CHIC were gobbled up and spit out- they're completely gone now. My rub with the franchising of culinary arts runs deep, from too high tuition, to number 1 loan defaulters in the country, to unqualified instructors, to mass-producing (flooding) the market with one brand of chef (as opposed to being well rounded filling needs in many types of industries). The program I have worked for was my baby, I started it from the ground up in 1991. I stayed on as a teacher after I started a family and didn't want to be full time, but there were some challenges with letting go of "my" vision if I'm being honest. Luckily, I hand picked my replacement, he is my boss and my friend- but he has his own way, some things better, some things not. If I would ever get into a situation to sell, I would have to be done, I couldn't go through that again. I think I'd have to break out and build something else.
Part of why I became so burnt out with my job was the loss integrity on issues that were important to me. When all of this is up and running, I may have a good model and open a second location- or not. Maybe it's a boutique concept and I'm a type A anal retentive control freak who has to micromanage everything (that's possible btw). I don't know, I hope not. I hope I have surrounded myself with a great advisory committee (I know I have) and good business minds (I think I have) that will keep me focused on long term success. But, none of us have deep pockets.
off topic - starting our business! - cookderosa - 08-18-2011
burbuja0512 Wrote:Wow that is so exciting!!!! I agree with Andy3000 about the internet push. When you have your web designed, make sure you're working with someone who really understands what you're trying to do and who is good with SEO. (Search Engine Optimization) If you are well optimized, it can save you a fortune in advertising.
Also consider that we are in a great time for small businesses and free advertising. Social media can be such a great equalizer. If you do your homework, a good Facebook or LinkedIn page can make you just as popular as a school that's twice as large. Speaking of LinkedIn, Are you on LinkedIn? Are you connecting with people that might be able to help you? Are you spreading the word about yourself on your own personal FB page?
Can't wait to hear more!!
Heck no, not yet, need to get the green light first. (I sent you a pm)
off topic - starting our business! - cookderosa - 08-18-2011
I'm sorry I didn't reply to each of your supportive comments- WOW!?! I'm really loving all the encouragement. Thanks guys, I'll keep you in the loop
off topic - starting our business! - CLEP101 - 08-18-2011
This is great news Jennifer, congrats and I wish you great success. All I ask is that I can visit so I can eat for free what ever your students cook. I'll be a judge (so to speak)hilarious
Don't forget to incorporate grilling into the programs!
off topic - starting our business! - ryoder - 08-18-2011
I'll probably take one!
I watch Hells Kitchen, Kitchen Nightmares and Master Chef all the time so I am an expert ! No seriously I might take a class. The theory class sounds good to me.
off topic - starting our business! - andy3000 - 08-18-2011
cookderosa Wrote:Excellent idea, however "I" won't be doing culinary instruction. Though I enjoy it, I'll be doing admin. I can't say anything about my chef instructors at this point, but they are absolutely subject matter experts. I'm 100% sure the CC kitchen off limits.
I want to incorporate web learning, but our business model initially will be extensive hands on lab instruction- something that is missing currently from the local CC program. I'd love to hear your ideas though, I'm not clear on how we could use web vids yet?
So the videos would serve a few purposes. First it helps establish credibility, second it helps with SEO (to attract inbound links and to have relevant content for search engine to index) third it would be a âtry it before you buy itâ, and lastly if you give someone a gift (free videos) it establishes a psychological obligation to reciprocate. For SEO you would need to add a text transcript of video.
I understand how hands on is important to learn cooking, but⦠From a business prospective you can pay someone to be in a video once and âsellâ it many times whereas in person instruction you pay the instructor for every time. Anyway, some of the topics covered are probably dull to teach over and over.
Even if you donât teach a class you could still do the videos (that way you donât have to pay someone), but I would also have a 10 min video for every instructor.
You should check out Lynda.com it has web training for graphic design via monthly subscription, makes millions.
off topic - starting our business! - skyfall123 - 08-18-2011
Andys' suggestions fit especially well with your plan to promote a recreational program on the weekend.
Quote:That's so over my head I don't even have a question.Just keep in the back of your mind that alternate financing exists. There may come a point in time that you need it.
Protect yourself and your family. Keep a portion of your personal financial future separated from this endeavor. Don't touch or borrow the 401K or IRA, do not guarantee the equity in your house. If you do finance a portion of this whether through SBA loans or credit cards, try to do it in your name (female owned small business)only, keep hubby off of it (in case of default). Best case scenario is to establish credit for the company, but again try to do it where only you are the guarantor. Try to use as little of your money as possible. Don't think "how much money can I put into this" focus on "how much money can I raise through other sources (SBA loans, investors, etc...)to finance this."
off topic - starting our business! - cookderosa - 08-18-2011
andy3000 Wrote:So the videos would serve a few purposes. First it helps establish credibility, second it helps with SEO (to attract inbound links and to have relevant content for search engine to index) third it would be a âtry it before you buy itâ, and lastly if you give someone a gift (free videos) it establishes a psychological obligation to reciprocate. For SEO you would need to add a text transcript of video.
I understand how hands on is important to learn cooking, but⦠From a business prospective you can pay someone to be in a video once and âsellâ it many times whereas in person instruction you pay the instructor for every time. Anyway, some of the topics covered are probably dull to teach over and over.
Even if you donât teach a class you could still do the videos (that way you donât have to pay someone), but I would also have a 10 min video for every instructor.
You should check out Lynda.com it has web training for graphic design via monthly subscription, makes millions.
Thank you, I'm thinking of a few ways to do this.