In Episode #370, Nathan interviews Kate Toews, CEO of Chefs For Seniors. Kate was part of an incredible team at McKinsey & Company when she decided to start her business. Her and two colleagues saw a problem that needed to be fixed. Seniors were not able to prepare good meals, and their health was suffering because of it. They together came up with Chefs For Seniors, a service for seniors to have a chef in their own homes.
- Favorite Book? – Getting to Yes
- What CEO do you follow? — Her colleagues at McKinsey & Company
- Favorite online tool? — She makes food in the real world. She has no favorite online tool.
- Do you get 8 hours of sleep?—No
- If you could let your 20 year old self know one thing, what would it be? — Save more money.
Time Stamped Show Notes:
- 01:14 – Nathan introduces Kate
- 01:35 – Kate is CEO of Chefs For Seniors
- 02:15 – How she got into this business
- 02:45 – She worked with a team of chefs and they saw a problem
- 03:10 – 97% monthly retention
- 03:30 – They have about 65 customers
- 04:00 – Founded in 2015 and is now shifting to a national scale
- 04:20 – Total revenue was $120k in 2015
- 04:40 – Food and chefs are biggest costs
- 06:00 – Funding
- 06:20 – Goal for 2016 is to hit $300k
- 06:40 – Average revenue per user is $7k
- 07:15 – May 2016 revenue was $16k
- 08:15 – Customer acquisition costs are sometimes almost nothing
- 09:20 – Why not help people of all ages with this service?
- 09:30 – It is an opportunity for future growth
- 10:05 – Costs would be higher
- 10:40 – The founding team
- 11:10 – Kate works with a husband and wife team with experience in the industry
- 11:50 – Finding good chefs
- 12:35 – Nathan wants to use the service himself
- 13:15 – Kate’s experience in Uzbekistan
- 14:30 – email@example.com
- 16:30 — The Famous Five
3 Key Points:
- If you see a problem in a certain industry, figure out how you can fix it.
- Start a business in an industry that you are familiar with.
- Establish your business at a small scale before you decide to expand.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Show Notes provided by Mallard Creatives