$120k 2015 Revenue, Private Chefs for Elderly with Kate Toews of Chefs for Seniors

kate toews

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.

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Famous 5:

  • 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 – kate@chefsforseniors.com
  • 16:30 — The Famous Five

3 Key Points:

  1. If you see a problem in a certain industry, figure out how you can fix it.
  2. Start a business in an industry that you are familiar with.
  3. Establish your business at a small scale before you decide to expand.

Resources Mentioned:

  • 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.