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Here are the top four reasons to become a personal chef or start a private chef business now! Previously, I posted 3 Steps Chef Should Take during this down time to start their own business. Yet, many chefs continue to put off becoming a personal chef or starting a private chef business because they want to make sure it’s “the right time.” Hello, chef! It’s the RIGHT TIME!
Stop slaving away for someone else and become a personal chef or start a private chef business today. Need more proof? A recent Good Financial Cents post listed becoming a personal chef as one of the top home-based businesses to start in light of the COVID-19 pandemic. Small Business Trends listed catering services as second on their list of most profitable small businesses.
Reason #1: Chefs are overworked and underpaid.
Let’s face it, working the line in a restaurant kitchen isn’t a high paying job. In many parts of the country it barely covers the cost of living. When you factor in the level of training and professionalism it takes to perform the job, it can feel particularly insulting to work so hard for so little to build someone else’s dream instead of your own.
Reason #2: Chefs often are drowning in debt.
Chef, you’ve got a couple choices when you’re up to your eyeballs in debt. You can stay in debt and die a slow death or rapidly redirect your future. There are three basic ways to get out of debt
- Sell stuff,
- Spend less, or
- Make more.
Each of these are viable, but Dave Ramsey says that “the number one wealth building tool is your income.” So, you can eek out an extra $40 a week by getting a dollar-an-hour raise at another chef job (which won’t keep pace with the increasing cost of living) or start your own private chef business and get paid what you’re worth.
Feeling ready to become a personal chef? Read on.
Reason #3: Becoming a personal chef or starting a private chef business can be instantly profitable.
Restaurants burn hundreds of thousands of dollars before they ever see their first customer. But personal chefs can experience profitability on their first gig. And becoming a personal chef or private chef doesn’t require an investment or a lease. You can basically start your business with a smart phone and some things from your kitchen. Restaurants struggle to make 3-7% profit but when you’re your own boss you can make ten times that profitability rate from DAY ONE!
Reason #4: Tax laws benefit small business owners – even private chef businesses.
Want to make more money? Start by keeping more of what you earn. One way to do that is by paying fewer taxes! It should come as no surprise that the tax code benefits those who own businesses. This is largely owing to the fact that the members of Congress who wrote and approved these rules are business owners themselves! If you’re shocked when corporations like Amazon pay no tax, pick your jaw up off the ground, learn the rules of this awesome board game (it’s like Monopoly, but the money’s real), and start playing today! Running a business generates deductions which strengthen every dollar you make – even if you’re just starting or operating side gigs.
You can’t afford to wait another day to start your personal chef or private chef business.
I’m not saying owning your own business is a piece of cake. It’s hard work. But chef, you already know how to do that. So why not stop working so hard to build someone else’s dream and start building your own?
Last November I met chef Tricia. She was blown away at how massively her life shifted in under two weeks once she took the first step.
Chef, if you are underpaid, overworked, drowning in debt, or want a seat at the small business Monopoly board game, the stars are aligned. NOW is the perfect time to start your own private chef business.