ADD PHOTO
Fired&Iced exterior or Oremi table setting
MENUS
& MARGINS
The Real Economics (and Cost) of Running a Low-Margin Business
Chef Imoteda Aladekomo
Naira Life Conference • 22 August 2026
₦30,000,000
Fired&Iced
OREMI
Same revenue.
Who makes more money?
And why?
THE SETUP
Two businesses. Two economies.
| Fired&Iced | OREMI |
Seats | 150 seats | 18 seats |
Schedule | Open 6 days/week | Reservation only |
Average spend | ~₦52k | ₦150k minimum |
Volume | High volume | Low volume |
Footprint | Large physical footprint | Small fixed space |
Same industry. Very different economics.
03
UNIT ECONOMICS
The cost of one customer
OREMI
₦150k
Revenue / guest
~₦60k
Cost / guest*
Fired&Iced
~₦52k
Average spend / guest
~₦5–8k
Cost / guest
*before overheads
04
So where is the money going?
OVERHEADS
09
MARCH 2026
The receipts
| OREMI | Fired&Iced |
Revenue | ₦15.04m | ₦48.44m |
Profit / Loss | +₦5.09m | −₦14.55m |
₦48.4m
IN SALES.
−₦14.5m
IN LOSSES.
05
FUNDAMENTALS
Three numbers you need to know
01
REVENUE
What came in
→
02
PROFIT
What's left after costs
→
03
CASH FLOW
What's actually available
A busy business is not necessarily a profitable business.
Your POS ringing is not the same thing as your business making money.
06
MARCH 2026 · Fired&Iced
The cost of keeping the doors open
Kitchen
13m
Maintenance
11m
Capital
9.2m
Other (14 smaller lines)
9.1m
Salary
7.6m
Diesel
3.3m
Rent
2.5m
Bar
2.0m
POS
1.9m
Event
1.7m
Professional Services
1.7m
REVENUE
₦48.44m
TOTAL EXPENSES
₦62.99m
PROFIT / LOSS
−₦14.55m
MARGIN
−30.03%
Kitchen, renovation, and capital spend alone account for over half of every naira spent.
07
MARCH 2026 · OREMI
The same month, a very different shape
Kitchen
3.9m
Salary
1.5m
Capital
1.3m
Space, decor, ambience
1.0m
Printing
0.6m
Bar
0.6m
Client photography
0.3m
Service charge
0.3m
Photo printing & framing
0.2m
Packaging
0.1m
Refund
0.1m
Maintenance / Facility
0.1m
Delivery
0.0m
Misc
0.0m
Fees
0.0m
REVENUE
₦15.04m
TOTAL EXPENSES
₦9.95m
PROFIT / LOSS
+₦5.09m
MARGIN
+33.87%
Kitchen and salary are the two real cost centres — everything else is comparatively small.
08
MARGINS DON'T DISAPPEAR.
THEY LEAK.
Waste
Breakages
Repairs
Theft
Over-portioning
Discounts
Maintenance
Unexpected costs
150 tiny leaks can sink a very big ship.
09
THE TURN
So how do you make money?
01
01
DRINKS
02
02
AUXILIARY SERVICES
03
03
CROSS-UTILISATION
Find the margin. Protect the margin. Create more of it.
10
LEVER 01
Not everything you sell needs the same margin
FOOD
₦7000
→
₦21k
Cost → Selling Price
COCKTAIL
₦850
→
₦10k
Cost → Selling Price
Cost before overheads → Selling Price
Not everything you sell needs the same margin.
11
LEVER 02
Make your assets work harder
Fired&Iced
↓
Private Events
↓
Corporate Events
↓
External Catering
↓
Hall Rental
ADD PHOTO
Photo: private event / corporate booking at Fired&Iced
One asset. Multiple revenue streams.
12
LEVER 03
CROSS UTILISATION!!!!!
ROASTED PEPPER SAUCE
→
Jars
→
Loaded Yam Fries
→
Smash Burger
HOT HONEY
→
Cornbread
→
Cocktails
ADD PHOTO
Photo: dish shots showing shared ingredients
Buy efficiently. Use repeatedly. Waste less.
13
→
Potato wedges
→
Other sides
WHAT DOES IT COST ME?
VS
WHAT WILL THEY PAY?
THE GAP IS YOUR PROBLEM TO SOLVE.
"Someone is going to tweet that we're overpriced."
You cannot promise a luxury experience and charge like you're running a canteen — but you also can't charge luxury prices and deliver an experience that doesn't justify it.
14
THE TRAP
Scale doesn't fix bad systems.
It multiplies them.
Bad inventory × 2 locations
= more bad inventory
Poor training × more customers
= more mistakes
Weak processes × expansion
= bigger problems
If you don't know where your money is going at one location, opening a second location won't help you find it, it will just give you another place to lose it.
"Nobody wants to post on Instagram saying, Guys! Big news! We finally fixed our inventory process!"
15
THE HIDDEN LINE ITEM
The cost that isn't on the P&L
YOU.
Anxiety
Decision fatigue
Constant attention
Founder dependency
Burnout
I say that as someone who has absolutely checked business cameras while on holiday.
That is not freedom. That's just working in a different time zone.
16
THE SYNTHESIS
Two models
Fired&Iced | OREMI |
High volume | Low volume |
Lower margin | Higher margin |
More infrastructure | Less infrastructure |
More customers | Fewer customers |
More complexity | More control |
More things can go wrong | Higher expectations |
NEITHER IS BETTER.
THEY ARE DIFFERENT GAMES.
17
₦30,000,000
Which business would you rather own?
Revenue isn't the whole story.
18
REVENUE
can make you look successful.
PROFIT
gives you options.
CASH FLOW
keeps you alive.
DISCIPLINE
gives your business a chance to last.
Chef Imoteda Aladekomo
@imoteda
In conclusion
Guys, should we close this business??
Imoteda every 3 business days
18