Restaurants are constantly looking for ways to cut costs and increase revenue, and thanks to technology, many restaurants are doing just that! We have covered many ways that back-office software can increase accuracy and efficiency when it comes to managing inventory and food cost as well as labor scheduling, and in turn, it is saving restaurants a considerable amount of money. Not only are restaurants using technology to save money, but are adding streams of revenue to help increase profits by thinking a little outside the box. Of course, you can choose to keep things simple, but if you are looking for ways to increase your bottom line, we will give you the inside scoop on how you can add a few new revenue streams to bring in some extra money!
You might be thinking that a food truck is normally where restaurants have their humble beginnings, and not for someone who is already established, however, they are becoming more popular and it is a great way to add another location without all the expenses of a brick and mortar. Not only does this create another stream of revenue, but it also allows you exposure to new potential customers. Even if they don’t buy from you that day, they can look you up online, and this can bring in more traffic to your dine-in establishment. You can even use your food truck to service weddings, birthday parties, or community events! There are so many ways you can utilize a food truck as another stream of income, but be sure you do your research on food trucks in your specific city. Obviously this is not a solution for everyone, but if your city is a great match for food trucks, it is definitely worth looking into!
Have you ever considered offering cooking classes at your restaurant? You would have to determine many logistics like what day of the week would be best, and does your restaurant have the space to hold educational classes. If the answer is yes, or you can figure out an alternative to any logistics standing in your way, this could be a fun way to get customers involved and build relationships. There are so many ways you could spin this. You could host weekly classes on Saturday mornings, or only do classes a few times a year for special holidays. You can have themed classes, kids classes, parent and kid cooking classes. Whichever way your restaurant chooses to run it, classes are a great reason for bringing people together and what better place than your business!
If you are a local restaurant and have loyal customers, you might want to capitalize on selling merchandise with your logo! If you own a coffee shop, slap your logo on some coffee mugs or iced coffee cups. If your restaurant has a popular salad dressing or secret sauce, bottle it up and sell it at your restaurant. Beer mugs, shirts, sweaters and stickers are all great options. Even if you are not a local establishment, but are located in a touristy city, you can sell cups with your logo and the city name for them to take as a souvenir! Not to mention the advertising you will get when the person who buys your cup takes it with them everywhere they go. So many fun options to help add a little more to your bottom line!
Again, adding multiple streams of revenue is not for everyone. Maybe you like the idea, but don’t think any of these will work with your restaurant. Let this serve as a tool to get your wheels turning and figuring out what might fit with your business and get you on your way to generating more income!