We all know that the hospitality industry is tough, fickle and highly competitive. Staying cash-positive, let alone becoming wildly successful, is a challenge and means keeping a close eye on everything you do.
I recently chatted to a client who is one of Melbourne’s top restaurateurs. He already owns five extremely popular venues, and is planning to expand even more. I asked him how he does it - what’s the secret behind his success in turning failing establishments into highly profitable businesses?
While in hindsight his answers may seem obvious, it’s surprising how often the basics are overlooked. So, let’s get started:
Owning and operating a restaurant is a business first and foremost. There is the exciting menu with its tongue-popping array of delicacies, the appealing decor, the smiling and friendly staff and the talented behind-the-scenes food whisperers. But underneath and beyond even all that there is the budget, with its tell-all balance sheet and monthly accounting reconciliation. With all of this to keep track of right from day one, it is no wonder so many new restaurants fail.
Today's "do more in less time" culture is definitely making its presence felt in the dining out culture. And not just in the long rush hour lines at fast food joints, either - even celebrity chefs are scaling down entree portion sizes, to the point where some appear to be appetizers (or a single round of Spanish tapas).
What's not to love about a fine wine, a delicious entree with scrumptious sides and a sweet treat to finish things off? Nothing, of course, but starting this year, Australia's foodies took gustatory exploration to new heights. Three taste trends in particular are raising a profile above the rest, attracting an internationally interested crowd of gourmands to tables at bars and bistros all across the land down under.
Nearly half of all restaurant employees tell us that they like the idea of running a restaurant of their own someday. Considering that half of the adult population in Australia has worked in a restaurant at one point or another during their life, it is obvious that success in the restaurant business is an incredibly common goal.
2016 is poised to be one of the most exciting years yet for the ever-changing food and beverage industry. In a sphere long governed by cost, convenience and carbs, suddenly the three Cs are no longer at the top of most diners' lists. What has toppled them from the top three slots? Surprisingly, the new winners are sustainable business practices, safe natural ingredients and honest-to-goodness all-day nourishment - packed into tasty snack-sized portions.
Being successful in the restaurant business can be a challenge. More than 90% of people who open restaurants fail within the first three years. It takes more than a just a good cook. In order to succeed, owners must be able to do a number of things well. Here are ten ingredients experienced restaurant owners say helped make their restaurants successful.
As the economy and the attitudes of today's diners evolve, many restaurants are finding it harder and harder to flourish using the time-worn techniques that worked for our parents' favourite eateries. The general attitudes toward "junk food" have put pressure on burger joints and fast food chains, while the friendly neighbourhood diners and local destinations have had their market share eaten into by new, niche restaurants and the rise of food trucks. There is still success to be found, however, if the modern restaurateur is willing to rethink their strategy.
It’s true that many upcoming entrepreneurs dream of running their own restaurant; however, few understand the attitude necessary for turning this vision into a reality. One might think that the restaurant business should be easy, given the simple fact everyone has to eat.
Just how important are past customer reviews to future prospective customers? According to a recent Zendesk survey, 88 percent of respondents ranked online reviews as one of the top four reasons they choose to buy....or not buy.
The hospitality industry ranges from large hotels with dedicated catering to out-of-the-way motels, bars, and restaurants. While small business owners have the mind that what they are doing is a personal art form and not a cold corporation, every business benefits from scrutiny and planning. A plan does not have to be a grand novel, but it pays to develop a business plan in order to reduce costs and increase profits.
Attracting more diners at lunchtime is a good way for a restaurant to boost its overall business. Here are the top 15 ways to attract more lunch customers.
Whether you own a five-star restaurant, the local bar or a cosy café, you got into business because you wanted to provide people with delicious food and a certain type of atmosphere to enjoy it in. When you market your business to hungry people, you need to deliver the same sort of thing, but instead of delicious food, you need to provide the right type of information and entertainment to catch their attention and convince them to eat at your establishment. One of the best ways to do this is by creating content using the same characteristics as you use when you create a great meal.
Owners of hospitality venues spend a lot of time and money setting their venues up with the right aesthetics, beer systems and wine inventory. This is all done with an aim to getting the perfect finished product; however, one element that is often forgotten is the music.
Calculating the costs to open a restaurant can be a process that can cause even the heartiest eaters to lose their appetites. While it is not easy to open a restaurant on a shoestring budget, restaurant owners should know that it will take a creative mind and a willingness to go without extras in order to keep costs at a bare minimum. Most important, restaurant owners should remember that all other elements of a restaurant environment should be secondary to the food, which is the ultimate factor in determining whether a new customer will become a regular customer.