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.
As the busy 2015 holiday season hits, you may be concerned about preparing both your business and your employees for the rush. Here are a few simple tips that will make it much easier for you to maximize your profit throughout your busiest business days.
Running your own restaurant can be difficult, and not just because of the physical work involved. With all of the different hats you need to wear as a restaurateur, you need knowledge and experience that can take years to develop. By having the ten people below in your inner circle, you can get access to the knowledge you need to build success quickly.
If you have not taken the time to calculate your business's actual total sales per customer figure, you are not alone. Many business owners and managers will estimate this figure roughly, and they may attempt to boost the figure through various efforts, but in many cases, this estimation is far from accurate or complete. The figure for total sales per customer is crucial if you want to track and ultimately boost your income potential. After all, it may be more effective to boost your sales per customer than to attempt to get more customers through your door. If you want to boost your customer's average spend, there are a few tips that you can follow to accomplish your goals.
Controlling food costs is a very big part of being part of the food industry. It's a difficult task, and is often time-consuming. However, controlling the cost of food can make or break a business, so it's not a task which can be neglected. Optimally, food will make up for 28% or less of expenses. Here are some tips to help you bring your ingredient expenses to this level.
If you want to enjoy all of the business opportunities that the rest of 2015 has to offer, then you need to take some steps to ensure that your business is competitive during the potentially busiest time of year, leading up to the holiday period. To help you really enjoy this period, here are eight tips to get more customers in 2015.
Successfully launching a new business in the restaurant industry can be tough. This is even the case for simple cafés that focus on serving patrons coffee and light sandwiches and snacks. It requires a large upfront investment, continual cash flow and ridiculous work hours just to get the business up off of the ground. However, there are tips you can learn from those that have launched successful cafés.
You’ve turned around the open sign, flipped on the lights, and customers are starting to trickle in. A trickle isn’t quite what you are looking for. How do you turn that trickle into a flow? Turn to social media. Take the time to get to figure out the type of clientele you wish to attract, and then use the following tools to grow your small business into the town’s most booming establishment.
One of the primary goals of many successful small businesses is to expand with a second location. However, opening another store does not guarantee an increase in revenue, even if the first one is a major success. Below are some important factors to consider before committing to a second location.
If food and beverages are your main money makers, competitive pricing is imperative. You want to make the price appealing to customers so that they are enticed to give your products a try. In addition to attractive price points, you can take advantage of happy hours and special events to get more customers. That being said, it is important to keep your bottom line in mind. You don't want to price your food and beverages at a point where you are not making money. There are a few things to consider when creating a price structure.
One of the most important parts of running a business, be it a bar or restaurant, is getting people in the door. To attract potential customers, you'll need to spend some money on marketing. Marketing helps to expose your business to a larger audience, ultimately enticing them to spend money. That being said, it is important to understand the effectiveness of marketing efforts to determine what to spend. Ultimately, you'll want to look at your return on investment, or ROI. You'll want to look at the amount of customers you are getting and the revenue you are earning, among other things, to better understand how your marketing campaign is working. There are a number of ways to track your ROI on marketing.
Hiring the right person is a decision that can make or break your business. Applicants will say anything to get the job, but that doesn't necessarily mean they are qualified or committed to your success. Below are useful tips for how to successfully screen out and hire the right person for the right position.
The ideas of cross-selling and upselling are methods that have been used in business plans since the beginning. It is true that most customers come into a store, restaurant or visit a website with some type of product in mind but there are always opportunities to offer items or services to beef up their purchases. Cross-selling is adding other items to the person's purchase while upselling is offering a more expensive item or service instead of what they have chosen themselves.
Not all restaurants need to have a social media presence. While it can certainly help certain types of restaurants bring in customers and alert people about special deals and offerings, sometimes a more upscale restaurant may do better by avoiding social media altogether. Other restaurants that cater to an older customer may also find that the effort put into social media isn't worthwhile. The answer to whether to include social media or target other avenues is something that is very specific and dependent on your customer base and goals.