3 Ways to Manage Rising Restaurant Costs
Do rising restaurant costs have you scrambling for ways to save money? You’re not alone. Keeping costs under control is a top priority for restaurant owners.
The last thing you likely want to do is raise menu prices and potentially rock the boat with loyal diners. The good news is, there are a few simple solutions for saving money, without charging customers more for the food they love.
Rent out restaurant space to offices
It’s not uncommon for restaurants to cater solely to lunch or dinner crowds. But that doesn’t mean your establishment can’t earn a little extra cash when the kitchen is closed. Some startups partner with restaurants to turn dining space that isn’t in use at certain times of the day into coworking space. You’ll earn a percentage of the rental fees entrepreneurs and others pay to work from your restaurant. And who knows? A company might hold a morning meeting in your spot one day, and come back for dinner or catering the next.
Open your restaurant to private parties and events
Similar to renting your restaurant as a coworking space, you should also consider making it available for private parties or events. This might be particularly profitable for restaurants that are only open early in the day and close after breakfast or lunch. You’ll have the whole rest of the night open to rent out for office parties, town hall meetings, local sports banquets and community game nights. The possibilities are endless and will help your restaurant make money even when the kitchen isn’t open.
Trade traditional marketing investments for social media marketing
Marketing is an important part of bringing diners through your restaurant doors. Direct mail campaigns and flyers are effective, but can quickly eat up financial resources. Try trading these traditional marketing efforts for social media, a more cost-effective marketing channel. In addition to spreading the word about new menu offerings and specials, social media can also help you connect with customers.
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