The restaurant business is one of the toughest ones out there. Owners often have to work on short cash reserves, there’s always new competition around the corner, and you have to constantly find ways to differentiate yourself in an increasingly crowded space.
You could try to find ways to advertise your business better and try to attract a new clientele, but what if you maximized the base you already have? There are tons of ways that you can use your restaurant and brand to generate additional revenue; all you need is a little bit of creativity. Here are a few smart ways to diversify your restaurant’s revenue.
Sell Branded Products
If your restaurant is known for something in particular, then you could find a way to turn this into a product. For instance, some restaurants will sell their secret sauce, spice blends, or frozen versions of some of their dishes. Others might have a heavy focus on breakfast, and turning breakfast recipes into frozen dinners may be a challenge. But one thing you could do is sell some of your coffee and package it instead.
Selling and packaging your own coffee is much simpler than many might imagine. Some services will allow you to create packaging for coffee and a variety of products. Take a look at these designs for instance. You could get custom made flexible packaging done in as little as 24 hours and shipped over to you. Once you meet FDA regulations, you will then be able to fill these with a variety of blends and either sell them over the counter or try to pitch it to local retailers.
Offer More Services
There are tons of ways that you could offer additional services from your restaurant. One of the most common is to start offering catering services. You should also make sure that you have some sort of delivery service available, even if you’re a high-end restaurant.
Another thing you could do is start a virtual restaurant and use part of your kitchen as a ghost kitchen. You could then protect your brand and have an easier menu for takeout only. You could use a completely different brand than your current restaurant if you want to. Note that it doesn’t have to serve the same type of cuisine either.
Have a Food Truck
See if you can get a food truck license and whether it would be profitable. Food trucks allow you to spread your brand and give you access to a whole new set of clients. You can have a truncated menu to entice clients and show them what you can do. You can then choose to give them special deals or find a way to get their contact information so you can follow up with them and sell them at your other restaurant.
As you can see, diversifying your restaurant’s revenue isn’t complicated. You just have to be ready to think outside the box, and not be afraid to try something new.