Browse Tag

Food service

4 mins read

4 New Restaurant Revenue Streams to Boost Profits

It’s never a bad time to consider new revenue streams for your restaurant or bar. Sometimes, a new strategy can be provided straight from your kitchen without having to look any further.

This is particularly true for restaurants that have successfully survived the pandemic. They’re adopting contactless tech solutions, developing merchandise, looking for creative event ideas, and cooking up new ideas whenever possible to attract more guests.

So, if you’re wondering how to create extra revenue streams for your restaurant, we’ve outlined a handful of tried-and-tested strategies right here.

1. Host Parties

In the post-pandemic world, the desire for places to connect with others in person is stronger than ever. Your restaurant can become a gathering place for parties and other events.

Whether you rent out the entire restaurant for these occasions or simply set aside private rooms for rent, you have the opportunity to generate a lot of extra revenue while also providing a one-of-a-kind service experience that’s sure to increase loyalty and word-of-mouth promotion.

2. Sell Branded Products

Selling something you’re known for as a branded product is one foolproof way to generate a secondary revenue stream. If you own a pizzeria, for example, you might make your own soft pizza base that your customers love. Why not sell readymade pizza base in sealed packets to your clients so they can try making a pizza at home?

Do you run a coffee shop with home-roasted beans? Package them and sell them. If you own a microbrewery with a one-of-a-kind brew, offer it for sale in growlers or kegs. The list goes on!

3. Organize Workshops

Do you bake the most amazing & delicious pastries? Maybe you have the best pizzas in town? Are customers constantly raving about your killer cocktails? If so, it’s time to show off your skills!

Organize virtual or in-house (if space & situation permit) workshops. Sharing your expertise, helpful tips, and experience will do wonders and increase customer loyalty apart from bringing in extra cash with the workshop fees.

4. Connect With Customers, Wherever They May Be

With the festival season comes food trucks! While many brick-and-mortar restaurants may lament the existence of food trucks, the reality is that customers love them. The convenience of walking up, ordering tasty treats, and enjoying those treats on an outdoor stroll makes many food trucks so successful.

While running a food truck in addition to a full-time restaurant may not be your goal, consider capitalizing on the outdoor eats experience by bringing pop-up food booths to fairs and festivals in your area.

Meeting people where they already are is a sure-fire way to bring in new traffic and convert casual tasters into loyal repeat customers, not to mention the boost to your bottom line!

 

Ready to break out into new revenue streams for your restaurant business? If you’re thinking of expanding your food business and need a loan, get in touch with Lendistry today. They offer a wide range of comprehensive and affordable financial services to help you grow responsibly.

4 mins read

How to Grow Your Food Services Business Using Small Business Loans

Is your food truck, restaurant, catering company, or grocery store doing well this season? Are you thinking of expanding your business?

In this scenario, small business loans might help you buy equipment, hire personnel, expand your business, or pay your bills during a sluggish period. Read on to know about expanding your foodservice business using small business loans.

Listed here are some of the ways in which you should utilize your small business loans to help your food services business develop.

Purchase Inventory

Small business loans allow you to purchase supplies as needed, so you won’t have to worry about running out of inventory. This way, you’ll also have better control over your operations and can fulfill your customer’s needs smoothly.

Hire Employees

If you’re taking a loan to expand your business, you’ll need to ensure you have a staff that can handle the increased workload. Hiring competent employees with prior catering expertise will enable you to serve more customers and deliver the most satisfactory service possible. Furthermore, you might use the loan to train your personnel in areas like customer service, event planning, and food and beverage management.

Prioritize Technology

Although you have a talented team, it’s worth thinking about how technology may make your processes more efficient and easy. You can use your loan to pay for automated technology, like inventory management, cloud computing, and scheduling software.

These technologies will enable you or your team of talented professionals to manage fewer administrative activities, allowing you to focus on more important commitments. Additionally, tech solutions like delivery and tracking apps played a pivotal role in helping businesses offer takeout and curbside pickup options to customers.

Invest in a Marketing Strategy

Even if you have the means to cater more events, your food business will not develop unless you attract new customers. To accomplish so, you’ll have to invest in marketing tactics that will assist you in locating and promoting your ideal customers. You can get a loan to pay for marketing materials or outsource projects to a professional agency.

Purchase or Lease a Vehicle

Before buying a van, consider whether you need numerous vans, built-in storage for food trays, or refrigeration for traveling with prepared food.

Purchasing a new vehicle with a business loan is a wise investment for your catering company. Having a dependable vehicle with the capacity and features you require means you’ll be less likely to be late for events and to arrive with food in perfect condition.

Expand into a Commercial Space

A commercial kitchen will allow you to prepare for more significant events, purchase larger culinary equipment, and store more supplies.

Furthermore, having a physical address for your company can help potential customers see you as a legitimate business. This makes them more likely to hire your services.

 

Lendistry’s diverse financial solutions provide small food services businesses with the affordable capital they require to expand and serve their communities. If you’d like to learn more, call them at 888-594-7270 or contact them online!