- Restaurants can generate additional revenue by offering meal kits or grocery items, supporting other small businesses, and getting creative.
- Selling merchandise and used oil, as well as offering discounts on merchandise with every purchase made, can help increase revenue.
- Creative pickup and delivery options include pre-ordered meals, curbside pickups, and drive-thrus.
- Unique packaging, such as package deals, can save customers money while showing creativity.
- With the right strategies, restaurants can turn a downturn into an opportunity for growth.
The restaurant industry has been disproportionately affected by the pandemic. Over eight million workers were laid off or furloughed, and a staggering $280 billion in lost sales. To reestablish their success in the future, restaurateurs will need access to resources such as information, guidance, and community support. Indeed work is abundant ahead – but together, the industry can ensure these invaluable businesses can flourish again.
The restaurant industry is facing an uncertain future, but that doesn’t mean it has to be a lost cause. By getting creative and exploring new strategies, restaurateurs can create additional income streams to help their businesses stay afloat. Here’s how restaurants can generate additional income in the current climate.
Offer Meal Kits or Grocery Items
With people increasingly eating meals at home, many restaurants offer meal kits or grocery items so they can still enjoy their favorite dishes without leaving their houses. This could include pre-made ingredients, ready-to-cook meals, and grocery items like local farmers’ produce or dairy products.
Support Small Businesses
This strategy also helps to support other small business owners in the community, which is a bonus for restaurants looking for ways to give back. Additionally, offering meal kits or grocery items gives customers the convenience of accessing restaurant-quality food without having to leave their homes.
Restaurants can even get creative and offer special bundles with recipes, sauces, spices, and other ingredients to recreate the dining experience at home. With some extra effort, restaurants can ensure their customers have access to the same quality food they’ve come to expect.
New Revenue Stream
By offering meal kits or grocery items, restaurants can tap into a new revenue stream while keeping their customers happy and engaged during this challenging time. With thoughtful planning and execution, these strategies can be an effective way for restaurants to stay afloat in the current environment.
Another way restaurants can create additional income streams is by selling merchandise such as branded t-shirts, hats, mugs, and more. This type of merchandise allows customers to show off their loyalty to your restaurant while generating additional revenue for your business.
You can even take it one step further by offering discounts on merchandise with every purchase made at your restaurant—this encourages customers to continue coming back while providing them with an incentive to do so.
Sell Used Oil
Remember to consider selling your used oil. You can look for reputable oil recycling companies and sell your used vegetable oil. These companies can repurpose used oil and ensure they are disposed of properly. Aside from helping the environment, you can also make money from selling used oil.
Get Creative with Delivery Options
Delivery has become increasingly popular over the last few years. Now more than ever, it’s become a necessity for many restaurants. Once you’ve got the basics down (i.e., setting up delivery services through third-party platforms), you can start getting creative by offering specials or discounts on delivery orders. You can also partner with other businesses in your area (like breweries) that may be able to provide something unique that your customers would appreciate. These strategies help generate additional income while getting more customers through your doors (or onto your website).
Creative Pickup Options
You can also get creative with pickup options. This is becoming increasingly popular as customers want more control over how and when they receive their orders. Consider offering pre-ordered items that customers can pick up from your restaurant or a designated pickup spot. You may even think about partnering with local stores to offer curbside pickup or drive-thru services.
Get creative with delivery packaging. Put together unique and interesting combinations of items that customers can order as a package deal. This will save them money and give them something different from what they would find at other restaurants. Plus, it’s a great way to show off your creativity.
Creating new income streams is essential for any business during uncertain times – especially those in the restaurant industry – but it can be simple. By taking advantage of new opportunities like selling meal kits and merchandise online or getting creative with delivery options, restaurants can increase revenue and keep their businesses running smoothly even in challenging economic conditions. With the right strategies in place, you can turn any downturn into an opportunity for growth!