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.
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