Will Restaurants Need Multiple Revenue Streams to Succeed in 2022?
August 13, 2021
What does the future hold for restaurants navigating the challenges of a global pandemic? That question seems to be at the forefront of restaurant owners’ minds everywhere. One lesson that the past year has taught the industry was to pivot and get innovative to stay relevant. With that in mind, next year, and beyond, we will likely see restaurants tapping into diverse revenue methods to stand out and boost sales.
Creative Ways Restaurants Can Increase Revenue
Restaurant owners are always looking for ways to corner multiple markets and bring in profit. Here are some predictions on how to capitalize on various revenue streams.
Think Beyond Only Dine-In
At the beginning of the pandemic, as restaurants had to close dining rooms, off-premise dining saved small businesses. Establishments offered curbside pickup, drive-through, and delivery in an effort to keep the community fed and preserve profits. The rise of ghost kitchens also helped chefs and owners keep money flowing in.
Now that dining rooms are coming back, some owners wonder if the days of take out are dead. Surveys suggest that customers, while looking forward to a meal inside their favorite spots, are still planning to utilize takeout for their meals. In fact, 42.3 percent of diners currently prefer to eat carryout or delivery in their home.
To boost sales, it’s a good idea to offer customers multiple ways to enjoy your dishes: delivery, curbside pickup, and dine-in. While this may seem like this could increase labor costs, utilizing new restaurant technologies, like self-ordering kiosks, can keep servers off the floor and have them conduct deliveries or head pick up stations.
Double down on potential revenue by embracing retail options for your establishment. 71 percent of Americans who began cooking more at home plan on continuing to cook from home even after the pandemic is over. Meal kits from restaurants are a great way to increase sales and market your establishment even after the pandemic. Family favorites, like pasta and pizza kits, are sure to continue to be great sellers, as are gourmet dinners for two. However, there’s no reason to stop at meal kits. Bottle hot sauces, can jams, even sell fresh-baked loaves of bread. Consider selling non-food items from your establishments: branded mugs, t-shirts, aprons, wine keys, and glassware are all excellent options.
Create Community Events
Celebrate your community by partnering with vendors in your area to create outdoor markets. Customers can pre-order various specialty items and meal kits, like olive oils, plants, and anything else your neighborhood businesses have to offer. It’s a way to market your own business while simultaneously creating a new experience for consumers.
Become Your Own Farmer’s Market
An early pivot to the pandemic that allowed many restaurants to meet the needs of the community was turning their dining rooms into grocery markets. Customers could find everything from eggs and meats, to bulk produce and more. Markets in restaurants are a savvy way to help diversify revenue and sell raw goods that don’t require much in terms of labor. For example:
- High-quality steaks
- Sustainably sourced seafood
- Baked goods
- Unique fresh fruits and produce
The goal is not to become a one-stop shop for your customers. Instead, this is a way to promote specialty items that are intrinsic to your establishment.
Bulk Wholesale Food and Beverages for Your Restaurant
At US Foods CHEF’STORE, we know that access to quality ingredients at competitive prices is vital for any restaurant. That’s why we provide exclusive products, multiple convenient locations, and perks like our Customer Card and third-party delivery. If you want to learn more about how CHEF’STORE can help you make incredible meals, and meet your bottom line, contact us today!