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5 Additional Revenue Streams to Maximise your Restaurant Profits

5 Additional Revenue Streams to Maximise your Restaurant Profits

It's no secret that the past two years have been filled to the brim with challenges and disruptions for businesses and customers alike across the entirety of the hospitality industry. But this version of the "new normal" doesn't always have to be a bad thing.

As consumers move away from classic dining in and focus more on value-driven dining and meal options, the need to adapt and stand out from the crowd is becoming ever more vital for businesses that need to accommodate new preferences and habits.

We've compiled a list of our top 5 additional revenue streams for your restaurant, so that you can establish new ways for your business to benefit from the ever-changing landscape of the hospitality industry.

 

 

 

1. Virtual/Ghost Kitchens

Virtual kitchens are booming due to the low start-up costs associated and low capital expenditure. (Pre-pandemic, they accounted for 10-15% of the $66 billion US restaurant industry, they are expected to climb to 21% by 2025).

A virtual kitchen is also commonly known as a dark or ghost kitchen. In short, it is an off-site kitchen that operates similarly to a commercial restaurant kitchen, minus the physical dining space and storefront. Virtual kitchens rely on external food delivery services to bring food to their customers, with no need for physical contact. Perfect for this day and age! You can either operate your own version of a virtual kitchen out of your business, or offer your kitchen space for rent or hire to another business when it is not in use.

  

2. Loyalty Programs & Gift Vouchers

Covid has forced businesses to rethink their approach to customer retention and their relationships with diners. Loyalty programs and gift vouchers can not only help to draw your customers back, but they can also entice new customers.
Programs can be in the form of coupon booklets, or printed gift cards with expiration dates, featuring buy one get one free or half-off offers, free appetisers, or a free drink with meal purchases.

Additional loyalty programs and ideas are available here on our blog - Use Combo Deals to Drive more Traffic to your Foodservice Venue

Visit our Resources page for loyalty activation ideas, or contact us via sales@3keysglobal.com to see how we can help your venue with implementing loyalty programs!

 

Meal Kits

 

3. DIY Meal Kits 

The meal-kit industry is continuing to thrive, as more consumers are seeking healthier, convenient meal options, at affordable prices (HelloFresh saw a 122.6% Y-o-Y revenue growth in Q2 of 2020).

Similar to take and bake, meal kit ingredients are all pre-portioned ahead of time and ready to simply be prepared and cooked. Customers can either pick up their meal kit, or have it delivered if you already offer a means of delivery. Many hospitality venues naturally are geared up for this particular line of business - it's just a matter of preparing and packaging the ingredients, in addition to providing your customers with some easy to follow cooking instructions.

 

4. Catering for Events, Occasions, & Festivals

Whilst it's not always possible for businesses to regularly engage in catering, catering for specific events, occasions, fairs/festivals, or conventions is a great way to gain notoriety and reach new potential customers. Ensure that your target demographic and customer base is attending the event, and make sure to have a clear guide for operations on the day to avoid any hiccups, as well as a simple version of your menu.

 

Take & Bake

 

5. Take & Bake (Just Heat & Eat)

Think pre-topped vacuum-sealed pizzas, and ready-made curries and dishes, that your customers can purchase and simply heat and eat at home.
This enables you to give your customers restaurant-quality meals to enjoy at home, whilst removing the burden of staffing and service issues that come with serving when dining in, and minus the headaches associated with delivering hot food through delivery platforms.

 

Visit our Resources page for free marketing materials, or contact us via sales@3keysglobal.com for point of sale design and ideas, or for help with recipe or operation tips unique to your venue!