There’s no denying that running a restaurant is no small feat. In actuality, it can be a colossal endeavour that, if tackled lightly, won’t yield the desired returns. After all, not only is the industry rife with competition, but it can be more than just a little challenging for a dining establishment to maintain a consistently high level of productivity without spending more than it needs.
Many small businesses start with a product idea. It could be a practical product you’ve taken months, or possibly years to develop. Perhaps you have spotted a gap in the market and now have a top-of-the-range product for the food industry that you know is needed. If so, it’s time to get out there and starting convincing restaurant owners that your product is just the thing for their business.
You have successfully set up your dream restaurant or café and now you want to enjoy the freedom of running your own business while enjoying your passion for food and people. For your business to be a success, it is vital that customers have a great experience and want to return to your venue. Keeping the customers you already have happy is important, as they are the backbone of your business and provide a regular stream of revenue. But you should also consider that the customers you retain will actually help spread the word and attract new customers to your business. According to Harvard Business School: “increasing customer retention rates by 5% increases profits by 25% to 95%.”
Opening a restaurant may be a dream – but far too many of them don’t survive long enough to make the dream a reality. According to The Guardian, the number of restaurants closing is up by 20% in 2017. The news is full of ‘restaurant chains in trouble’ stories. However, alongside the demise of the chain, we are seeing the rise of the independent; and the success of Stem + Glory is certainly a testament to that.