Restaurant Innovation, page 4 of 6

The restaurant sector in the US has seen tremendous growth in the last few decades. In fact, it has more than doubled in size and revenue since 2000, reaching an all-time high of $800 billion back in 2017. Moreover, the latest reports show that the restaurant sector is offering strong post-pandemic recovery. While there’s no denying that starting your restaurant business right now is a lucrative opportunity, there are hard lessons to be learned in every new business. Each industry presents its u...

Are you planning on starting your own restaurant? That’s a brilliant idea! The US restaurant industry has been seeing healthy growth in the past few decades. This sector has seen its sales more than doubled since 2000, reaching an all-time high of $800 billion back in 2017. However, at the same time, it’s also important to mention that restaurants have a high failure rate as almost 60% of new restaurants close within a year while up to 80% shutdown within the first five years. While these perce...

The online food delivery sector was blooming in 2019 with a global market size of $107.44 billion. The economic slowdown due to the COVID-19 pandemic slowed the growth in 2020, but the sector appears to be back on track and is expected to reach $154.34 billion by 2023, growing at an impressive CAGR of 11.51%. While there’s no denying that starting your online food business right now is a lucrative opportunity, there are hard lessons to be learned in every new business. Each industry presents its...

A 2019 study predicted that the restaurant industry in the US would hit $1.2 trillion in sales by 2030. However, the COVID pandemic changed all that, and the industry was fighting to stay alive. However, it’s never been so easy to make a profit in the restaurant industry. It’s a highly fragmented sector that is dominated by independent owners and operators, making up 70% of the sector. The average restaurant generates annual revenue of around $1 million while the operating profit is just around ...

Every restaurant server should be trained in the art of upselling. This has two major benefits: first, it increases your revenue, and second, it can provide a beneficial service to your diner by offering them a more bespoke customer experience. Upselling done right is a win-win situation for the restaurant and diner. Here are some nine effective restaurant upselling tips that servers can use to boost the bottom line. Get a Baseline Measurement of Your Diner's Behavior A big component of generati...

Technology is changing everything, affecting our homes to how businesses are managed. Restaurants are no exception. In many ways, restaurants are leading the charge in the adoption of business technology. From payment processing to marketing to deliveries, technology offers robust cost savings and revenue generation opportunities. It is enabling restaurateurs to find new levels of profitability that were never seen before. Here are ten ways technology is changing restaurants for the better. Offe...

Human beings are social animals, and do you know what they like when they socialize? Food! Think about all the local buzz that seems to be created during the opening of restaurants. They feature ads in the local paper, sprinkle in some social media banter, and of course, some word-of-mouth from their satisfied customers. All of this buzz helps to provide maximum impact during business launches. However, the local community can also help sustain businesses during their growth stages or attract in...

The sales in a restaurant can often be unpredictable. While one day, you would be overflowing with diners and food orders, some days, there would be a significant dip. Factors like changing trends, higher competition, and time of the year play a role in the highs and lows of sales. Certain sales techniques, when used right, can give your sales a major boost. Suggested selling is one of the most effective techniques that has been used in many industries and has proved to be successful. With a sim...

Owning a restaurant is certainly a rewarding experience, but it comes with its full set of challenges. In the quest to stay on top of the competition, there are bound to be mistakes made. While some mistakes can be a learning experience, others can end up being expensive for your restaurant. The weight and responsibility of making significant decisions rest on your shoulders alone, even if you have a fantastic support staff. Fortunately, you can learn from the mistakes made by other restaurant o...

Forward-thinking entrepreneurs are always on the lookout for the next money-making opportunity. However, the restaurant business requires you to have certain hospitality traits to start a successful venture. It’s a serious trade that requires a hefty investment but gives you a very high ROI - if you know what you’re doing. If you are considering to open a restaurant-, you’ll need access to an estimate of your cost breakdowns. The average restaurateur will have to spend anywhere from $200,000 to ...

The continuing trend of conducting online transactions in recent years requires restaurants to be more aware than ever before of protecting their own - and customers' - data from cybercriminals. This isn't to say restaurateurs have been ignoring data security; however, today's cybercriminals have intensified their onslaught of attacks on online restaurants. There are new and increasingly sophisticated ways of stealing sensitive customer data from restaurant websites, online ordering management s...

The restaurant industry is certainly an environment of continuous growth and learning, but it might quickly turn into a nightmare during busy days. When working with so many people and catering to huge crowds of customers, the tension can escalate and things can go out of hand. During busy days at a restaurant, your processes and plans can break down if you aren’t prepared for the unexpected. Having a crowded restaurant is indeed the goal for restaurant owners, but if you are not prepared to man...