Hospitality business post lockdown: New Streams of revenue
While the industry is trying to lobby for support schemes for the hospitality sector with initiatives like RAI & SORC leading the way, it also important for food business owners to figure out how they would approach the business path ahead. With jobs lost & customer sentiment in a bogus state, it’s important that food business owners get a new game plan in place to steer through the current market conditions.
While all of that leads to one important result — New revenue streams, the trick is in figuring out which is the best approach or what are the best ways suitable to your business to create new revenue pockets.
And setting up your own online ordering website is not the answer!
We have listed down some ideas around this, some of them are key features of our business model and we’d like to hear your thoughts on them.
You want to experiment but not within the realms of your existing brand? You have a chef who could also do another type of cuisine which does not fit the the current menu? You are a premium brand but want to also address the economical range of customers?
Create a new brand, one that only exist with a digital footprint.
Existing resource & set-up but one new pocket of revenue for you right there!
a bit lost? We have you covered. Talk to us & we’d help you with this.
2. Take a New Franchise
So you have infrastructure,staff & the basic setup required for a food business. Another way of adding new income stream is to take a franchise which can be built around the existing setup without much fuss.
3. Pre-Packed & made to order
Given the nature of current situation, customers like a choice of having products which reduce their number of visits. So convert your products into a format that can be stored & consumed later.
This might require some additional job. We have seen how different operators did Pizza kit or cocktail kits which could be put together by the customer.
This means you add to the product options & given the situation, this could work!
4. Subscription model
Since takeaway is going to be the key model in days ahead & a lot of your catchment area is customers around your location, offer them a better deal if they are willing to subscribe.
This means customer paye a certain amount every month for a fixed number of orders. Flat pricing but assured income. All you need is a Stripe or paypal account for people to enter payment subscription details.
What are your thoughts on these models, let us know…