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How to Make More Money as a Restaurateur

Keeping up in the restaurant industry is tough. With new restaurants popping up every day, it can seem difficult to keep up. If you own a restaurant, you know all too well the challenges of making more money in your restaurant. If you want to turn more profit in your restaurant, these are some of the best ways to do so.

Use Social Media to Your Advantage

Social media is the best tool at your disposable for marketing coverage—it’s fast, it’s free and it’s easy to use. Keep up to date on sites like Facebook, Instagram, Twitter and more to have maximum coverage. Instagram is an excellent venue to post your favorite photos of your new menu items, and Facebook helps you keep others up to date on upcoming events and special offers. Designate someone on your team to keep your social media profiles updated with the latest information to keep people interested.

Do guests turn away when you have a long wait line? Put your restaurant on an app like OpenTable. With OpenTable your guests can schedule their reservation ahead of time—even days ahead. Doing so will keep your customers happy and ultimately keep more coming.

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Offer Deals

Every restaurant puts out a deal every so often to attract customers. The most common appeal is to offer customers a reward for leaving a review on Yelp. Restaurants will offer a free dessert item, drink or a discount of some kind as an incentive. This incentive is a great way to entice customers to leave positive reviews, which in turn gives you more visibility to potential customers. Restaurants also offer deals on certain days of the week. If you experience slow days during the week, have a deal that attracts customers. Many restaurants and eateries will have a “Taco Tuesday” and offer cheap tacos, or “Thirsty Thursdays” where guests get discount drinks. Host weekly events like trivia night or a karaoke night. Events attract crowds who want to get out and do something different in the middle of the night, and you may get some loyal customers returning.

Get a Liquor License

The choice to get a liquor license will make all of the difference in the profitability of your restaurant. If you are looking to purchase a liquor license decide which best suits your needs. Consult your states laws regarding the Department of Alcoholic Beverage Control to determine which license is best for you. If you want to serve beer and wine in your restaurant, you will need a license for that. On the other hand, if you are a bar that wants to sell liquor, you’ll need a different license such as a type 48 license. Buying a license is tougher than it looks. Like real estate, most licenses are in the hands of private sellers, and so finding the right license at a reasonable price can be difficult. You may want to hire a professional service that can help brokerage the sale of a liquor license for you so that you find the best deal with minimal effort and time spent.

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Guest Contributor: Adam Pepka is a real estate doyen and finance guru currently residing in Tucson, Arizona. His real estate investments in several states keep him constantly on the go, and his passion for writing has found him penning pieces with unique insights on everything from landlording issues to investment advice.

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