Turning your restaurant business into a success is easier said than done. Expanding your business and opening more outlets requires not only maximum effort, but also an even larger capital.
While many business owners resort to taking extra loans for business expansion, this can be a risky move if you’re not aware of your repayment capabilities. Or sometimes, some business aren’t able to generate enough revenue to qualify for these loans. So how else do you grow your restaurant business without needing to rely on taking loans?
Here’s 3 tips to expand your restaurant business without needing bang the buck!
Social media and blogging
One of the easiest ways to grow your business without needing to spend a penny, is through online content marketing. What’s that already?
Content marketing, as defined by the Content Marketing Institute, “is the marketing and business process for creating and distributing relevant and valuable content to attract, acquire, and engage a clearly defined and understood target audience – with the objective of driving profitable customer action.”
Content marketing allows you to build brand awareness, acquire new customers, increase sales, provide media visibility and a competitive advantage for your restaurant business.
One of the easiest ways to get started is set up a Facebook Business page where you can periodically post relevant and engaging content to more customers and brand exposure for your restaurant.
Innovation is Key
Did you know that 80% of business fail because of their failure to innovate?
As an entrepreneur, it’s important to always stay up-to-date with the latest industry trends and technology. The F&B Industry today is inundated with all sorts of technological advancements which are meant to help automate tasks and reduce operational costs.
Innovating can provide a visionary strategic lever for change, business transformation, management, profitability and overall long-term sustainability.
Hire a food truck
Food trucks are all the rage now. In Southeast Asian countries like Malaysia and Thailand, it’s become a common sight to see carparks filled with food trucks. So why expand your restaurant business with a food truck?
Firstly, food trucks require minimal startup cost compared to operating a brick and mortar restaurant. You’re able to save on overhead costs and you get to change the location of your food truck every day.
Food truck owners can drive down to locations like IT parks, university campuses, shopping malls, etc. where there is a high probability of having prospects.
You can hire or buy one in accordance to your budget. They don’t cost a fortune, and you are sure to recover the cost of acquiring one within a couple of years or sooner.
There’s always something you can do to grow your business without spending a whole lot of money! Keep thinking 🙂