Having a restaurant of your own can be both profitable and personally rewarding, but it also entails facing a fair bit of adversity. As an owner, one of the best ways to continue thriving in light of changes or challenges within the industry is with an adaptable business model.
Rather than taking a static approach to how you run things, being agile in your everyday and long term operations allows your business to roll with the punches instead of falling behind.
Here are our tips on how you can do just that.
Expect Change
As restaurant real estate experts, we’ve witnessed plenty of industry evolution first-hand. In the past decade alone, new factors such as the arrival of third-party delivery apps, ghost kitchens, global pandemics, inflation, labour shortages, and other changes have disrupted the industry in major ways. These developments have introduced unique challenges for restaurants, but they’ve also provided distinct opportunities to flourish for those willing to adapt.
As new economic, social, and cultural trends begin to take shape, along with broader innovation within the industry, restaurants will certainly face even more change in the future.
Thinking about starting your own restaurant from the ground up? Check out these blog posts to discover how you can make your dream a reality.
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Build Your Team With Intention
Curating a strong restaurant team is a crucial step in building and maintaining an adaptable business model. It’s essential to hire employees who are flexible, resilient, and who can work together to overcome challenges.
When new trends or challenges emerge, your team will be part of the foundation that helps you weather the storm. If you’re not careful in who you choose to be a part of your business, or by extension, are not ready as an owner to lead your team through adversity you could face turnover – adding fuel to the fire during difficult times. But if you’ve got a great team and staff behind you, you’ll be ready to face whatever the industry throws your way.
After building a great team, be proactive in keeping it intact. When possible, invest in your employees by providing training and development opportunities, as well as competitive compensation and benefits packages.
Feeling the heat of labour shortages? You’re not alone. Click here to read our blog post about building a team in light of a changing employment landscape.
Keep up With Your Competition
Another critical aspect of building an adaptable business model is monitoring industry trends and your competition. This means keeping up with emerging technologies, changes in consumer behaviour, and new restaurants that are making a splash in your market. By staying up to date on these factors, you can make informed decisions about how to adapt your business model to meet changing conditions.
Don’t be Afraid to Embrace Technology
The restaurant industry has seen a significant shift toward technology adoption – and this trend is only going to become more prominent in the coming years. Embracing technology can help you streamline your operations, reduce costs, and improve the overall customer experience. Some examples of technology solutions that can help you build an adaptable business model include:
- Mobile ordering and payment systems
- Online ordering and delivery platforms
- Point-of-sale systems
- Inventory management software
Looking for more restaurateur resources? We’ve carved up some helpful tips for starting your restaurant on our blog. Check it out.
- 5 Must Read Books For Restaurateurs
- Diversity in Toronto’s Culinary Scene
- Why You Should Expand Your Business Beyond the GTA
Examine Your Menu
In a competitive food and beverage industry, menu adaptability is crucial. By offering a flexible menu, you can adjust your offerings based on customer demand, seasonal availability, and changing market conditions. It’s also essential to stay up-to-date with food trends and adjust your menu accordingly. As an example, plant-based diets are increasingly on the rise in Canada. If you add more vegetarian or vegan options to your menu, you’ll maintain a larger pool of potential customers.
Keep in mind that while it’s important to be flexible in what you serve, you shouldn’t stray too far from your brand or specialties. Just one or two additions (or removals) from your menu could be all you need to stay in line with what your customers and community are craving.
Looking to open a restaurant or business? As industry veterans, Carve Real Estate can help. Send us an email to get started.
