How do I boost the income for my pub, bar or restaurant business?

Tuesday, 13 June 2023

As the cost of living crunch continues, pub and bargoers are becoming more discerning about how and where they spend their ever-receding disposable income.

As a result, competition for customers has never been greater on the High Street.

Many venues have implemented cost-saving measures and some have restricted opening hours to stay profitable by only opening during peak hours.

Many venue owners are rightly seeking low-cost ways to generate new income which can boost the bottom line and coax clients through the doors.

Whether you're looking to increase revenue during slower periods or simply want to maximise your earning potential, there are several strategies you can employ to generate extra income for your business.

Here are just a few ideas which may just help you bring in the crowds:

Host Events and Special Nights

Hosting events and special nights can be a great way to draw in new customers and boost your revenue. Many operators opt for hosting trivia or quiz nights, karaoke nights, or live music events and these can be great revenue earners.

You can also partner with local or community organisations and groups in your area to host charity events or fundraisers. Themed nights, such as "Wine Wednesday" or "Taco Tuesday," can also be popular and help bring in regular customers.

As anyone in the trade knows, “Bottomless Brunches” have huge appeal with clients and can drive excellent revenue into your business. These can be used to great effect if executed well.

Promote your own speed dating event

One of the most cost-effective events you can organise yourself is a speed dating event or singles night.

The Fanciful platform provides everything you need to promote and sell tickets online and organise a truly fantastic speed dating event. We guide you on how to successfully promote the evening, as well as all the useful know-how you need on how to deliver the night right first time.

As the venue/organiser/promoter of the event you stand to benefit from any food or beverage spend generated by the event attendees, you can also cover staffing costs and generate a good profit from ticket sales for your event too.

The average speed dating event attracts around 30 people and in most markets, participants pay £15-£20 (or local equivalent) which could generate £600 in ticket sales alone, or more, if your event really takes off!

Remember, there’s no limit to the number of events you can organise in your venue. But we'd recommend organising a few really good events a year to keep demand high.

Organising your own dating event with Fanciful is charged at a very low cost per head which will be more than covered by the entrance fee you charge your guests and charged directly to your customer.

There are no set-up fees or ongoing costs.

Click here to find out more about organising speed dating with Fanciful.

Offer Catering Services

If your business has a kitchen, consider offering catering services for events like weddings, corporate events, and other special occasions. You can also offer delivery services for corporate lunches or other business events. This can be a great way to generate additional revenue while also showcasing your culinary skills.

Rent Out Your Space

If you have a large event space or outdoor patio, consider renting it out for private events like parties or corporate meetings and events. You can also rent out your space during slow periods like weekdays or early mornings when your business is typically quiet. This can help you generate additional revenue without interrupting your regular business hours.

Many local clubs will welcome the opportunity to try a new venue and local Facebook groups can be a wonderful place to find out about groups near you and to reach out to them.

Sell Merchandise

Consider selling merchandise like t-shirts, hats, or other branded items to promote your business and generate additional revenue. This can be especially effective if you have a loyal customer base or if your business has a unique brand identity. You’ll be amazed about how many people will wear a sweatshirt or hat branded with their local.

Offer Gift Cards and Loyalty Programs

Gift cards and loyalty programs can encourage customers to return to your business and spend more money. Offer incentives for customers who purchase gift cards, such as a free drink or appetiser, and offer discounts or free items for customers who sign up for your loyalty program.

Gift cards can be a lucrative source of cash flow and there’s a real secret… shhh… quite a few of them never get redeemed.

Partner with Local Businesses

Partnering with local businesses can help increase your exposure and draw in new customers. Consider partnering with nearby hotels to offer discounted rates or packages for out-of-town visitors. You can also partner with local attractions like museums or theatres to offer pre- or post-show specials.

Make your offer simple to understand and great value and the clients will love it. It’s easy to measure too.

Create a Membership Program

Creating a membership program can help generate consistent revenue while also offering exclusive benefits to your most loyal customers. Offer perks like discounts on food and drinks, priority seating, or access to special events.

In conclusion, there are several ways to generate extra income for your pub, bar, or restaurant business. Whether you choose to host speed dating events, offer catering services, rent out your space, sell merchandise, offer gift cards and loyalty programs, partner with local businesses, or create a membership program, the key is to find strategies that work for your business and your customers. By leveraging these strategies, you can boost your revenue and create a more successful and sustainable business.