Restaurant owners have access to far more information regarding their industry right now than at any other point in history. There is endless online content, new technology that allows more in-depth analytics, and a myriad of successful examples to follow for developing first class customer relations and company culture. So what does this all mean for the future of your restaurant?
The Restaurant Industry Isn’t Failing
According to a Forbes article, “17% of restaurants close in the first year, not 90%. This is in fact a lower failure rate than other service providing businesses, where 19% fail in the first year. For comparison, they find that 21% of offices of real estate agents and brokers fail in the first year, and the number is 19% for both landscapers and automotive repair. The failure rate for full-service restaurants is the same as the failure rate for insurance agencies and brokerages.”
It Is Flourishing Like Never Before
Published by The Atlantic, “In 1990, manufacturing was almost three times larger than the food-service industry. But restaurants have gradually closed the gap. At current rates of growth, more people will work at restaurants than in manufacturing in 2020. This mirrors the shift in consumer spending. Restaurants’ share of America’s food budget has doubled from 25 percent in the 1950s to 50 percent today.”
As Long As You Have A Concept
The Toast Restaurant Management Blog states, “There are 624,301 restaurants in America alone, according to NPD Group. That means diners literally have hundreds of thousands of choices for where to dine out. And that’s if they dine out; with grocery prices decreasing, and menu prices increasing, it’s even harder to entice people to leave their homes. So how do you make your restaurant stand out? How do you make people excited to visit your restaurant? Come up with great restaurant ideas.”
And Cater To The Latest Trends
As written by Theresa Navarra on 7Shifts.com, “70% of restaurant guests are looking for healthy restaurant menu options.”
Or Go Against Them And Create Your Own
Alternatively, according to The Mercury News, taking the opposite approach can be successful as well. “#GetFried Fry Cafe, billed as the nation’s first specialty French fry eatery, will open its first California location in January — on Great America Parkway near Santa Clara’s Levi’s Stadium. Inspired by Canada’s poutine shops and Amsterdam’s fry cafes, founders Chris Covelli and Garrett Green checked out the stats — Americans eat 29 to 50 pounds of French fries a year, they say — and launched their first #GetFried in 2015 in Buffalo, New York.”
Don’t Forget Working Capital
Preferred CFO notes that 82% of small businesses fail due to poor cash flow management skills/poor understanding of cash flow. With over 12 years in the business, Quikstone Capital Solutions has proven to be a trustworthy and knowledgeable lender specializing in small business funding. Over 60% of our clients are renewals looking to continuously grow their business. Whether you need cash to cover unexpected costs or if you’re looking to make long overdue improvements, Quikstone Capital can help.
Click Below For More Ways To Invest In Your Restaurant
