20 Mar Alternative Revenue Streams During Covid-19
In these strange times, it’s hard to know what to do if your restaurant, bar or coffee shop has had to close up. Here we look at different ways you can monetise your business- and how to make the most out of the opportunities available.
You’ve heard it all before, but takeaway is of course big business right now. If you’re going to be offering takeaway, there’s a few things you might want to consider standing out from the crowd. Is your takeaway something people want right now? Coffee is great and all, but right now the majority of people will be making it at home anyway. Can you offer a completely contactless service? Most people ordering will want a way of not having to interact. Does what you’re selling travel well? Steak and chips are great, but if it turns up looking more like soggy potatoes and tough meat then it may not be the way to go. Have a clear strategy on what you’re going to sell for takeaway, and why.
2. Other goods for sale
So, maybe takeaway isn’t for you- or it is, but you need more options. Selling your own products is a great way for people to enjoy your food at home,but be able to make it at their own leisure. Lucky you if you’ve got a deli (Carluccio’s is a great example), then there’s countless items you’ll be able to package up and sell to those stuck at home. Maybe your restaurant is known for its siracha sauce, or you do an amazing Ceaser salad dressing- all things which you can package up and sell on. If you can still have your kitchen open, definitely think about any baked goods you can offer; not only do they travel very well, but at times like this everyone needs a slice of cake or two.
3. Make your own at home
What are your signature dishes, and can you create kits for people to make them at home? Is your place a ramen hotspot or a green curry go-to? If you can create kits with the dry ingredients and recipe cards, you could really be on to a winner. Not only that but allowing people to cook your food at home offers customers a special insight into your love and passion for what you do.
4. Gift vouchers
Lots of restaurants are offering gift vouchers to use at a later date, which is great, but how do you get yours to stand out? Personally, I’d look at offering gift cards with a smaller amount and a discount attached- £100 is going to be quite a lot for people to part with right now, but £20 or £30 is a lot more manageable, especially if you’re offering a little discount or added value on top. You could even look at offering ‘raffle tickets’- offer £5 tickets to your database and offer prizes which they can be sent out in return. Sometimes it’s the smaller price schemes which can really make a difference in times like these.
5. Look after others
We are all feeling the strain right now, especially in hospitality. Although offering discounts right now sounds crazy, it might be the thing between make and break for your business. Consider offering a special discount for those in hospitality- they will want to support you, but they won’t have the funds to pay full price right now. Offer freebies or great discounts for the NHS- can you give them free coffee, or discounts on lunch or takeaway? They are working around the clock right now, and as well as just being a nice thing to do, it’s going to be good PR for your business right now.
Finally, my one important piece of advice would be this: be yourself. Your business is as unique as you, so you need to think about what works for you personally. Don’t knee jerk your reaction and just follow the crowd- the ones who get through this the most successfully are going to be the ones who really listen to their own instincts.