The restaurant industry is littered with case studies of failed F&B businesses because their owners expanded too fast, expanded wrongly, or too slowly. So, it is important to know how to expand your restaurant business in a sustainable way.
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Before we even move on to listing steps about how to expand a restaurant business, it is important to understand the challenges in the restaurant industry:
Unfortunately, the challenges remains the same for the last few decades. And the environmental factors have not been kind to the F&B industry, with the hyper competition that is seen in almost every country and the Marco factors (COVID-19, war, inflation).
So, if it is possible, remember to manage cost and go for sustainable growth strategy to conserve resources (cash).
If you are keen to learn about steps to expand your restaurant without worrying about manpower or more cash outlay, check out this upcoming workshop. (we are giving out 30 complimentary tickets, while stock lasts). Promo Code: epicure0622
(Promo Code for 75% off: GET75OFF - while stock lasts.)
The most common way to expand your restaurant business are:
You would also have realised that all the above are limited by F&B manpower crunch and investment cost (how much capital do you have?). With every additional increase in manpower, infrastructure, procurement of services, you incur more expenses and risk before any revenue increase. .
The question you might want to think about is: it is possible to increase revenue without substantial increase in cost. And is this expansion strategy sustainable.
To mitigate the risk, one way is to learn how other restaurants did it. A in-depth restaurant research report is a great way to manage your risk as you embark on your expansion. We are offering a free restaurant research report valued at $495 for all participants to our upcoming workshop.
Learn more about the restaurant research report (see below)
Sign up to get the report (Free ticket for first 30 participants: epicure0622)
Learn more about the event on The Power of Market Research organised by Alumni of Adelaide University.
**Gain insights into Singapore Industry with a free F&B industry report valued at $495.
See you on 24 August 1630 hr. (Sign up below)
Free tickets code: adelaide0823