How is your restaurant looking for the 2014 forecast? Multiple media outlets have been reporting that U.S. restaurant industry sales are projected to go beyond $683 billion in 2014, which would be an increase of 3.6 percent from 2013. This is exceptional news for current and prospective restaurant owners. After several years of lagging growth following the Recession of 2008-09, business across all industries—especially restaurant—finally seem to be on the upswing.
So what does this mean for your restaurant?
Restaurant owners nationwide should be bracing for higher customer volumes and increased sales. But exactly can you do to adhere to this demand? For restaurants, there are many avenues for expansion. Let’s take a look at some common ones:
- Hiring additional staff: It’s natural that the more customers you have, the more employees you are going to need. Whether it’s more hostesses, servers, bartenders, or cooks, you should take note of what you think your restaurant could benefit from having more of. Additionally, hiring specialty staff—such as cooks or bartenders—can be a catalyst to either expand or revamp your food and drink menus. People like trying and seeing new things on a menu, and hiring people to accomplish this may be in your favor.
- Interior redesign: Many restaurants find success with completely overhauling their interior design. Whether you want to completely gut the place or just switch the wallpaper and furniture is up to you, but you may find that whatever you do will be pleasant for customers. Sometimes, a restaurant just needs a makeover and if you have yet to do any substantial changes to your establishment, now may be the time. Of course, any serious renovation will force you to shut your doors, so make sure the investment is a reasonable one for your particular situation.
- Advertising/marketing: Most small restaurants either do not have the resources or the necessity to do any large scale advertising or marketing, but that should change in 2014. More and more restaurants are taking to different platforms—specifically social media—to spread awareness of their restaurant. You may not be a candidate for a print or advertising campaign, but you can put your business on social media and reach customers that way. If your restaurant does not have a full time manager or you don’t have the time to do such, you can always hire an agency to do social media for you.
A new year always brings new possibilities and responsibilities, and we want to help restaurant owners take advantage of the improving economy. We can get you the restaurant loans you’re looking for expansion in 2014, so call us today for more information and a free quote.
This article was originally published by David Goldin