Jun 11, 2021
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Biz Tips are super brief episodes. The goal iss to improve your finances, or your systems for independent restaurants.
If you are a fan of local restaurants, cafes and foodtrucks
This episode in about finding one streams of income for your business: subscriptions. Martha Lucius encourages owners to look at their business and find five to seven streams of income. Here are a few examples of streams of income:
--dine in (obviously)
--carryout (how can you keep that a steady stream of income post pandemic
--catering (whether this is office catering, fine dining service and food, or platters of food for a bridal shower, this can improve your business).
--popups, and collaborations (maybe on-site or off-site, but another concrete source of funds)
--Bottle Shop (if your liquor license permits, then find a way to build social media and messaging to improve sales ...great profit in this one)
--Subscriptions (this can be an ongoing, quarterly and seasonal revenue stream, a monthly special 3 - 5 course meal with a chef/speaker, a wine dinner, a beer dinner, an online cooking class, a monthly in-person cooking class).
The stats on the growth of subscriptions are impressive. Right now the subscription industry accounts for $650 billion in todays US economy. It's expected to increase to $1.5 trillion by 2025!
Enjoy the show.