How Your Restaurant Can Keep Its Competitive Edge
The restaurant industry is highly competitive; even with a star chef and a unique cuisine you may have to struggle to stand out in the crowd. Gaining a competitive edge requires a detailed analysis of the demographics of the surrounding area and the nature of existing competitors. And, even if you are successful at first, new competitors could enter your market at any time to steal your clients. The trick is ensuring that you shoot to the head of the line – and stay there.
Easier said than done…
It’s a Diner’s Market
Diners have plenty of options these days. According to Franchise Times, an estimated 1 million restaurants are open for business in the United States. And, according to the National Restaurant Association, roughly 60,000 new restaurants open each year—and 50,000 close. As a result, the net gain is about 10,000 new businesses in a typical year. However, U.S. restaurant trends in terms of real dollars spent on dining out has only increased by about 3 percent over the last few years, and you and your competitors have no choice but to fight for every one of those dollars.
Continue reading Knowing How to Handle Competition for Your Restaurant
