What revenue streams are you missing?

Here are some non-food and drink opportunities to take advantage of

Running a profitable venue has never been harder. With rising costs and customers visiting less frequently, businesses that rely on food and drink sales can only grow so much. Diversifying into new areas can help pubs, restaurants and cafes increase their revenue and make it more predictable year round.

Make coworking packages

If you’re struggling to attract customers to eat and drink with you during off-peak hours, set up coworking packages. By opening up your space to employees who want to escape their home office, you can fill up your venue during quieter mid week periods.

Create a day pass which gives workers access to your space with a free hot drink or a discounted rate on food. You could even wrap up a breakfast or lunch deal into the cost, particularly if you’ve got a group from the same company working from your pub on the same day. The average cost of a pub day pass is £13, while a coworking space would cost £22, so pitch your packages within this range.

To give visiting workers the best experience possible, make sure your WiFi is top notch and put the password clearly on your menu or on table cards. Set aside separate quiet spaces where people can take calls or hold meetings. Stock up on quality teas, coffees and soft drinks, so they can stay refreshed all day.

Host community groups

Make your venue the hub of your community by allowing it to use your space outside of hours. Reach out to existing local groups to see if they need somewhere to host their regular meetings. Offer them discounts on food and drink during these sessions or run a loyalty scheme if they book for multiple dates in a row.

Advertise your events spaces for parties and gatherings to the locals, or even offer money off for people living within nearby postcodes. Post about it on your social channels and print cards and posters to share these perks.

To get more locals hearing about your venue, partner up with other local businesses to host raffles or fundraising events for causes close to your community’s heart. This might open up opportunities for further promotion and shows you actively care about local people and needs.

Let guests stay

Pubs and restaurants with rooms are growing in popularity as people look for short breaks or staycations. If you have the space and cash available, convert extra rooms or outhouses into rooms and let visitors book them for overnight stays. Make sure they’re warm, comfortable and clean, plus offer perks like free hot drinks, snacks or discounts when they eat and drink with you.

If you don’t have room in your own venue, partner up with other businesses that can offer places to stay. That way you can both promote each other or offer visitors an all-inclusive deal for their break.

Sell your brand

Think about your venue as a brand that can operate outside of it, and you could soon be leveraging its value. By creating a brand personality that’s built around your values and what matters to your team, you’ll make a deeper connection with potential visitors. By establishing a reputation for the brand, you create scope to expand your operations outside of your venue.

For example, you could sell your brand as a pop-up food and drink supplier at events in different venues. You could create your own merchandise to sell from your venue and online. Further down the line, it might also be possible to set up a consultancy for similar venues under this umbrella.

Customers might be visiting you less frequently but when they do, they want to make the most of it. Give them an excuse to have a good time by holding regular special events and experiences.

Monthly quizzes, bingo nights, karaoke and comedy or live music nights are firm favourites and will make your venue the go-to destination on nights across the weekend. To attract groups of guests earlier in the day, host themed brunches or lunches and screen live sports.

Don’t be afraid to try out quirky or unusual events to attract new types of guests. This could include:

Cooking classes with your own or a guest chef
Speed dating or singles nights
Cocktail classes or wine and beer tastings with your bartenders
Board and card game sessions or video gaming tournaments
Craft workshops such as ‘sip and paint’ or knitting evenings
Sports-related activities such as a run, walking or yoga club

What revenue streams are you missing?

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