NEW REVENUE STREAM FOR RESTAURANTS!
As a former CFO for a fortune 20 company, I'm always interested in learning about new ways people learn to make money out of the same old thing. The other day I was having a conversation with a fellow who built a fortune in the hotel business.
It seems that we're always hearing about the copy-cats and when someone says "oh, I have the "Uber idea" for the restaurant business" I yawn internally, my mind starts to drift and my eyes start to get distracted by objects around me. But not this time!
So this person tells me his son created sort of a Uber business model for high-end - hard to get reservations - want to be seen - restaurants. I thought interesting, so what is it!
If you're in the restaurant business and you own one of these restaurants then listen-up! You have valuable real estate inside your restaurant and in the past you've been limited by the prices on your menu and the volume the patron consumes in a fixed period of time, right!
Well, I hope you're sitting down because this blew my mind a bit...perhaps my mind is simple to blow...nevertheless, this son has build a business model where patrons can BUY the space for a fixed period of time at a variable rate depending on demand. This is in addition to the price of the food and drink. In other words, this service rents out your prime tables, you know, those table with the perfect view of the bay or ocean, the most romantic for an engagement, or the one to do that perfect deal. Wow I thought what a great way to help cover the rent and bring the rent factor down! In essense, the restaurant owner's are landlords for a couple hours or so! Brilliant!
He told me that hot locations in prime restaurants can go for hundreds and even thousands of dollars! That bidding wars go on all the time for those hot tables and locations inside those top restaurants!
The company is called Reserve.com. Check them out https://reserve.com/for-restaurants
Mel Jones is one of the premier restaurant brokers in the nation having published hundreds of articles on buying and selling a restaurant and bar business, selling thousands of restaurants in CA., WA and AZ and building one of the most copied business models in the brokerage industry. Mel started SellingRestaurants in 2004 with the one simple concept, give the buyers the information they need to make intelligent buying decisions without being pestered by a broker or hiding information, prepare the business for market by researching key details that make or break deals and educate the buyer on the buying process to create an intelligent buyer. Prior to SellingRestaurants, Mel was a Chief Financial Officer for Universal Music Group, the largest music company in the world. There he participated in more than $11.5 billion of merger and acquisition transactions. He also work for top companies such as Nestle Foods, USA. He hold a Bachelors in Business Administration Finance as well as attened Law School at Gonzaga University. Give Mel a call at 480.274.7000 or e-mail him at [email protected] if you have any questions.