You have a food business that’s making you a decent bit of money. But all the same, if you incorporate some simple ways to save money while running a food business, you will have a bigger profit margin. Perhaps it may not seem like a lot, but every penny saved up is good, right? And not to mention that it will eventually help in further expanding your business. Here’s how you can do that!
Piggyback On Your Promotions
Use the point of purchase as an opportunity to send out your advertising, promotional mailers, fliers and coupons. Insert all your promotional paraphernalia in the customers’ bag while packing the purchase. That way you save some money on postage.
The best way to save some money is to get help. How, you may ask. Well, if you are looking for advertising, promotions or even reaching out to potential customers, referrals go a long way. Your potential for increasing the percentage and volume of your business will increase, as you receive more referrals.
Customer testimonials could save you some advertising moolah. If you’ve got a happy customer(s), then do not hesitate to ask for feedback and record testimonials that you can use to promote your business.
Related: How To Deal With Difficult Customers
Offer Your Expertise
Speak to your local school or college, offices in your area or even clubs to let you do food demonstrations, cooking workshops, taste sessions or even seminars and lectures. These are low-cost ideas and ways to get noticed and promote your business without going the traditional advertising route.
Pick Up Your Own Supplies or Deliver Even
If you are out and about in the area and think you can save money by picking up your work supplies or making a few deliveries, then do it. You will save a good amount of shipping costs and every bit adds up.
Pick Up Skills
Learn some tricks of other trades, say writing a press release for the local newspaper or learning to make a professional video or do a photoshoot. Food businesses need a lot of professional photography or virtual workshops and classes. Imagine the amount of money you will save by learning a few skills and doing them yourself instead of hiring a professional.
Negotiate With Your Vendors
You can always negotiate to get the best prices. Everyone is trying to stay in business. And if you are a regular customer, they will be willing to make some concessions for you.
Barters Still Matter
Sometimes when you are strapped for cash, offer a barter. It might seem obsolete, but it still matters and is relevant. For instance, you can offer free workshops or cooking sessions for your advertising or PR team in exchange for an interview or an ad. What’s the harm in asking?
Embrace The Green
Sustainable packaging at first may look expensive, but over a period of time, will work cost effective and environment friendly too. Consider it as you doing your bit to save the planet.
Don’t Overlook The Interns
Interns are quite often smart people with less or no experience, but hiring them can get you all the legwork, they earn on the job and you do not even have to pay professional fees. So think of places or functions in your business where you have been spending a lot of money by hiring professionals and instead get interns to work for you.
Resist Week Work, If You May
You can restrict your working hours to working half days, weekends-only or have a four-day week depending on your more productive days. A lot of food businesses are being run by working professionals to make some added income. They manage to become successful by just doing weekends as many people don’t have the time to dine out.
Instead of having transporters or delivery vans delivering your food, hire services that can do the job for you. This way, your customer pays for the service instead of you paying a fee.
Buy In Bulk
For non-perishables, or items with longer shelf life, packaging and the likes, buy them bulk as retailing is much more expensive.
Let People In
To increase your menu or diversify it, you don’t have to hire professional chefs. You can ask the help of family or friends. You may find some great hidden talents in your circle and people who may be willing to work. Split the profits on the basis of what they do and it will still be cheaper than hiring that chef.
You don’t always have to hire spaces for restaurants. You can work out of an existing garage. Do some good old conversions and you can start. Pop-up stalls, food carts, food trucks are great ways to start afresh or boost your business.
Find other ways to grow. Are you known for your jams and chutneys or sauces and dips? Perhaps you can talk to a local bottling company and start your own line of products.
Don’t always rush for the exotic. Go local and seasonal. Celebrate seasonal and local produce and you will say thousands of dollars there over a period of time. Design your menu around the produce available and you are in for some good old cash in your pocket.
You can’t pass on the costs of hard times to your customers. You have to be prudent and find ways to save – in your advertising, delivery methods, changing vendors and packaging and even barter. Try some of these and you can thank us later.
See Also: How To Start A Food Business from Home | How To Price Your Food Product for Food Business| An Easy Guide To Branding Your Food Business| Tips And Tricks To Deliver Jam Jars Safe And Sound| Questions To Ask Yourself Before You Enter The Food Industry| Home Made Food Items You Can Sell Online| How To Start A Food Truck Business?