Cooking has always been one of my favorite pastimes. However, for many years, my cooking skills were limited only to those dishes that I was used to eating on a regular basis. A few years ago I decided to expand my horizons and challenged myself to learn a new dish from around the world each week. I am proud to say that I completed that challenge and learned a lot along the way. Today, I have decided to start this blog as a way to not only honor my accomplishment, but to share with the rest of the world everything that I learned about international cuisine.
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Private parties can bring in big money for restaurants. When you book a large party, you can worry a little bit less about filling all the tables in your establishment for dinner service, and you can enjoy high profit margins on your catering and drink menu. Here are a few ways to boost your profits as you plan your private party business.
Price Your Catering Menu Appropriately
Pricing the items on your catering menu is one of the most important things you will do as you plan your new private party business. A typical caterer will usually mark up prices to equal a profit margin of approximately 67 percent. You can stay competitive by using a slightly lower profit margin. A caterer has to cover the costs of delivering the food, setting it up and tearing down the buffet for each event, while your restaurant will only need to cover a portion of these same costs. There are several pricing options you can use when creating your menu, including:
Talk to your chef about ways to create high-end dishes with low-cost ingredients to maximize your profits. For instance, a gourmet-quality pasta dish will typically be less expensive to prepare than bacon-wrapped steak. Work together to create a catering menu that maximizes profits while still giving clients the food they want to eat.
Hire A Designer To Renovate Your Private Dining Room
A designer can help you to make your private dining room look great, but he or she can also help you maximize your seating arrangements so you can offer event space for larger parties. The larger your private party is, the more money you can make off of your food and drink menu. Once the space is redesigned, you may be able to charge a fee for renting the room based on its beauty as an event venue, which can add to your profits.
Charge Fees When It Makes Sense
If you aren't making the profit you had hoped for with your private party space, consider adding on a few small fees that boost your revenues. In addition to charging a room rental fee, you can also consider the following:
Don't forget to include a gratuity charge for your event servers. This helps you make sure they get paid appropriately for their work, even if the party host doesn't remember to tip your servers and bartenders.
There are lots of different ways to create a profitable private party business in your restaurant. Use these tips to help boost sales while making your establishment the go-to destination for private events and parties.
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