If you’re considering opening a restaurant, it is important to understand that there are a myriad of factors that can contribute to the success or failure of your endeavor. However, at Big Whiskey’s we have spent countless hours conducting valuable research that has been instrumental in ensuring the success of each franchise.
By analyzing the Big Whiskey’s franchise alongside our competitors, we have been able to successfully identify five key factors that can ensure profitability for a restaurant or franchise within the first year of operation:
The right building type
Whether you are building from the ground up or renovating an existing space, the location and type your establishment plays a pivotal role in your restaurant’s ability to become profitable. Embarking on such an endeavor alone is daunting, which is why we prefer an approach that is centered around teamwork and expertise.
Whether your establishment will be a new construction following the Big Whiskey’s blueprint, or a renovation, we will be there for you each step of the way. Our franchise team will assist you by providing experienced guidance in the selection of your Big Whiskey’s site and we’ll advise you throughout the design and building process, including prototypical architectural plans or retrofitting existing spaces.
Hit the ground running with accurate and real time COGS and labor tracking
Sadly, it’s not uncommon for new restaurants to overspend in their first year of operation, which contributes to the disheartening number of closures. By creating a franchise partnership with Big Whiskey’s, each restaurant will have access to our accurate real time COGS and labor tracking.
COGS, also known as “cost of goods sold” is a critical metric that refers to the cost of all ingredients used by a restaurant within a given period of time. By performing accurate COGS calculations, including trend and pattern identification, Big Whiskey’s is better equipped to keep costs and spending low. Low COGS combined with high sales are a vital factor in your restaurant’s profitability.
While labor costs are inevitable, but our team at Big Whiskey’s has developed a method to ensure that we can pay members of our team well while keeping our cost of labor low. We have invested valuable time and resources into a training model that offers comprehensive seated and hands-on training on-site and at a corporate location, which has been proven to simultaneously improve staff performance and retention. Throughout the franchising process, you will continue to receive support and will be assigned a New Store Coordinator, which is a corporate trainer that aids in tying up loose ends to ensure your store meets our high quality standards before guests enter the building.
Real-time inventory and accounting systems that talk to your POS
There are many reasons why a restaurant could fail within their first year of operation. Reasons for failure might include poor management or service, a bad location, or food that leaves guests feeling underwhelmed. However, one of the biggest reasons a restaurant might fail is because they are not equipped with proper systems or software.
Big Whiskey’s understands the importance of utilizing effective inventory and accounting software that speaks directly to our POS (point of sale) systems. Having software like this gives us the ability to monitor our finances and inventory with extreme precision, and makes our operations more efficient and effective. Our systems also allow us to gauge current market standards, allowing us to compete with local markets to find our sweet spot for menu pricing.
Since restaurants have such a high volume of expenditures and payments that occur on a daily basis, implementing accounting software that tracks purchases and payments received in tandem with software that tracks stock and inventory allows a restaurant to have an up-to-the-minute understanding of their current state.
In addition to tracking purchases and payments for the restaurant, our systems also give us the ability to account for all receipts, and even assist in managing our payroll by tracking tips or hours worked for each member of our team. Having these customizable software systems has been a pivotal influence on our growth and sustainability throughout the years.
Multiple revenue streams (unique and varied dayparts, on and off premise)
The pandemic has taken a toll on restaurants around the world since it began in 2020. We have seen too many restaurants close their doors, buckling under the pressure of financial stress, likely the result of their inability to acclimate and adapt. Prior to the pandemic, Big Whiskey’s implemented an industry-leading online ordering platform and leveraged it to totally transform our business. Upon reopening, our guests knew they could rely on our online platform to make ordering a breeze.
We have also found great success by ensuring our establishments have multiple streams of revenue. Aside from traditional revenue streams like carryout, in-house dining, events, full-scale catering, and bar sales, Big Whiskey’s has incorporated more ways to increase our profitability. Through strategic planning, we have been able to transform our model of operations to include to-go kitchens and our own delivery service, in addition to selling merchandise like our Big Whiskey’s brand of whiskey and promoting the sales of gift cards.
Partner with a franchise with proven systems and marketing
Many new restaurants are unable to afford strategic marketing practices, but partnering with a franchise like Big Whiskey’s gives franchisees an incredible opportunity to garner success. While other establishments were experiencing astronomical losses throughout the pandemic, out marketing team was hard at work, proactively launching all new promotions and executing viral campaigns to continue to drive business when our most important mission was to inform guests that we were open.
In a partnership with Big Whiskey’s, you will receive unparalleled guidance from our dedicated team of marketing professionals. Our marketing team will guide you through the process of creating a grand opening marketing campaign, your grand opening event, in addition to offering ongoing support, guidance and expertise. As a franchisee, you will also have access to our industry-leading marketing and promotional materials which have been proven to increase brand awareness and sales.
Now that you have a better understanding of what sets Big Whiskey’s apart from the competition, let’s have a conversation!