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5 Proven Ways to Reduce Customer Acquisition Costs

Whether you are running a QSR, full-service, or fast casual restaurant, there is always one goal in mind – gain more customers for sustainable growth. When you are on the path to growth, a big chunk of your budget will go toward marketing and advertising to reach new diners/customers. However, to know how effective your marketing campaigns are, you have to determine the customer acquisition costs. When customer acquisition costs are high and customer lifetime value is low, it ultimately breaks down your bottom line. Therefore, it is vital to strike the right balance and keep your expenses in check. This blog aims to help you make your marketing efforts count by sharing the proven tactics to reduce your CAC. What Is Customer Acquisition Cost & How to Calculate It Customer acquisition cost or CAC is the total amount you spend to acquire new customers. It is one of the important business metrics that lets you know whether the total amount you spend on acquiring new customers outweighs the money you make. In simple terms, customer acquisition cost is designed to measure and maintain the profitability of your business. Calculating your customer acquisition cost can be challenging, but there are online tools, such as the Restaurant Marketing Calculator, to help you calculate it properly. How to Reduce Customer Acquisition Cost Almost all businesses depend on customer acquisition. However, the cost associated with CAC can significantly impact your business profitability. As a result, business owners need to explore more ways to minimize the cost involved with acquiring customers. Here are 5 proven ways that can help you to reduce customer acquisition costs. 1. Test Your Options The first step towards reducing customer acquisition costs is to know which method works for you. The best way to find out is by testing your options. You need to find out which option appeals to your target audience and turns more customers in. However, when testing marketing options, don’t try all the options at once. For instance, if you want to test Google Ads, Facebook (Meta) ads, or consider going with billboard advertising make sure to try one by one and then compare all the results with each other to know which method works. This is one of the smartest moves to determine which channel gives you better results and will ultimately reduce your customer acquisition cost.   2. Try Referral Programs Did you know having a referral program can significantly reduce customer acquisition costs?  Having a robust referral program in place allows you to get warmer leads and helps you obtain prospects who are already familiar with your business. This minimizes the cost you spend on acquiring new customers. To increase recurring sales, you can introduce a loyalty reward system that can help you create loyalty campaigns and entice your customers to come back for more. 3. Push Organic Social Media Growth Organic social media growth is the key to reducing your customer acquisition cost. Businesses can leverage user-generated content (UGC), share and create valuable content that resonates with the audience, and easily convert viewers into customers. To achieve this, you need to align topics, channels, and formats with your target market. Once you start increasing your organic followers, you’ll soon be able to convert them into a target audience. Remember to keep checking your organic social media growth by monitoring and analyzing which type of posts are working for you.   4. Track Your New Customers Keeping track of your new customers is essential to know the progress of your marketing. However, it can be difficult for you to know your new customers when using a paper-based order-taking system. Therefore, to make sure that you can easily track your new customers you need to adopt either of the two solutions given below. Credit Card Tracking: A smart POS system integrated with credit card processing can help you make a database of your customers. You’ll easily track your new customers, as well as those who make repeat purchases. Online Signups: By using a custom website and app you can easily know new signups. This can help you to get an estimate of the new customers that order from your restaurant. It’s a smart way to track your new customers and know exactly how many customers you gain. 5. Invest In SEO & Digital Marketing To reduce your customer acquisition cost it is important to find new and cost-effective ways to acquire fresh customers. Digital marketing and SEO can help you reduce your costs. By simply claiming your page through Google My Business, and pushing for reviews, you can gain customers through Google. Meanwhile, by practicing SEO you can rank on certain keywords your customers are typing to search restaurants and grab more audience. Make Informed Decisions by Using the Best CAC Practices Your business is dependent on new customers. However, acquiring customers by spending more money without knowing where it’s going, won’t help you to drive business growth. By using the right tools and following the above strategy you can drastically decrease your customer acquisition cost. FAQs What is a Good Customer Acquisition Cost? There is no one-size-fits-all answer for good customer acquisition cost. It varies depending on the type of business you own. However, a general way to know whether your customer acquisition cost is good or not is to compare it with the Customer Value. Your CAC should be lower than your CV.   What is The Difference Between Cost Per Acquisition & Customer Acquisition Cost? CPA or cost per acquisition is related to the campaign or channel metric that helps you to assess what it costs to generate contact with your target audience who are still not converted into your customers. Whereas customer acquisition cost is defined as the business-wide metric aimed to calculate your overall marketing spending on acquiring new customers. Why Is It Important to Calculate CAC? Knowing how much you need to spend to bring in new customers will help you optimize your marketing strategy for

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Grocery basket on top of a receipt

How Restaurants Can Deal with Rising Inflation Costs

Running a restaurant business in 2024 seems to get tougher with the rising inflation costs. In the aftermath of the COVID-19 pandemic, restaurant inflation has ballooned, with the supply costs affecting menu prices. This has increased production costs for the restaurateurs, making it impossible for them to retain old prices. Now, many small to medium-sized restaurants struggle to decide how to price their food to customers. Many restaurants have already increased their prices to meet the cost. According to an article from Forbes, menu prices at quick-service restaurants are up about 8% over 2020, while full-service restaurants have increased nearly 6% more. For restaurateurs, increasing prices seems to be the only way to fight labor, supply chain, and inflation pressures. The most obvious way to deal with rising inflation costs indeed is to raise menu prices – which consumers have noticed. However, as a restaurant owner, a rise in menu prices can positively impact your bottom line. To combat the rising cost, increasing menu prices is often inevitable, but without the right strategy, you might lose your loyal customers. Therefore, this blog has rounded up the best practices to help you deal with rising inflation costs. The Impact of Inflation on Restaurants Whether you’re a startup or an established restaurant owner, you must be feeling the heat of the rising cost, and the supply chain becoming more expensive. While there is no business in the world completely unaffected by inflation, the restaurant industry, which is already on a thin profit, tends to get hit harder. According to Statista, the food inflation rate in the United States was at about 5.8% in 2023, and with a slight decrease of 1.3% predicted in 2024, the price for many food items will continue to rise. This also impacts consumer behavior. As of November 2023, more than 43% of consumers feel worried about paying for food. This means that passing the rising ingredient cost on to your customers won’t be easy for restaurants. The restaurant owners are now in a tight spot, trying to figure out how to maintain the quality of food while making a profit. Meanwhile, the labor cost becomes the elephant in the room, making it harder for the restaurant chains to maintain their profits. More than 30 states have made the minimum wage higher. This will continue to rise, affecting restaurants of almost all types. In such a situation, restaurant owners need to revise their strategy to deal with rising inflation costs. How To Deal with Rising Inflation Costs Americans have long been known to enjoy eating out. Even now, in spite of economic challenges, there are predictions that the restaurant and food service industry will continue to thrive in 2024. Eating out is still in demand and restaurants do have the chance to grow and thrive even in difficult economic times. You need to adapt innovative ways to deal with rising inflation costs. Here are the top ways that can help you to deal with rising inflation costs. 1. Trim the fat Before you start raising your prices to protect your profit margin, start by trimming the fat. Identify the items in your menu that are not selling and immediately remove them. Optimizing your menu items will help you to cut the cost. Now, identify your high-cost ingredients and remove them with an affordable option. If you source imported ingredients that are more expensive than local ones, consider sourcing local ingredients, which are often the same or even better quality because they don’t have to go through rigorous travel and logistics to be delivered. Look across all your vendors and see if any offer a discount on bulk orders, especially when you have multiple restaurants. You may have to cough up more money when you purchase, but it can make a huge difference in reducing your costs in the future. Trimming the fat enables you to minimize the impact of inflation on your menu prices. 2. Avoid Food Waste At the time of economic crises, avoiding food waste can be of significant help. Since food costs take up a huge margin of your budget, any unnecessary waste is an expense that no restaurateur wants to bear. Therefore, your second step should be to reinforce training with your employees and make sure that food isn’t wasted due to wrong orders, customer allergies, or carelessness. Once you and your staff are on one page, the next step is to do a thorough inventory check of everything. This helps you to know whether you’re ordering enough to meet demand or more than you possibly use. You can use POS system inventory reports to know the exact inventory figures. 3. Practice Menu Engineering Menu engineering is one of the most effective ways to sell high-cost food. You can integrate a POS system and inventory management software to gain valuable insights into the cost of dishes and the profit margin of each dish. By managing your menu, you can improve the performance of your menu items, ultimately making more profits. You can check out our blog, Menu Engineering: What it is & How it Can Increase Your Restaurant Profit, to learn how menu engineering can help you boost sales and increase profit. 4. Reduce Labor Cost As the minimum wage rises across the country, it becomes crucial for you to track your labor costs and take steps to reduce extra expenses. Once you get insights on the total labor cost you carry every month, it will become easy for you to optimize. Common steps you can take to reduce labor costs are: Use Technology: Technology is the key to reducing labor costs and streamlining your restaurant operations. Start by adding a reliable all-purpose restaurant POS that helps you to track employee performance, provides detailed insights, and lets you automate numerous tasks. Optimize Schedule: No need to pay for extra hours when you expect fewer customers during that part of the day. Optimizing employee schedules can help you prevent overstaffing, ultimately saving you more on

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Menu Engineering guide

Menu Engineering: What is it & How it can increase your restaurant profit

Running a restaurant isn’t all about focusing on your operations and the quality of dishes. Of course, it matters, but without focusing on the small details, you can’t expect your sales to grow. When a customer enters your restaurant, they are likely greeted with a smile and a menu. The menu of your restaurant is the first impression that can help you build a positive brand image. It’s not only a way to communicate with your audience but can also influence what your customers will order and how much they will spend in your restaurant. Therefore, the design of your restaurant menu is an important factor in boosting your sales. Restaurant menu engineering can be the best way to transform your menu into a money-maker. Why Do You Need to Focus on Your Menu? On average, restaurant guests spend around 100-109 seconds (about 2 minutes) studying the menu. This means that you only get a few seconds to make an impression and let your customers select the most profitable dish.  You need to focus on your restaurant menu to stand out from the competition. Menu engineering can help you make a profitable menu by keeping it concise, well-organized, and perfectly laid out. This is a smart move for restaurateurs searching for ways to make more profits. But what is it? Menu Engineering Basics: Rules Restaurateurs Need to Know Menu engineering, often called menu psychology, is the popular practice of making a restaurant menu more appealing to guests. It is used to categorize the menu by using sales data and food costs. Restaurant menu engineering requires you to have exact menu item prices, food costs per serving, and contribution margin to fully optimize your menu. This helps you to maximize your profits by encouraging your guests to select only the most profitable items. By implementing menu engineering, you can raise profits by up to 15%. However, it’s important to know the following key basic concepts to make an effective physical menu design. Pay Attention to Colors Colors can influence your guest’s feelings and behavior. Restaurateurs that use color psychology can influence purchasing habits and brand loyalty while boosting revenue. You should use your restaurant’s branding or decor colors in your menu; however, you can slightly add bright colors like red, orange, or yellow that trigger appetite. This small change can encourage hungry guests to order their favorite meal quickly. Align Your Menu Items with Guest’s Eyes Engineering your menu according to eye movements can help you maximize your sales of highly profitable dishes. Most humans tend to move their eyes in certain patterns, and knowing these patterns can help you put your high-margin dishes in the desirable placement areas of your menu. Optimize Your Menu Descriptions Do you know that the descriptions of menu items can have a direct impact on your sales? According to a study by the National Library of Medicine, the design and description of your menu influence the customer’s mind. When writing a menu for a restaurant, you need to keep a balance between the number of words you use to convince customers and keeping their attention. A description like “Cheese Sandwich” won’t be an effective way to write a menu item. However, replacing it with a “Classic Cheese Sandwich” could be a better option.  But the best way to write down the menu item would be                     “Fresh savory, buttery, toasted bread with melted cheese fillings.”  Pictures Are Forbidden… Sometimes When designing a menu, there is always an internal urge to place pictures of your dish. While you may think that it’s a good move, as the picture says a thousand words, however, it doesn’t apply to high-end restaurants. If your target audience is luxury clients for fine dining, it’s always good to avoid placing pictures. In contrast, if you run a fast casual or fast-food business, then adding images could help customers quickly see your most popular items. You should only use high-quality images of your best meals to showcase. Low-resolution or blurry images take away from the overall design of your menu and weaken your credibility. Menu Pricing Everyone knows that setting a profitable price is crucial. Of course, you won’t charge $3 for a chicken sandwich which costs you more than $5. But how to make it sellable? That’s the real question! Most of the expensive items listed on your menu won’t make it to the guest’s table unless you have the right pricing. Here, the key is not to lower the prices but to apply psychological tricks. Remove The $ Sign: The dollar sign on your menu not only attracts guests but also makes the dish look more expensive. Use digits such as 15 instead of $15 to let customers spend more. Use Decimal: Use of decimal instead of putting a straight amount can make your dish look more affordable. A dish with a price of 10 will look more expensive compared to a dish that is priced at 9.99 cents. Right Arrangement: Wanna sell more of your mid-priced food? Consider setting one high-priced item at the top of the list that makes the rest of the dishes look like a more affordable option. Boost Your Restaurant Profit by Using Menu Engineering Menu engineering offers significant benefits that go beyond designing an attractive menu. You can influence customer choices, improve sales, and enhance your brand image. Here are the key steps to boost your restaurant’s profit by using restaurant menu engineering. Step 1: Calculate Your Food Cost Calculating your food cost allows you to know your expenses to prepare one dish. You need to know the exact cost needed to produce one portion of every dish on your menu. The food cost information is often available in your restaurant POS system; however, if it is not, you can use the manual method. Let’s say you serve chicken tenders for $9. A single serving takes up to 4 ounces of chicken, 1 tablespoon

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AI generated image of a robot holding a cupcake

Snack Time Reimagined: The Future of Foodservice in Convenience Stores

In today’s fast-paced world, nobody wants to waste time waiting in long queues for their meals. The demand for fast and convenient meals has significantly risen. Now people want to be served faster than ever before. Observing this continuous demand, C-stores have already started making a debut in the foodservice industry. The customers are making their local convenience stores a go-to spot for food. Now, c-stores aren’t just the gas stations that sell food; they’re the restaurants that sell gas- making a difference. But what does the future of foodservice in convenience stores look like? Is it worth investing in the foodservice section? Let’s explore this in today’s blog. Evolving Foodservice Trends in C-Store C-stores have long been known for their easy access to snacks, beverages, and other necessities. They are completely based on a grab-and-go model making it convenient for customers to get in and out with what they need in a short amount of time.   As work and family obligations leave people increasingly time-crunched, finding quality, inexpensive grab-and-go meals has become a challenge. To meet customer needs and preferences, C-stores have undergone a significant transformation in their foodservice offerings. According to the National Association of Convenience Stores (NACS), the number of C-stores throughout the United States has increased by 1.5% from 2023. The industry’s increased focus on serving fresh food played a major role in making C-stores successful. The top two major notable trends in convenience stores are Quality– As consumer preferences shifted c-stores started investing in high-quality ingredients and culinary expertise to meet the growing demand of the customers. Customizable Meal Options– As the demand for personalized food experiences increases, the C-stores start catering to individual preferences and dietary restrictions by offering customizable meal options. Why Introduce Foodservice in Your Convenience Store? Introducing foodservice in your convenience store comes with significant benefits. You become a one-stop shop that offers not only fuel, and snacks, but a quick meal option to the customers. Don’t just take it from us, hear from Mak’s Convenience owner, Nabil Maknojia, on the future of foodservice in convenience stores. https://www.youtube.com/watch?v=Q6ay6_yhbtU A customer who is already exhausted from a full day of work, hungry, and looking to get a quick bite when greeted by the aroma of hot, fresh pizza, and sandwiches will quickly change his mind to purchase a $3 bag of chips and a soda. The ease of ordering his favorite meal by self-service kiosk and receiving it within a few minutes allows him to prefer you over a Quick Service Restaurant. Even according to QSR Magazine, the c-stores are directly competing with QSRs by providing customers a reason to stop beyond the gas pump. The top main reasons to introduce foodservice at C-store are as follows: The foodservice margin is generally higher than QSR, giving more opportunities to offer deals and more discounts. You deliver a better customer experience by becoming a one-stop shop to your customers. It is easy to attract customers by using your service strengths- such as neighborhood convenience, secure and speedy checkout process, and a clean shopping environment.v What Is the Future of C-Store Food Services? As customer preferences are changing, embracing new approaches to food services has become essential. C-store brands are consistently evolving and have changed the way they offer fresh and hot items. The drive-thru and curbside pickup, digital presence through customized applications, and better-quality food, are some of the few changes that C-stores are adopting. By implementing modern technology, and taking innovative steps, c-stores will soon look more like a hybrid between Quick Service Restaurants and traditional Convenience Stores. It is expected that in the future more C-stores will add foodservice models, and home-delivery options to provide a seamless experience for customers. How Can C-stores Get Prepared for The Future? As the market dynamics are changing the c-store retailers need to quickly adapt to the growing demand to meet consumer expectations. Now, a high-quality foodservice program is a must-have for all convenience store retailers. To develop a distinctive foodservice identity, c-stores need to offer excellent food, clean stores, innovative limited time offers, and super friendly staff. Here are a few points that you need to follow to prepare yourself for the future. 1.    Advancement in Convenience Foodservice Customers today expect the same level of convenience from stores as they do from technology. Smooth checkout, no interference, and quick processing- your customers want a seamless experience. To help your guests get in and out of the store as efficiently and comfortably as possible you need to invest in mobile ordering, self-checkout stations, and personalized loyalty programs.    2.    Sight for Evolution The C-stores need to continuously search for evolution to ensure that they stay relevant in the future. You need to keep a close eye on the market trends, changes in customer behavior, and your store growth. More stores are now using an all-in-one POS system that redefines operations, keeps everything in control, and tracks store performance. 3.    More Focus on Consumer Behavior The Covid-19 pandemic accelerated consumer’s desires to find shortcuts to quality food and drinks in their day-to-day lives. Consumers are now becoming more health-conscious with the increased demand for quality food. C-stores need to focus more on preparing quality food, customized meals, and offering self-services to increase consumer confidence in grab-go food offerings. Stay Ahead of The Curve Convenience stores are undergoing a foodservice revolution by entering a new market. As a C-store retailer, it’s time to recognize the change and adapt the modern trends to survive in the industry. By examining the future of foodservice in convenience stores you need to offer customers a better experience by catering to their needs. FAQs What is The Future of Convenience Stores? Convenience stores will continue to evolve more towards being experience-driven destinations. They will soon be seen as a convenient option for a lunch break during the week and a dinner option for the whole family. Are C-Stores Recession Proof?C-store is often considered a recession-restraint business because customers always need

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Restaurant Marketing Budget

5 steps to Create an Effective Restaurant Marketing Budget

Marketing, like all other parts of a restaurant, requires money. However, unlike other investments in your restaurant, marketing can bring you a higher ROI (return on investment), spread brand awareness, and enhance engagement. Effective marketing efforts increase the visibility of your restaurant while letting you build a strong brand identity. As a restaurant owner, you are always in search of a way to make more profits, and marketing is the tool that can help you push your business forward. However, the abundance of choices and limited budget make it difficult for most of the restaurateurs to create an effective restaurant marketing budget. When creating a marketing budget, you always need to expand your market research to know where to spend your money for a better ROI. Of course, you don’t want to waste a dollar that could otherwise be used in other parts of your restaurant. This blog will guide you on creating a winning marketing budget for your restaurant. Purpose of Establishing a Restaurant Marketing Budget​ Before going towards our main topic, it is crucial to understand why businesses spend so much on their marketing and why you need a restaurant marketing budget. You have probably heard the phrase “Money Attracts Money” or “You Have to Spend Money to Make Money.” Restaurants invest in marketing for the same reason. Your restaurant might have the best food in the town, but you might not be able to generate thousands of dollars unless your customers know about it. That’s where the marketing comes in! Marketing, in simple words, is to spread awareness in a way that makes people interested in your product or service. It attracts your target audience to your brand through messaging. The stronger the message is, the higher your customer conversion becomes. This is the main reason why you need an effective restaurant marketing budget. Estimated Restaurant Spend on Marketing​ As restaurateurs became aware of the importance of marketing, they started spending more and more money on marketing and advertising campaigns. According to Statista, advertising spending in the food category in 2023 is around 440 million U.S. dollars. This means that more restaurants are prioritizing marketing as compared to a decade ago. Generally, a typical restaurant should spend around 3-6% of sales on marketing. While it’s always good to allocate money for your restaurant marketing, without spending it correctly, you can’t make your restaurant marketing successful. So, how to utilize your budget wisely? Don’t worry, we’ve got you covered! How To Create an Effective Restaurant Marketing Budget? As someone who is just stepping into restaurant marketing, it’s always a good idea to start with a small budget. You need to first start by tracking money in and money out. The improper tracking of finances can not only result in financial loss but can also lead to the closure of your restaurant. Once you have complete control of your finances, take a percentage of the revenue and allocate it to marketing. It doesn’t need to be specific 5-6%. You can choose whichever you believe is appropriate. Here are the top 5 steps that can help you to create an effective restaurant marketing budget. Step 1: Calculate Your Restaurant Expenses The first step to creating an effective restaurant marketing budget is to calculate your total restaurant expenses. By calculating your restaurant expenses, you can easily determine your total net income for the previous fiscal year and answer questions like: What’s your previous net income? Did you invest in your marketing? If yes, then what is your average ROI? What’s your best-selling product of the year? You need to determine your restaurant’s overall financial health. Scrutinize your revenue streams, fixed and variable costs, and profit margins. This will help you to gain insights into how much income you can spend on your marketing.   Step 2: Optimize Inventory Management As a small or medium restaurant owner, it’s obvious that you don’t have much room to allocate a high budget to your marketing. Therefore, cutting and saving costs from other parts of your business can be a great idea to fund your marketing. You can start with optimizing your inventory to save money. Especially when inventory can cost a small fortune, optimizing it can help you to lower your cost. In many cases, manual inventory management leaves room for errors. To avoid it, you can acquire proper inventory management techniques that can do wonders for you.  With the right inventory management software in place, you can successfully Minimize hefty expenses Organize kitchen operations Improve customer satisfaction Step 3: Conduct Market Research Effective marketing is based on the research you conduct. You need to know your potential customers and competitors, identify customer dining preferences, track popular trends, and much more. The more information you gain, the better you will analyze the marketing needs of your restaurant. Step 4: Establish Objectives Preparing a restaurant marketing budget isn’t all about Investing your money in campaigns. Instead, you need to establish clear objectives that help you to determine your marketing progress. You need to allocate funds based on how you aim to achieve specific, measurable goals.   Make a restaurant marketing plan that addresses your objectives, long-term and short-term approach, and estimated ROI. Step 5: Determine The Marketing Budget Now, once you have followed all the above steps, it’s time to determine your marketing budget. While there is no exact rule to determine your marketing budget, by using any of the following widely used methods, you can easily determine your marketing budget for the restaurant. Percentage of Revenue– In this method marketing budget is derived by calculating the expected revenue of the current fiscal year. Competitive Analysis– This method is relatively easier as you need to derive your marketing budget by analyzing your competitor’s marketing budget. Aligning with Budget– This method, also called a need-based method, is used in small businesses. You spend only the amount needed to achieve a specific number of leads. Restaurant Marketing Budget Breakdown When it comes to marketing, the allocation

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Bar owner pouring a drink for a customer.

6 Steps to Open a Successful Bar: Startup Guide

Have you ever spent an evening at a local bar and wondered how bar owners are making a profit? With different levels of glitz and glamor, bars can come in all shapes and sizes. But opening a successful bar takes creativity and perseverance. You must do in-depth market research, have a solid strategy, and obtain the necessary bar licenses and permits.   Dreaming about opening a successful bar is easy. You’ve probably thought about your concept and your name, but to make your dream come true, you need to be ready with a clear goal and plan in mind. Running a bar can be lucrative regardless of the type of bar you are planning to open. If you have followed the correct steps, you’re already ahead of the majority of the competition.   This startup guide outlines the process of starting a successful bar that can help you turn your dreams into reality.   Why You Need to Start a Bar In 2024 Opening and running a bar can be very rewarding. You will not only be able to provide your guests with a place to get together and enjoy their time but also have the potential to earn big profits. The bar industry has grown steadily in the United States.    According to Statista, the market size of the bar and nightclub sector in the United States increased to 35.3 billion U.S. dollars in 2022. Therefore, as the market size expands, it offers new opportunities for everyone to try and test their luck in this business.   How Much Does It Cost to Open a Bar? The cost of opening a bar is the first major hurdle to bar ownership. From real estate and documentation to additional costs, such as employee wages, insurance, and supplies, the total startup cost for a bar can range from $100,000 to $850,000.    When opening a bar, here are the top factors to think about:  Bar Type: Different types of bars require different amounts of capital. A small intimate wine bar can be opened with a lower budget while the party bar requires more capital.   Leasing & Buying: This is the second major factor that can have a huge impact on your bar opening costs. Renting or leasing a commercial space is a more affordable approach compared to buying it.   Equipment Cost: The bar equipment cost can reach up to $30,000 depending on the equipment you need. From the bar POS system and inventory management system to glasswashers, ice machines, and much more, you need to make a list of equipment needed to make your bar operational.   What Is an Average Profit Margin for a Bar? As you plan to start a new business, it becomes vital for you to understand the profit margin. The average gross profit margin is up to 70-80% for nightclubs and bars. However, the average net profit margin is anywhere between 10-15%.   The profit is not fixed, and it depends on the type of bar you open and how you minimize the operating cost. Once you establish your business there is always room to improve the profitability of your bar. Hence there is always a chance to make more profits. But how to calculate your profit margin?   How to Calculate Your Bar Profit Margin? Calculating the profit margin of your bar isn’t difficult. Divide the net income (or profit) by the total revenue to get the exact profit margin. If you are looking to increase profit, you can always consider decreasing the pour cost.    To calculate your pour cost, you can divide your total inventory usage or cost of goods sold by total sales. Remember that a small change can make a big difference.   For example, if two bars, X and Y, are in the same town and sell around $1M each year, but Bar X runs at a 30% pour cost and Bar Y runs at a 40% pour cost then Bar X will make up to $200K more profit. This is the reason you need to focus on decreasing your pour cost.   6 Steps to Establish a Successful Bar Business in 2024 By now, you are already aware of the profit margin, and cost involved in opening a successful bar. But it’s not over yet. Establishing a successful bar business requires effective planning. You need to pin down the steps essential to successfully open a bar. Here are the key steps specifically created for beginners planning to step into the bar industry.   Step 1: Bar Concept & Brand The first step in starting a bar is to decide on the type of bar you want to open. Is it to be closer to a craft beer bar or a sophisticated wine bar? You need to brainstorm ideas for the mood of your bar. Think about how you want your guests to feel when they visit your bar.   Always make sure to align your location with your bar concept. For instance, if you open a bar close to the university, a pub or beer bar would be a good option. Once you are done with the concept, you’ll need to make sure that you pick the right name.   Select a name that is short, easy to pronounce, and available for domain registration. If you have a long-term plan to build a chain of bars always consult a business attorney to understand the trademarking process. In fact, it’s recommended that you always consult with a trademark attorney regardless of if you plan to have fifty locations or just one.  Step 2: Develop a Bar Business Plan Every type of business requires preparing a business plan. Without a business plan, no business can succeed. Therefore, when opening a bar, always develop a bar business plan that addresses all your questions. A business plan not only helps you determine your goals but also lets you talk to potential investors looking to finance your investment.    Elements of a Bar Business Plan   A business keeps you on track while letting you stay focused on every section. When

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Modisoft Announces Partnership with Datalogic

Modisoft, a powerhouse when it comes to point of sale software services, has taken the bold step to join ties with Datalogic, a high-flying firm in the automatic data capture and factory automation market. This bold step is taken in line with our core mission of providing our customers with the best automation experience in their retail businesses and other marketing concepts. A Union for Top-Class Automation The era in which we find ourselves is one with so much diversity and sophistication where things and daily routines including payments are done in an easier way (automation). Modisoft refuses to let the increasing number of retail business owners out there miss out on this sophistication and what better team player other than Datalogic will be a good fit for this mission. It’s good to know that Datalogic is an outstanding and versatile performer when it comes to data collection, point of sale, and factory automation. The coming together of these formidable giants will enhance the quality of services and help our clients achieve purchasing decisions on high-margin products or services by their customers using top-class POS hardware and software. Now we can all envision an era where POS locations hit the upward spike and as a result, retail businesses can tap into the micro market giving everyone an equal chance of making profits. About Modisoft You must have heard about “point of sales” popularly known by the abbreviation POS, Modisoft deals on its hardware and software. With several gas stations, grocery stores, and other retail businesses on the rise, Modisoft has taken it upon itself to ensure that they carry out their businesses more smartly and proactively. For over a decade, Modisoft has remained relevant to back-office operation, inventory documentation, lottery management, sales management, etc. We have an efficient and consistent workforce which has proven to be our strength over time because we are hell-bent on providing support, flawless service, and putting a smile on the faces of our customers. About Datalogic Datalogic is a global technology leader in the automatic data and automation market, based in the United Kingdom. They are versatile with their products and services covering a wide reach. Datalogic is specialized in the production of mobile computers (including POS hardware and software), laser marking system, and sensors for detection, RFID, and barcodes readers. When you think of a company with top-notch service, Datalogic is one of them. Its wide range of products and services are solely for the benefit and happiness of the customers.

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Ingram Micro Partners with Modisoft

Modisoft Entangles with Ingram Micro for business growth

Modisoft has taken a giant stride in its business and growth plans by partnering with Ingram Micro. The partnership with Ingram Micro company is part to grow our working capacity and also increase the value to our customers. This agreement will boost global growth and infuse competitiveness and flexibility in Modisoft’s strategic progressions in the global Market. Together, Ingram Micro and Modisoft will hold hands to empower their customers to harness the force of data while evolving at an appreciable pace. Modisoft and Ingram Micro are industry pioneers in big business information security and this appropriation participation denotes an essential achievement in market development. ”We are very excited about this partnership with Ingram Micro” – Modisoft’s CEO. Agreement for explosive business growth: Ingram Micro has proven itself as a more valuable, more efficient, knowledgeable, and profitable partner to high flying organizations in the past year. We believe that their versatility and ingenuity will help us grow within the company and provide clients with exactly what they need. With this new agreement with the Ingram Micro company, Modisoft can offer products at a lower cost to customers and fulfill their hardware demands. Along with that, we have the option to create customer loyalty in regards to feedback and money-back mechanisms, etc. The company offers a full range of value-added logistics services for technology and mobile markets and also allows our clients to focus on profitable growth of their business. With all these amazing features, characters and benefits, you’ll wonder how you ever went without Modisoft before now! About Modisoft: Modisoft deals on Point of Sales hardware and software. We focus on delivering flawless services to retail businesses. With us, Hotels, Gas stations, Food trucks, Grocery stores, etc can become smarter and more proactive in their deliveries. We have served for over a decade. We have been providing excellent solutions for sales management, Bank office operations, financial reporting, inventory documentation, sales management, lottery management, etc. Our team is our greatest asset! They offer constant support and satisfaction to our customers, as they work round-the-clock to ensure that their needs are met. About Ingram Micro: Ingram Micro offers economies of scale for little businesses, medium-sized, and enterprise partners. They connect their clients with the world and native markets, technologies, and resources to promote and sell their products.   Ingram Micro has international operations in fifty-nine countries and sales in one hundred and sixty countries. At Ingram Micro, you’ll discover that you can do more than just selling products. By joining their reseller team, you will have the room to partake in mouthwatering benefits.

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Zebra Technologies partnership with Modisoft

Zebra Technologies, the leading enterprise in the domain of real time applications and solutions, has recently announced a strategic technological partnership with Modisoft in order to accelerate its marketing and sales through cloud-based software technology. Future implementations of additional Modisoft services are also reported to be effectuated. The partnership, combining Zebra Technologies’ leading technological products combined with Modisoft’s complementary cloud-based marketing software and hardware, marks the advent of a window of endless possibilities. A Great Alliance: Zebra Technologies has conventionally carried out sales record analysis manually. This partnership is predicted to boost sales and profit. The high-performance Point of Sale technology (POS) provided by Modisoft, allows reliable tracking of sales virtually, coupled with providing a balance, profit, and loss sheet, when required.  This additionally incorporates Fuel sales and Gross sales. The cloud-based POS system is reported to be safe and secure and can be implemented offline. From a marketing and business point of view, this feature will digitize the sale record and inventory management of Zebra Technologies, thereby easing the financial process. The senior manager of the marketing department of Zebra Technologies, John Wyer said: “We are excited to commence, and kick start this new venture by launching a system for recording and tracking our sales on a daily basis.” Modisoft provides state-of-the-art customized websites, which aid customers in placing orders online thereby, eradicating the arduous process of physical purchase. This will allow Zebra Technologies to carry out sales activities in a new and effective manner, thereby maintaining its competitive edge. This collaboration will allow Zebra Technologies to reach customers effectively for the sale of their printers, computers, and tablets. The Manager Technical Communications, Carla Martinek, reportedly said: “The age of modern digitization requires real time solutions. Online websites for selling products is vital for effective sales and Modisoft is an ideal partner for achieving this goal. We are eager to initiate and launch this new pursuit with a company that shares our vision of a smarter and more connected community.” By virtually connecting retails and customers, the collaboration denotes the age of complete digitization of sales and marketing for Zebra Technologies, hence maintaining its status as a leading global enterprise. About Modisoft: Modisoft is a maker of hardware and software solutions. Our mission is to deliver flawless services to retail businesses. Over the years, Modisoft has developed, but we still strive to meet the needs of worldwide business clients. Modisoft point of sale solutions have proved very helpful in retailing businesses such as gas stations, convenience stores, food trucks, etc. mPOS solutions help in different aspects of businesses especially Back Office Operations, Sales Management, Lottery and fuel sales Management, Financial Reporting, and much more. Visit our website at https://modisoft.com/home.html. Their integrated POS hardware and software solutions are designed to help retail businesses conduct business smarter. Their solutions help all aspects of a business including Back Office Operations, Lottery and Fuel Sales Management, Inventory and Sales Management, Financial Reporting, and much more. Their system is easy to deploy in numerous retail business environments such as restaurants, gas stations, convenience stores, pop-up stores, food trucks, and much more. About Zebra: Zebra Technologies is a manufacturing company that provides computer hardware, retail, transportation, health care, and logistics. It was founded in 1969 and has more than 10,000 partners across the globe. Zebra offers different services, including barcode scanning, rugged tablets, intelligent automation systems, printing and supplies, mobile computing, real-time location systems (RTLS), data services, and regulatory analytics. Visit its website at https://www.zebra.com/gb/en.html. Zebra solutions work with many industries all around the world. They are across every major industry and business such as manufacturing, transportation, healthcare, and other industries. They have more than 10,000 partners across 100 countries. They provide assets to help their customers to make business-critical decisions. Their products include mobile computers and tablets, thermal barcode label and receipt printers, intelligent software and solutions, and card and kiosk printers used for barcode labeling, personal identification, supply chain, retail, healthcare, and government sectors.

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Zebra Technologies announces partnership with Modisoft

September, 9th 2021 – Midosoft company news Zebra Technologies, the leading enterprise in the domain of real time applications and solutions, has recently announced a strategic technological partnership with Modisoft in order to accelerate its marketing and sales through cloud based software technology. Future implementations of additional Modisoft services are also reported to be effectuated. The partnership, combining Zebra Technologies’ leading technological products combined with Modisoft’s complementary cloud based marketing software and hardware, marks the advent of a window of endless possibilities. A Great Alliance: Zebra Technologies has conventionally carried out sales record analysis manually. This partnership is predicted to boost sales and profit. The high performance Point of Sale technology (POS) provided by Modisoft, allows reliable tracking of sales virtually, coupled with providing a balance, profit, and loss sheet, when required.  This additionally incorporates Fuel sales and Gross sales. The cloud based POS system is reported to be safe and secure and can be implemented offline. From a marketing and business point of view, this feature will digitize the sale record and inventory management of Zebra Technologies, thereby easing the financial process. The senior manager of the marketing department of Zebra Technologies, John Wyer said: “We are excited to commence and kick start this new venture by launching a system for recording and tracking our sales on a daily basis.” Modisoft provides state-of-the-art customized websites, which aid customers in placing orders online thereby, eradicating the arduous process of physical purchase. This will allow Zebra Technologies to carry out sales activities in a new and effective manner, thereby maintaining its competitive edge. This collaboration will allow Zebra Technologies to reach customers effectively for the sale of their printers, computers, and tablets. The Manager Technical Communications, Carla Martinek, reportedly said: “The age of modern digitization requires real time solutions. Online websites for selling products is vital for effective sales and Modisoft is an ideal partner for achieving this goal. We are eager to initiate and launch this new pursuit with a company that shares our vision of a smarter and more connected community.” By virtually connecting retails and customers, the collaboration denotes the age of complete digitization of sales and marketing for Zebra Technologies, hence maintaining its status as a leading global enterprise. About Modisoft: Modisoft is the maker of hardware and software solutions. Our mission is to deliver flawless services to retail businesses. Over the years, Modisoft has developed, but we still strive to meet the needs of worldwide business clients. Modisoft point of sale solutions is proved very helpful in retailing businesses such as gas stations, convenience stores, food trucks, etc. mPOS solutions help in different aspects of businesses especially Back Office Operations, Sales Management, Lottery and fuel sales Management, Financial Reporting, and much more. Visit our website at https://modisoft.com/home.html. Their integrated POS hardware and software solutions are designed to help retail businesses conduct business smarter. Their solutions help all aspects of a business including Back Office Operations, Lottery and Fuel Sales Management, Inventory and Sales Management, Financial Reporting, and much more. Their system is easy to deploy in numerous retail business environments such as restaurants, gas stations, convenience stores, pop-up stores, food trucks, and much more. About Zebra: Zebra Technologies is a manufacturing company that provides computer hardware, retail, transportation, health care, and logistics. It was founded in 1969 and has more than 10,000 partners across the globe. Zebra offers different services, including barcode scanning, rugged tablets, intelligent automation systems, printing and supplies, mobile computing, real-time location systems (RTLS), data services, and regulatory analytics. Visit its website at https://www.zebra.com/gb/en.html. Zebra solutions work with many industries all around the world. They are across every major industry and business such as manufacturing, transportation, healthcare, and other industries. They have more than 10,000 partners across 100 countries. They provide assets to help their customers to make business-critical decisions. Their products include mobile computers and tablets, thermal barcode label and receipt printers, intelligent software and solutions, and card and kiosk printers used for barcode labeling, personal identification, supply chain, retail, healthcare, and government sectors.

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FAQ

Rest assured that our exceptional customer support is at your service round the clock, 24 hours a day, 7 days a week. We take great pride in providing you with unwavering assistance, ensuring that any issues or concerns you may encounter are swiftly and effectively addressed. Feel free to reach out to our dedicated support team whenever the need arises, as we are always here to provide you with prompt and reliable solutions.

Modisoft takes pride in providing a comprehensive suite of tools designed to facilitate seamless operations for your restaurant. With our powerful software, you can take advantage of a range of features tailored to enhance your efficiency and customer experience.

One of the standout features of Modisoft is the ability to view live sales data. This real-time visibility empowers you to monitor sales performance as it happens, allowing you to make informed decisions and swiftly address any issues that may arise.

Moreover, our software enables you to create customizable menus for ordering. You have the flexibility to design menus that align with your restaurant’s unique offerings, making it easier for customers to browse and select their desired items. This customization feature ensures a user-friendly ordering experience that caters to your specific requirements.

Additionally, Modisoft supports digital menu boards for pricing. By leveraging this functionality, you can easily update and display pricing information on digital screens within your restaurant. This dynamic approach eliminates the need for manual price changes and enhances the overall aesthetics of your establishment.

We’re pleased to announce that the cost to run the POS system aligns with the subscription for your back-office software. This streamlined approach simplifies your financial management, allowing you to enjoy a unified pricing structure that covers both the hardware and software components.

Maximize the potential of Cartzie Campaigns, our exceptional tool, by harnessing its features to create customer loyalty and drive repeat visits to your store. With Cartzie Campaigns, you can implement robust loyalty programs that incentivize customers to return, fostering a strong and lasting relationship with your brand.

Furthermore, take advantage of the automated customer outreach capabilities of Cartzie Campaigns through text messaging. This powerful feature allows you to engage with your customer base proactively, sending personalized messages, promotions, and updates directly to their mobile devices. By automating this process, you save time and effort while maintaining consistent and effective communication with your valued customers.

Additionally, our software empowers you to offer online ordering, opening up new avenues for sales and customer convenience.

By leveraging Cartzie Campaigns’ loyalty programs, automated customer outreach via text messaging, and online ordering capabilities, you can enhance customer engagement, increase sales, and deliver exceptional customer experiences. Embrace the full potential of these tools to grow your business and establish a strong presence in the digital realm.

About Altria

Altria Group, Inc. is one of the world’s largest producers and marketers of tobacco and related products. They have been the undisputed market leaders in the U.S. tobacco industry for decades.

Altria Group is known for owning the most enduring names in American business including but not limited to Philip Morris USA, John Middleton, and U.S. Smokeless Tobacco Company.

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Benefits

  • Monitor and track all promotional efforts by directly integrating deals into insights
  • Receive Altria rebates smoothly by sharing scan data reports
  • Generate Altria scan data report program at a click

Pricing

Included in Advanced Plan

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About Cartzie

Cartzie is a loyalty application designed by Modisoft, with you in mind. It is a one-stop loyalty and online ordering solution that is fully equipped with all the tools needed to make your business grow.

With Cartzie, you can do curbside pickups, delivery, and drive-thru ordering. Cartzie has revolutionized the way businesses interact with customers.

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Benefits

  • Add delivery options for your customers
  • Boost your marketing efforts through targeted campaigns
  • Take your business online in a few clicks
  • Receive payments online for your orders

Pricing

+$59 per month with Retail Plans

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About Comdata

COMDATA has been serving businesses for over 45 years and is recognized as a leading provider of commercial payment solutions. They specialize in serving the trucking industry and are known as an issuer of fleet fuel cards, trucking permits, corporate spend cards, and paperless payroll cards.

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Benefits

  • Automatically transfer sales data from the Comdata POS into Modisoft back-office software
  • Get an all-in-one solution to monitor and track your sales separately
  • Easy accessibility to manage all your fuel sales

Pricing

Included in Advanced Plan

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About DoorDash

DoorDash, Inc. is a food ordering and delivery platform based in San Francisco. It is the largest food delivery company in the United States with more than 50% of the market share in the convenience delivery category. It provides an on-demand food delivery service to restaurants and stores. Their services help businesses innovate, grow, and reach more customers.

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Benefits

  • Receive order directly into your POS System
  • Manage your online DoorDash menu
  • Enable DoorDash orders for your customers

Pricing

+$69 per month for Third-Party Order Management

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About Fintech

Fintech has been dedicated to serving the beverage alcohol industry for the last 30+ years. Established in 1991, Fintech operates from its headquarters based in Tampa, Florida. Supported by TA Associates and General Atlantic, Fintech automates alcohol invoice payment, streamlines payment collections, and facilitates comprehensive data capture for 1 million B2B business relationships.

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Benefits

  • Import vendor invoices directly into your back office
  • Optimize purchase order management
  • Improve your alcohol vendor management

Pricing

+$5 per month

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About Gilbarco Veeder-Root

Gilbarco Inc. is a supplier of fueling equipment including fuel dispensers, payment systems, point-of-sales systems, and support services. The company operates from Greensboro, North Carolina.

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Benefits

  • Effortlessly connect your POS data from the Gilbarco system to Modisoft Insights

Pricing

Included in Advanced Plan

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About Instacart

Instacart is a delivery company that operates a grocery delivery and pick-up service in Canada, and the United States. It is one of the largest grocery marketplaces in North America. Instacart makes the delivery process easy for store owners.

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Benefits

  • Monitor and manage your Instacart inventory levels from Modisoft Insights
  • Updated Instacart inventory levels in real-time
  • Avoid stockouts by ensuring accurate inventory levels

Pricing

+$15 per month

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About Retalix

Retalix Ltd was established in 1982 and is now owned by NCR Corporations. It develops licensed and supported software applications for retailers, wholesalers, and distributors of fast-moving consumer goods.

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Benefits

  • Easily Import sales data for reports and analytics from the Retalix POS system
  • Monitor sales in real-time

Pricing

Included in Advanced Plan

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About Paycue

Paycue is Modisoft’s preferred payment processing provider. It helps businesses to streamline their setup process to be faster and more efficient. Paycue assists businesses with faster payments and smoother customer interaction.

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Benefits

  • Enjoy minimal fees on transactions
  • Seamless integration
  • Speedy transactions
  • Secure payments

Pricing

No monthly fee. Only pay when you sell.

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