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What do restaurant models need to make it in 2020?

Food is at the center of most gatherings. From weddings to celebrations of life, people share their experiences while breaking bread together.

Numerous restaurateurs have succeeded through the years, though as societal changes dictated a shift in business strategy, many could not adapt to meet demand. Therefore, if you plan to open an eating establishment in 2020, you might be wise to consider some of the current restaurant industry trends.

Three ways to build diner loyalty

As with any business startup, a restaurant concept typically involves complicated legal matters. For example:

You must be sure your name does not infringe on anyone's intellectual property. At the same time, licensing your menu, logo or concept is imperative to protecting your rights.

A real estate contract may need to include changes you wish to make to the property. And each vendor agreement should specify the terms of your relationship.

Business trends and changing consumer demands can dictate a strategy shift. Successfully opening a restaurant requires you to find a niche that aligns with the direction in which the hospitality industry is heading.

Some of the considerations for founding an eating establishment in 2020 include:

  • Delivery. With three out of five consumers either ordering takeout or food delivery once per week, the convenience of having your menu choices brought to your home is critical. The prediction is that global food deliveries will reach $365 billion by 2030.
  • Sustainability. As consumers become increasingly aware of environmental protection, their purchasing choices are changing. In addition to the convenience of delivery, people want their food to arrive in sustainable packaging. Promoting a zero-waste kitchen would likely attract those most interested in sustainable practices.
  • Experience. More than ever before, diners look for a social experience to remember when they eat out. Whether a meal includes an interactive show, becomes part of a game or incorporates a new twist on traditional food items, 75% of diners are reportedly willing to spend more money for a unique experience.

It may seem like there are countless considerations for starting a business. However, when you do your due diligence and follow the established regulations for your industry, business ownership can allow you to determine the legacy you wish to create.

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