📣What you need to know before setting the price of every food menu

📣What you need to know before setting the price of every food menu

“Food prices in every menu” is a gateway to profit. for restaurant operators Whether it's a small shop, a big shop, or a roadside shop That if the price is set correctly and appropriately, it can generate profits for the shop as needed. But on the other hand, if the menu price is set incorrectly It will directly affect the business, that is, if the price is too low. will make the restaurant no profit and loss until it can't live or if the food price is too high As a result, customers will not enter the store, have no sales, and will eventually fail. The important things that every restaurant operator must take into account before setting the price of every dish in the restaurant are as follows:

1. Who is the target customer group?

You must not forget that We can't make the best food for everyone. We therefore need to know that Who will we sell to? What status is our target customer group in order for "our restaurant's food price" to attract them? Because it would be difficult if we were to sell food to the general staff. But the price of our food is too high that they can afford.

2. Study the food prices of competitors

When thinking of starting a restaurant or opening a beverage shop You need enough information. Therefore, we recommend researching competitors' food and beverage pricing. So you can understand the average market food and beverage prices.

And the best and easy way to collect price information on competitor's food menu is . . .

- Study prices and look at 6-8 restaurants that are similar or similar in style to the restaurant you are planning to open.

- See if there are any menus that are the same as your restaurant menu.

- If there is a menu that is the same or similar Write down the prices of each store. and see which stores sell the most expensive and which sells the cheapest. Then the price is calculated to find the average price of the food and drink menu.

3. Where is our shop located and what is its status?

The point of the store must take into account two main points. The first is the matter of location. to be related to “Target customers” as well. We have to look at the location of our store that is surrounded by what kind of customers. in order to set the price to suit the people in the area that have the opportunity to become our customers meanwhile must take into account "The status of the shop" whether we have a burden to pay installments or not? Do we have to rent shop space for business or not?

because if our shop is a shop that is not burden-free Food pricing also needs to be considered income generation. That is enough to be used to pay the instalment with the shop. Simply put, we have costs related to rent that need to be important.

4. What is the price of the restaurant competitors?

Of course, when looking at the location of the store See the people in the area See the strength of the target audience. Another important factor that follows is “We also have to look at how many competitors there are in that area.” “What is the food price of our competitors?” in order to determine the pricing strategy that Can I set a lower price but maintain the same quality as my competitors to create more chances for success? or will be the same price same quality Or will it be a higher price and higher quality? The issue of competitive price surveys in the market is very important.

because we must never forget that The decision to use the service of the customer “Price comparisons always come before quality comparisons,” which isn't just for new customers. But the old customers also want to try to see how other stores are better than the ones that used to use the service.

5. Cooking process

It is one of the costs that we have to think about as well. We need to see that How many employees does our restaurant use to cook? So how much food can be produced? in order to be able to calculate that the selling price Must cover labor costs and production procedures. Including the profit as the target or if we are a small restaurant that we are the ones who cook our own food It is necessary to estimate that How fast can we cook? How many dishes can you make a day? or each hour Delve into the best selling golden hours. how many dishes can do How many customers can you accept?

to be able to calculate the cost and set a price that allows us to have sales and profits appropriately Because if one day we can only cook 50 dishes, if we set the price too low regardless of the "cost" in the production process. The resulting sales will not be able to keep our store running.

6. Marketing Advertising Methods

Restaurant operators need to clearly answer for themselves: In the operation of our business There will be a budget for marketing. To advertise the shop or not, if so, the budget must be included in this part to calculate the cost of food as well. in order to set the price appropriately But if it is decided that there will be no budget for advertising and public relations It is also necessary to answer that then what to do to make the shop known and can draw customers into the store continuously because if you open a restaurant without anyone knowing without customers It's no different than waiting for the store to close in the end.

7. Customer Service Procedures

It's not just the cooking process that's the cost. But the steps in the service whether welcome Serving food, recommending menus, collecting dishes, billing customers, etc. All these services have operating costs. The entrepreneur must see that How many employees do we have? in order to calculate how much sales must be made in order to be able to pay employees or even if we do not have staff to serve at all But it's us who do all the duties in this part because it's a small shop. We also need to assess ourselves as well. that we do everything How much time will we waste? And how much less food can you cook? summarized as an overview of the production capacity Of course, if the production capacity is low

because you have to perform a variety of duties Pricing is inappropriate, too low, or not high enough to cover all costs of running. It will be the way that leads the store to failure in the end.

8. How much is the total cost? to determine the desired profit

in setting the price of every food on the menu The key formula is simple: correctly calculate the total cost of the dish, and add the “profit required” to make the dish. have a price that when they can be sold will allow us to have sufficient funds and get profits as set goals If this is the case When the food shop has consistently reached the specified amount will make the business gradually Growing steadily and strong, so entrepreneurs need to know. The “total cost of running your own restaurant” and “the desired profit must be clearly defined” in order to correctly calculate the “menu price”. And it's the price that allows the store to continue its business.

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