Pricing Your Thanksgiving Day Selections
As you plan Thanksgiving Day dinner at your restaurant there is a lot to consider. What menu will you serve? How much kitchen and wait staff will you need? What marketing methods will you utilize? With all of these decisions to make it is no surprise that you can become overwhelmed with the process. One of the biggest decisions that you will have to make is your menu pricing. The amount you charge for the food you serve will determine whether you meet your budgeting needs and incur a profit or loss. During one of the biggest potential profit days of the year, it is vital that you make the right decisions. You also have to take into account what your customers are willing to pay. If you take a look at a few simple things you find the answer to menu pricing and be able to price your food items in a way that pleases the customer and gives you the profit you want.
What style of restaurant do you have?
The higher class your establishment, the more you are expected to charge your clients. People will expect your Thanksgiving prices to be in line with your everyday pricing. If you try and charge significantly more then you will lose the customer base you need. Take a look at your everyday style and your target market and use that to help you determine your menu pricing.
What are you serving?
Is your menu limited? Will you have a buffet? How you plan to serve your food will have a great impact on what you can charge for it. You can charge more for an all-you-can-eat buffet than you can charge for a limited selection of meat and sides. If you have one portion available, then the price should accommodate those who eat less, such as children and seniors.
How much is the competition charging?
Spend some time getting to know the local area and what the going rate is for a typical Thanksgiving Dinner. It is important to find an establishment that is serving something comparable to what you are offering. If not you may be over or under pricing your meal. You want to stay in line with the competition and possibly even beat their prices. This will make you a preferred choice when people are looking to dine out on Thanksgiving.
How much are you paying?
You want to order as early as possible so that you can get the best rates on your food. This allows you to offer better savings to your customers. However, you cannot charge less for a meal than what you are paying to provide it. This means you have to account for how much each plate of food is costing you and adjust your price accordingly.
What other expenses do you have?
Your costs go well beyond what you paid for the food. You have the cost of being open on Thanksgiving, the cost of staffing, and your usual overhead to contend with. As you plan your menu pricing you will need to take all this into account. Figure out all of the above costs to prepare the meal and then add a little profit and you will have your final price.
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