You have thought a lot about your future business. You have probably also examined other businesses,...

You have thought a lot about your future business. You have probably also examined other businesses, even your future competition.

How have they diversified?

Why is diversification important?

What are some of the ways that you could diversify your business to bring in more customers?

These questions are related to my business plan blog which I am making on the restaurant business. so, please answer all the questions according to that scenario.

Expert Solution

Diversification is all about coming up with variety of products and offerings in the same business model so that it expands the overall scope and coverage of business. Initially diversification was limited to manufacturing industry but with time, it has been accepted and integrated by different domains of business as well. Hospitality industry has also imbibed diversification to enhance its overall market coverage. The same restaurant is serving as a fine dining restaurant, a bar, a café as well as a take away kiosk. Some restaurants also provide space for private partying and banquets. hence diversification has helped in enhancing the revenue channels for the restaurant and hospitality industry.

Diversification is quite important for all businesses. This is so because in this competitive world, companies are striving hard to maintain their market hold and beat competition. Companies are also aspiring to enhance their revenue stream. Hence diversification is the opportunity using which company can extend its overall scope, market coverage as well as profitability by making simple extensions in its business model.

Some of the ways in which a restaurant business can be diversified to bring in more customers are as follows:

· Come up with curated products to fulfil the needs of niche customers. Some customers prefer keto diet, vegan diet, etc. The restaurant can have keto and vegan products which can be sold off-the-shelf. This will enhance the customer base of the restaurant.

· The same restaurant space can be modified to serve as an all day fine dining restaurant, an all night bar as well as an evening café. This can multiply the revenue streams of restaurant business.

· Some restaurants are coming up with their merchandize like speciality products. These can be jam bottles, chef special cookies, wine, etc. This way, the restaurant can serve as a niche retail store as well.

keosha answered 3 months ago

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