How to Make success with a Banquet Hall
Weddings Birthday,
ring ceremony events are key to a banquet hall's success.
Much of the
success of a banquet hall follows the same rules as any other business.
Maximize income while minimizing expenses. Advertise in focused areas.
Maintain a competent, honest and loyal staff. Charge a fair price for high
quality. However, a few considerations specific to the rental facility business
can make the difference between struggling and thriving in this competitive
market.
Appearance
A banquet hall is
not selling a good or a service so much as it's selling an experience. You will
attract more customers and get better reviews if you invest where necessary to
make that experience perfect. High cleaning standards and regular maintenance
are just two examples of this. The better your banquet hall looks, the more it
will sell itself.
Premium Charges
for Premium Services
Events on heavy
dates take up time that's more valuable than events on normal dates.
Schedule your pricing to reflect these facts. Don't be shy about charging
extra for high-maintenance events like weddings, proms and bachelor parties.
They're going to cost you extra time and energy. It's fair to get compensated
for it.
Fill Dead Space
with Regular Customers
Most banquet halls
are empty in the mornings and in heavy dates of the week. You can fill that
time by offering your facility at a discounted price for regular meetings. Even
if you charge half what you would normally charge, that's still more than you
would get if the hall were empty. Regular customers also cost less, as they
demand fewer services and extras.
Offer In-House
Catering
In-house catering
lets you charge a markup for each plate, snack and drink served. Even if you
don't have an in-house kitchen, you can subcontract out the cooking and simply
mark up the meal for extra profit. An in-house bar is a sure moneymaker for
most events and is often the largest profit center for banquet and event
facilities.
Offer Event
Planning
The people who
come to you for an event will only have planned a handful in their lives. You
likely handle that many every two weeks. Sell that valuable experience by
offering full event planning services along with the facility rental, or make
the services a standard part of the contract.
Make Strategic
Partnerships
Events don't just
require food and a place to stand or sit while people eat it. They can need
music, furniture, decorations, flowers, transportation and even security. You
don't have to keep inventory and staff for all these contingencies. Instead,
make deals with local service providers where you get a percentage of the order
in exchange for recommending them. Since all you have to do is hand over their
business card, this is free profit with every recommendation
