The sharing economy, we’ve all heard about it, or even made use of it. An Airbnb for your trip to Paris? An Uber ride for getting home after a night out? Well say no more, the sharing economy trend has now arrived at its next destination: the food industry.
The volatile restaurant landscape has always made it difficult for food businesses to survive. Statistics show that 60% of restaurants fail within their first year of operations and of the ones that do survive that first year, 80% fail within their first 5 years. To add to this, the landscape is now also struggling with the consequences of the aftermath of the pandemic and high inflation rates. In one word: ALARMING.
On the flip side, it’s been found that, on average, restaurant kitchens are standing still almost 50% of the time - meaning there is potential free space for new opportunities. Many food businesses, small and big, are looking for commercial kitchens for a variety of reasons but lack the tools and resources to acquire or rent one. For this reason, new players have entered the market to bring about change within the food system by introducing the sharing economy to minimise barriers to entry and maximise profits for all.
REASON #1: FOCUS ON YOUR CORE BUSINESS HOURS
By sharing your kitchen space, you can focus on the opening hours during which you truly earn a profit – rather than just being open just to be open. Stay operational during your rush hours, in the mornings or when the evening crowds are itching to wind down after work, and during the low tide, just share your space by renting it out and earn more. Focus on quality over quantity!
REASON #2: INCREASE OVERALL PROFITS
Sharing your kitchen can lead to great opportunities to optimise your kitchen investments, adding a new revenue stream to your cash flow. By focusing on your core hours, you can determine which days and hours suit you the best to rent out your kitchen. Whether it’s seven days a week or once a month, every closed hour that you leave behind in an empty kitchen is an hour lost in potential profits.
REASON #3: MUTUALLY BENEFICIAL PARTNERSHIPS
Kitchen sharing creates ‘win-win’ situations for both the kitchen owners and renters. Business collaborations between the kitchen owner and kitchen renter can result in mutual benefits like; discounts on food ordering and more visibility to different types of customers. All of which help to optimise the business of both parties.
The future of sharing has arrived.
Want to hear more? Check out Kitchenswaps here and get in touch!