Setting the right price for your restaurant menu is a very challenging task as it seems. Books on restaurant can give you some guide tips on how to set your menu and how to price them. However, it is not necessary that you stick exactly to the rules. Pricing depends on various factors – location of your hotel, popularity of the restaurant, how popular the food is, competition, and much more. But remember that the menu and the price you charge decides how many more or less customers would you be getting for your place.
Setting the price of your restaurant menu depends on various factors:
Set your price
Begin by setting the base price for every food. Later you may double it to reach out to the ballpark price. Also, baseline price is the best threshold to start increasing by comparing against what your competitors offer. Besides that you can set certain dishes based on the modern standards.
If you are asking for the delivery at the restaurant then the price would be different as compared to the price for door delivery obviously. For example, when you order for a pizza you may have to consider price of the pizza, you can also find top ten pizza restaurants here http://www.healthyeatshere.com/ten-best-pizza-restaurants-in-los-angeles/ tip for the delivery boy, and the expense of travelling to and from your restaurant to your door.
Try to sell your dish
Some dishes may not be as popular and likeable by the customers like other dishes. So, you just can’t stop serving those dishes at your restaurant. The best solution would be to adjust the prices of the dishes you offer to the customers. This would give them a better and cheaper opportunity to try out your less popular dishes. Also, in case you think if the dish is perishable and you can’t save it for another day, then make sure you reduce the price and sell it to them.
Demand and supply is the best policy which every restaurants would follow when it comes to serving food. If the demand for food is much greater than that it is available, then, you can increase the price and people would just buy it blindly. Hence, it is very much essential to make a thorough study on your market before you jump into fixing a rate for the dish.
You may have to do a market study in order to understand what your competitors are offering for the said dishes. Hence, make sure that you study the market price before setting the menu price for your restaurant dishes yourself. However, higher the quality the more expensive would it be.
Other factors that influence the price
Other factors such as the location of your restaurant, price offered by your competitors, or the demand for the dish in that location matters a lot for setting the price of your dish.
As prices can directly or indirectly affect the profit of your restaurant, it is very essential that you take the right decision at the right time considering all the factors mentioned in this article.