Baystate Merchant Services
Small Business Education
BIG RESTAURANT CHAINS LOOKING AT CLOSING. COULD THIS BE GOOD FOR SMALL, NON-FRANCHISE RESTAURANTS?
For the past five months, other than the narrow margin of industries that have remained un-phased, most businesses have either shut down (temporarily or permanently), re-tooled their business model and operations, or a mix of both.
It’s now estimated that roughly 16,000 restaurants have closed up for good, with the possibility of doubling that number by the end of 2020. However, there are some larger restaurant chains that were already looking at downsizing, or even closing before COVID entered the ring.
For a mix of reasons, perhaps the greatest being a change in consumer trends with millennials, many larger-chain restaurants found themselves sliding into trouble before 2020 began.
However, if you’re a small restaurant that survives this COVID-ridden paradigm, perhaps there are a few nuggets of information to take away from the problems that the larger restaurants are faced with. Ideas that you can apply to your business model as you continue to create new opportunities to not only help you survive, but thrive moving towards next year.
We love our merchants, and we thank them for their entrepreneurial spirit, work-ethic, and the boost that they give to their local economies. We believe that helping to promote their business is just another way that we at Bay State Merchant Services can express our gratitude for all that they do for the community.
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