 Unfortunately it is true restaurant industry is truly getting impact like no tomorrow. I have a personal friend of mine who's actually having to close down his restaurant from Monday to Thursday because he needs to save on labor. The virus is hitting the disease is hitting and you too should be scared. Today we're going to be covering the five ways that you can survive this catastrophe and how you can overcome the recession that is about to happen. Hey it's Wilson here owner of multiple seven-figure business. Make sure you guys subscribe so you guys can get more tips, tricks, strategies on how to build a successful thriving restaurant business. As a disclaimer I'm gonna be a little bit vague in today's video because YouTube decides to demonetize any video that talks specifically about that disease that is happening around the world that started from China. And by no means am I a health professional nor am I a crazy economist. I'm just gonna be sharing with you my personal insights, my personal takes from all my friends within the restaurant business. If you're already in the restaurant business you're gonna feel an impact but if you're in the Chinese restaurant business you're definitely gonna feel the crunch according to multiple media outlets out there. Businesses have gone down in sales by more than 50% we're talking about across all the major cities from San Francisco to New York and to even the most prestigious restaurants out there like Peninsula their sales are down by more than 70% with the restaurant business having only 5 to 10 percent margins typically we're talking about many many businesses, restaurants that's gonna be going out of business. Today we're gonna be sharing with you the five ways you can use to survive this catastrophe so make sure you guys keep watching and just to give you a little bit more context on where I'm getting the sources from is that I'm studying all the cases that are happening from ground zero from Wuhan so make sure you guys pay attention because in North America we only have 20 cases right now that number is only gonna grow so make sure you guys take urgency take notes with this video take notes with the five ways you too can survive this recession. The first way that you can survive the recession is to work delivery as a core of your business. Delivery app services have been around for a while now I cover it in this video of how you can take advantage of it I also cover in this video about Cloud Kitchen how ex-CEO of Uber actually spend more than 500 million dollars building these ghost kitchens and so on and so forth but for the context of this video the reason why delivery is so so so important is because people are not going out to eat because they're afraid of getting the virus they're afraid of the disease that's the reason why people are not going out to eat which is the reason why the first thing you should do is package your food options and delivery service options delivery meal we see that Starbucks is doing that we see McDonald's are doing that and in China they're even doing contactless delivery options what does that mean it means that they're having these items delivered to the store steps with zero contact to the human that is actually delivering the service you can actually you don't have to go through that extreme for contactless delivery but having delivery as a core of your business will help you in terms of generating extra revenue people still need to eat people still need to consume so if you have an option you can definitely take advantage of it if you're already working with third party delivery apps make sure you take advantage of that ramp up your menu so that way it's attractable for people to order from you the second way you can survive the recession is to close down on weekdays now of course I do not want you to close down of course if you have business during the weekdays and if you can break even during those days definitely don't close down but I know a lot of my friends and peers they are actually closing down on the weekdays to save on labor don't be afraid to do so just for a short period of time people understand that and as long as you actually go through with option number one to work delivery as a core of your business then you're okay with closing down on the weekdays close down on the days that are not making you any money reserve your animal reserve your time be patient and don't be afraid to bite the bullet okay I'm giving you the permission to actually close down on those days and only open on the weekends Friday Saturday and Sunday so then that way your math can make sense if you're not even sure if you should close down on weekdays then make sure that you calculate your overhead cost per day including your rent including your labor including everything on a daily basis and then calculate how much revenue you're actually getting in on those days to see if staying open would make you profitable or not if it's not then once again feel free to close down on those days to reserve your time reserve your energy until the market picks up again if you guys are liking this video if you guys find any value from this video make sure you smash the like button because that just shows me to make more of these videos for you in the future the third way to shelter yourself from this first session is to talk to your landlords talk to your landlords to negotiate either cheaper rent or deferring your rental payments speaking from a landlord's perspective the biggest fear that I have is my tenant going out of business because if they're going out of business I'm afraid that my unit would be out of commission for months on end that means that I'm paying my mortgage out of my own pocket every single month before I find someone to fill the unit that's my biggest fear understanding that if my tenant was to go through some troubles if they have always been paying their rent on time they've never really caused me any trouble and I want to keep them as a tenant I would be much more willing to even give them a month two months even three months free rent because I know if I were to replace them if I were to force them to be out of business it would take me six months to find a new tenant or if not more which is the reason why go out there don't be afraid to ask for free rent ask for deferral and rent because your landlords are in the same boat as you they are equally as afraid of you going out of business so make sure that you guys go out there ask for it my several friends of mine have actually asked for extension in their rents and they have actually were able to get them luckily my tenant has not asked me about it yet but if he's watching this video he's probably gonna ask me and I'll probably say yes the fourth way to survive this recession is to repackage your food items repackage your food items into grab and go meals why why is that the case the number one pain point people are not visiting restaurants is because they're free they're fearful and getting the disease they're fearful of being in places with lots of people they just don't want that they want to avoid any way shape or form to capture the disease if you do not have delivery service as a core of your business if you don't have that make sure you at least repackage your offering into these grabbing go meals so that way people can come in grab their food item and get out of there people still need to eat you just need to understand people still go to work people still go out to eat people need to have food so if you're able to repackage your item in a way that prevents them and minimizes their chances of contracting the disease then it is also going to be a win and allows you to be able to win and survive this recession the fifth way to make sure that you guys can survive this recession is to keep proper good hygiene make sure that you do everything upfront provide your staff with gloves with masks with sprays with stuff to wipe down their tables all the time so then that way when people come in when people see you guys they would know that hey you know what these owners are taking hygiene to the next level they understand the importance of good hygiene I feel much more comfortable eating at this place so make sure that you guys keep really really good hygiene because that's a really really big perception issue if you have good perception if people see you as being a good hygienic restaurant they have much more confidence to be able to dine at your place so provide and empower your staff to actually represent you to actually show the world that you are in good standing that you too care about other people's hygiene so there you go the five ways you can survive the recession that is about to happen the five ways you can survive this catastrophe that is happening in today's time number one delivery as a core of your business we see this as a trend that is happening regardless of this recession or not it is still something that is going to happen like it or not so working is a core of your business offering second thing is if you really cannot and if you did the math close down on the weekdays don't be afraid to do that because at then a day if the numbers make sense that you just close it off reserve your animal reserve your energy it is still okay I'm giving you permission to do that third is grabbing go grabbing go is super super important because of the fact that you know what even if people don't have delivery even when they come in they can grab their items they can go a lot of businesses are doing that repackage your food offering so people can come grab and go they still need to eat the food fourth is to talk to your landlords talk to your landlords to defer your rent me speaking from a landlord's perspective I'm giving you insight about what my greatest fear is my greatest fear is the fact that not only are my tenants not paying the rent but if I have to leave my 10 unit empty for six months eight months a year I'm gonna be paying out of pocket which is the reason why you as a tenant you as a potential restaurateur will have much more leverage talking to your landlords and last but not least keep proper hygiene keeping proper hygiene and always empowering your team to actually do that is the number one way to stop the disease from spreading and it's the number one way to actually give confidence to people that come again and again to your restaurant I really hope you liked this video if you do make sure you smash like button subscribe for much more of these contents otherwise I'll see you guys in the next video