 Restaurants are dropping left, right and center, which is the reason why we're shooting this video for you. The top five biggest mistakes that restaurant tiers are making so then that way you can spot it, you can avoid it, now you can build a successful thriving restaurant. If you guys haven't checked out part one of the top five biggest mistakes, definitely check it out here. Otherwise, let's dive right in. Hey guys, it's Wilson here, your friend in helping you build a profitable thriving restaurant and small business. Just want to give a major shout out to these two individual for sending so much positivity our way. If you want to get a major shout out as well, make sure you leave us some comments below. That's the community that we want to build here. A positive community that is sharing amongst the world. Now, without further ado, let's dive right in. Number one biggest mistake that restaurant tiers are making is running promotion after promotions. We're talking about happy hour, we're talking about 20% off, 30% off, bogos. This is a crucial mistake that a lot of restaurant tiers are making. Blindly following what other people are doing, just so then that way we get more business because ultimately, promotions is not what will help you build a thriving restaurant. Blindly doing it without intentful strategy will only hurt your business because running a business is running on thin margins. We're talking about five to 10% profit that we take home after all is said and done. So if you're running a promotion that is 20% off, you will be losing money. Initially, you'll be getting an influx of capital, influx in revenue, but at the end of the month, that's when you're paying your dues and that's what a lot of people are neglecting, the cost of goods solds, the promotional material and everything adding up would get you into the reds. And unfortunately, running promotions without intentful strategies, without stackable strategies will only hurt your bottom line and will not get you regular customers because these customers have no loyalty, they just come for the sale. And that's the reason why this is the biggest mistake and surest way to go and put you into bankruptcy by following blindly what other people are doing running promotions. Second biggest mistake that restaurant tiers make is not knowing the characteristics of your location. Majority of the time, this is what I see all the time with my clients is the fact that they choose the perfect location that they think and they have this assumptions on the type of clientele that would be coming through. So I'll give you an example. They assume that just because this location is beside an elementary school, that a lot of kids will come over after school and that's why this is a prime location to have an ice cream shop because who doesn't love ice cream? But in reality, after they opened up shop, no one comes through. There are no kids and only old couples. Why is that the case? It is because after school, all the parents drive in, pick up their kids, go to extracurricular activities and thus no one is buying ice cream after they pick up their kids. And that's the reason why only old couples around the area go to this ice cream shop and that's why they are not understanding the characteristics of their location. It is all based on assumptions and that's the reason why it is so crucial for you to understand who is really gonna be coming through the doors on a regular basis to purchase from you and then tailor the whole offering to your customers. That's the key in building a successful and thriving restaurant. Third biggest mistake that restauranteers make is not diversifying as we can see throughout this whole COVID. If we only rely on dying in as a revenue stream, then we're gonna miss out on delivery, we're gonna miss out on catering, we're gonna miss out on events and all these different streams of revenue and that's key example of why you need to diversify and not bank on one source of revenue for your restaurant. As an example, Kyle here made an additional $50,000 in his bar by just utilizing different assets within his company and that's the reason why you need to diversify in order for you to build a strong business that's gonna withstand all the uncertainties in the marketplace. If you guys find any value from this video, make sure you smash the like button so then that way I know this is the content you like. Now back to regular programming. The fourth biggest mistake that restauranteers make is neglecting the touch points. What are touch points? Touch points are the interactions that your customers and potential customers have with your restaurant from the moment that they Google you, from the moment that they hear about you from their friends, from the moment that they go on your Instagram, to the moment that they come into your restaurant, to the encounters they have with your staff, to the ambience that they feel, to what they hear about you through different review sites. These are all potential touch points that you need to be aware of and with each of these touch points, you need to intently craft a positive experience because at the end of the day, it takes multiple touch points before you're able to convert a potential customer into a regular customer and even more touch points to convert this regular customer into a loyal fan of yours that will always buy from you over your competitors. You need to work on those touch points. For example, you need to make sure that your customers would have positive experience when they're on your website. You need to make sure that your customers are having positive experience on your Instagram from to going into your restaurant, to actually having review sites. Everything must be positive and you must stack them on top of each other in order for you to create a loyal fan. The fifth biggest mistake that restaurant tiers are making is not asking for help. Thinking that they know it all, thinking the fact that they have been in business for a long time or that, you know what, in business, I don't need to ask for help. I just need to try it out and I'll figure it out then, right? That is the biggest fundamental mistake and the reason why is because there are people who have been there and done that. They have their experience which will cut your learning curve in more than half. That would save you tens of thousands of dollars. For me, I made this huge mistake by not listening to my consultant back then when we had our ice cream shop. They told us to make sure that we have a proven formula before we expand into franchising but because I didn't listen to them because I was ambitious, because I was not patient. I went ahead and sold two franchises within the first three months of operation and within six months of opening or first location, they closed down and that's when I had a huge ego check and to make sure that I actually started to listen, to learn, to have help and seek clarity in everything that I do. In school, we learn a bunch of things but as adults, we don't learn as much. We're not as, we don't have as much of a thirst to learn and which is the reason why we need to always be learning and always be willing to ask for help and seek for mentors who have been there done that to cut your learning curve in half and save you tens of thousands of dollars. So there you go, the top five biggest mistakes that you should avoid at all costs. I've identified the pitfall for you so then that way you can see it, you can avoid it in order for you to save your time and the money for building your restaurant. If you guys wanna learn more about the A to Z, the step-by-step process in building a successful restaurant, make sure you download in the link below my guide. This is the guide that I follow, the framework that I follow in building our ice cream shop into a seven shop international chain which we recently got acquired. So definitely go download it. I've identified the step-by-step process and the framework. It's completely free in the description below. Thank you so much for watching. Subscribe along this whole journey and smash the like button and I'll see you guys in the next episode.