Diversifying the way you do business at your restaurant is a worthwhile pursuit. Specifically, opening your venue space can be an exciting way to make your establishment more profitable overall. However, it’s challenging to understand how to ensure that the space will be successful. Luckily, we’ve compiled a short list of the building blocks of an excellent restaurant venue space.

Decide if It’s Going To Be a Permanent Gig

When discussing tips to create a venue space for restaurants, it’s wise to start by deciding whether this venue will be a temporary or permanent affair. In other words, are you only willing to host a couple of special events a year, or is this something that you see benefitting your establishment long-term?

The way you choose to answer those questions will dictate your venue layout, booking schedules, and even your event pricing. For instance, suppose you want your space to be accessible year-round. If so, you might need to permanently renovate a section of your restaurant so that you can book events there full-time. On the other hand, you might decide to go the temporary route.

In the latter case, you’ll likely have to decide on a solid restaurant tent rental to serve as your venue space a few times, yearly. Either way, choosing between a permanent or temporary situation will help you get a feel for how the venue space will impact your regular operations. Plus, it’ll shed light on any changes you’ll need to make to your establishment to accommodate your venue.

Consider What Type of Events You’ll Host

Once you decide on the permanence of your venue space, it’s time to consider what type of events you’ll host. Perhaps you like the idea of booking wedding receptions and live music events. Or maybe your preference is for corporate award ceremonies and family reunions.

You could always choose to book various event types. Regardless, you must have a firm idea of what kind of events you’ll book. Having a specific selection of preferred events makes it much easier to have a game plan for crucial components of your venue, such as:

• What services you offer (catering, cocktails, bottle service)

• Budget and start-up expenses for your new venue space

• Features and décor your venue needs (lighting, table settings, stages)

• The customers you need to market towards and how you plan to do so

Thus, it should be no surprise that considering and deciding which events you can and cannot book is an integral part of our list of tips to create a venue space for your restaurant.

Protect Yourself With Contracts and Guidelines

Once you understand the key elements of how your venue space will function, you must ensure you’re well-prepared for these new and exciting business opportunities.

To start—especially when you’re booking larger events—you need to do everything you can to protect your establishment and yourself. The most straightforward way to do this is by having all customers who book with you sign a legally-binding contract that specifies:

• Services you’ll be providing for the event

• What you will be paid for them and when

• What kind of deposit you require to book the space

• Your cancellation and refund policies

Doing this will ensure that bookings are set in stone, and therefore very difficult to back out of. Just as well, it’s wise to have a policy in place that prohibits outside food or drink from entering your venue space. This sort of policy protects your business and ensures that attendees buy food and beverages from your restaurant, making your events as profitable as possible.