The restaurant industry experienced significant challenges during Covid. Years later, restaurant operating hours are still reduced by 6-8 hours per week. So what happens to the restaurant space during those 6-8 hours?
In the restaurant business, being closed means losing money. Even when you’re closed, your overhead costs like rent, heating, and electricity remain unchanged. It may not be cost-effective to open on certain slow nights. Now you can now make those nights profitable without making any changes.
Utilize the restaurant’s unused hours or space to generate additional income without incurring the costs and commitments of a full restaurant operation.
Your restaurant space is too valuable an asset to leave dormant.
Since we are working with restaurant professionals and experienced chefs, it is assumed and expected that GUESTs treat the restaurant space as their own, ensuring it is spotless, and all tools are returned to their proper places.
That said, the HOST is expected to take a look around when they arrive the next day and give their approval as to the condition of the space before any funds are released. If the space is not left in satisfactory condition, Geshmak can deduct a penalty from the GUEST’s payout, ranging from $200-500, adding it to the HOST’s revenue share.
If there are any damages beyond that amount, the GUEST is required to be on our insurance policy so as to shift the liability burden away from the HOST.
Restaurant insurance is complex, and creating a policy for this unique model was no exception. We coordinated and strategized with various agencies across multiple states, collaborating with our legal team to put together this (only-of-its-kind) insurance plan.
Our needs were made very clear from the start with each insurance company we met with: we wanted them to write an insurance policy with the express purpose of protecting the HOST, assigning liability to the GUEST as well as Geshmak.
The policy includes built-in coverage for things like property damage, food safety, and various other potential liabilities. Before starting, we guide the GUEST through the process to get on our insurance policy and provide proof of coverage for the HOST’s approval.
Additionally, we mandate that all GUESTs carry and present proof of Workers’ Compensation. Although not every state requires this for non-employee workers a chef may bring on site for an event, Geshmak enforces this as a company policy with the objective of safeguarding the HOST.
Our primary goal is to ensure the HOST is comfortable with the arrangement, as this is essential for our business. We can provide copies of all legal contracts, including our Standard User Agreement and policies for your review before making any decisions.
Adapt your venue to a variety of different business models (e.g., casual pop-ups, exclusive tasting dinners, culinary workshops) with minimal effort or infrastructure changes. The flexibility of your space is maximized by the ability to share it in an Airbnb for restaurants model.
By embracing this model, HOSTs can turn unused hours or closed days into profitable opportunities with minimal adjustments. Picture hosting weekend brunch pop-ups by new chefs. This adaptability maximizes your space’s utility and turns idle time into a dynamic revenue source.
Restaurant margins can be tight. But by offering a flexible, multi-purpose space, restaurants can thrive even in challenging times, creating a win-win situation for both HOSTs and the GUESTs.
Offering interesting, unique culinary experiences through collaborations helps to create a loyal customer base and encourages repeat visits. It also gives your regulars an extra reminder why they love dining at your venue!
Collaborating with independent chefs with new culinary concepts can attract a variety of customers from food enthusiasts to individuals interested in distinctive dining experiences.
Partnering with unique chefs, restaurateurs, or pop-up events brings a new energy to the restaurant, creating buzz and attracting diverse clientele.
A significant benefit for the HOST in this restaurant sharing model is the ability to generate additional alcohol sales during off hours, boosting overall profitability. By leveraging their existing alcohol inventory, HOSTs can enhance the dining experience and attract more customers.
Imagine a French chef filling your restaurant during the night(s) that you are closed, driving thousands in bar revenue without you lifting a finger.
Control over alcohol sales remains with the HOST, ensuring adherence to regulations and quality standards. A HOST staff member must handle alcohol sales, using a POS device to keep food and alcohol revenues separate. All transactions are tracked in real-time on the shared Engagement Page through the Platform’s portal.
There is no long-term commitment for any period of time whatsoever nor any contractual obligation from either side. These are ‘arrangements at will’ and can be terminated instantly with a simple verbal notification. No messy contracts, no cancellation fees. Either party is free to opt out at any point as they see fit.
Geshmak’s business model is intended for ‘recurring pop-ups’ (as opposed to ‘1-offs’). The goal is to keep these relationships working harmoniously for as long as it is beneficial to both parties. But if for any reason at all, one of the parties wishes to end the Engagement, they can do so at any time.
Gain access to a broader, fresh engaged audience through GUEST’s marketing efforts which can attract new customers and create buzz around your venue.
Restaurant Space Sharing (RSS) allows for cross-marketing opportunities for the HOST & GUEST, leveraging the space and established reputation of both for mutual benefit. Take advantage of a built-in customer base seeking a unique experience at their favorite venue.
Space-sharing creates opportunities for visibility, helping to grow your brand’s reputation in new markets.
Cross-marketing opportunities for the HOST & GUEST, leveraging the space and established reputation of both for mutual benefit.
Connect with a network of talented chefs, restaurateurs, and hospitality professionals, enriching your offerings and experimenting with different styles.
Both parties can gain insights, guidance, resources, and potentially foster long-term partnerships through this collaborative model.
Trust in a community where both HOSTs & GUESTSs can leave feedback, ensuring quality interactions and building trust within the shared space environment.
Each shared Engagement Page, accessible to both GUEST & HOST through the portal, lists everyone’s contact information should there be any need to get in touch at any point.
It even has a running dialogue box so that there is a constant and live line of communication between all of the parties in order to ensure smoothness and avoid any potential conflicts. [Engagement Page demo]
Geshmak provides an automated payment system that offers secure deposits and facilitates seamless transactions. All parties (Geshmak, GUEST, HOST) have access to their shared Engagement Page where they can view the revenue breakdown for each event.
Once the host confirms the condition of the restaurant space the next day through the portal, the funds are released within 24 hours using a preferred service (ACH, Venmo, CashApp, Zelle, etc). [Engagement Page demo]
Restaurant Space Sharing also offers staffing benefits for both HOST and GUEST. Although the GUEST provides their own team, collaboration on ‘employee sharing’ is possible.
Restaurants are constantly seeking additional help. Accessing a pool of candidates already familiar with your establishment is particularly advantageous when hiring temporary staff during peak periods and seasonal spikes.
This potential added level of collaboration can help ensure a well-rounded and efficient workforce, capable of providing exceptional dining experiences.
Expand your industry network extensively. Acquire new techniques, styles, and cuisines that you might integrate into your menu upon the conclusion of the engagement. This will enable you to draw from a refreshed selection of menu items, supported by real-life data indicating which of the guest chef’s dishes were most popular with your customers.
Considering expansion? Your next Executive Chef might already be working at your restaurant. If the Chef has a loyal following or a successful concept, it could be logical to open a new establishment together with their existing customer base.
Connecting restaurant owners and restaurateurs with a new pool of talented chefs is one of the many benefits of this space sharing platform.
When this concept was conceived initially, we knew we had a big idea on our hands. But we wanted it to be more than just an idea. We wanted to come to the market with something tangible – a finished product with a system and process in place that makes this a simple turnkey solution for all parties, to offer real value to all of the people this platform stands to benefit.
So, we began by investing more than a year of time (and significant money) building the perfect homegrown, fully customized, only-of-its-kind IT Platform specifically tailored to the Restaurant Space Sharing model we are introducing. After thousands of hours of development and testing and many months of fine-tuning, we believe that we have achieved our goal of coming to market with not just a concept – but with a product!
This ERP/CRM platform facilitates every function of the operation, from payment processing to coordinating on issues. Both GUEST & HOST access their Engagement Page through the Portal, sharing transaction data, revenue breakdowns, and payment history. [Engagement Page demo]
Not only can HOSTs offer their dining areas and kitchen spaces during off-peak hours or on closed days. They can also offer kitchen equipment, seating and other resources, providing a shared ecosystem that benefits both parties and creates new opportunities for collaboration.
With the Airbnb model, homeowners are provided the opportunity to capitalize on a dormant asset (a fully furnished and equipped living space going unused at certain times). The totality of the full resources that a restaurant space offers is far too valuable to leave idle and not embrace a new revenue source that maximizes the biggest dormant asset you have: your fully equipped restaurant.
HOSTs are provided with a full aerial overview of absolutely everything that is taking place at your restaurant space while it’s being used. At the beginning of every Engagement, both HOST & GUEST are given login credentials to access their (securely) shared ‘Engagement Page.’
Our seamless integration with our ERP/CRM platform ensures that every aspect of the Engagement is managed efficiently. Live transaction tracking, revenue sharing breakdowns, and a transparent payment process provide peace of mind and maintain a high level of trust between HOST and GUEST.
Additionally, both parties can communicate easily via an interactive record-keeping chat forum, ensuring smooth operations and addressing any issues promptly. [Engagement Page demo]
Do you have an expanding chain and are trying to decide where to launch next? We have a solution – you can become a GUEST! Assess local interest in various markets simultaneously without making long-term commitments.
No more relying on forecasting models. Understand your brand’s perception in a market before investing, enabling adjustments based on real-life data: customer response. This approach lets you scale your business without guesswork using temporary spaces to grow on your terms. [Link – GUEST demo]
Thinking about a menu overhaul but nervous about the reaction it might get? Use the shared space model to pilot new restaurant concepts, recipes, or event formats with low financial risk before committing to a full-scale operation.
Take advantage of the platform to experiment with different food concepts, menus, and service styles, gathering real-world feedback quickly without the need for any long-term commitment.
Identify a location within the market to test a proposed new product line. Operating under a different name allows for experimenting with potential menu additions without risking the brand if they are not well received.
It truly is the perfect platform for any chef – or restaurateur! [Link – GUEST demo]