There are a lot of restaurants that are located in what is considered a "college town". Many people believe that because you are located in a college town that you will have success. Think about it, you have thousands of kids located within 20 miles of you and students love to eat at all hours of the day. So why is this belief not always true?
It's difficult to build awareness.
So even though students may walk by your restaurant every single day, they may not have any reason to walk into your place. Why is that? Maybe they don't know what you have to offer. Maybe they aren't aware of your great prices. Or maybe none of their friends have ever said anything about it. Just because you are located next to a marketing gold mine, does not mean you will be successful.
What to do?
First of all, you should be marketing like crazy. You are one of the more fortunate restaurants. Most fail because of the lack of business. You are literally located in a place where you could make huge money with the right strategy. Start by creating a social network. You definitely need a Facebook and Twitter, at least. Further this with being able to order online. If I can't pick up my phone or go online and order food from you, you are a guaranteed failure. An online presence is no question.
Ok so now you have everything in order, you have to market. You could start with the old school way, handing out flyers or putting menus in student dorms and mailboxes. This works, but there are better methods. Online marketing is the key. You could use social networks to post ads, but these tend to be expensive. There are multiple sites in which you can post a cheap ad that promotes your business. Furthermore these sites usually give you the opportunity to post discounts and coupon codes. This is a proven method for bringing in new students. Students love discounts and they will be willing to try your food over a competitors if you are giving them a discount.