The restaurant industry is notoriously competitive. Restaurant owners need to constantly make improvements to their business to stay competitive. Whether you are thinking of expansion, renovation, or rebranding, preparing your financials beforehand is key to keeping your restaurant on the right track. A commercial loan for your restaurant is one of the best ways to do this.
Merchant cash advance and other similar daily pay products will charge high rates over short periods of time, putting a strain on your finances as you make these improvements to your restaurant. The right commercial loans for restaurants will allow you to make all renovations at one time without putting your cash flow under pressure, enabling you to get back to business sooner and keep your finances stable.
So what you could you use a commercial loan for at your restaurant?
Keep Your Menu Current
Your menu is the focal point of your restaurant. Making sure you keep customers interested without giving up the signature dishes that define you is a careful balance. Hiring a consultant will give your menu an expert touch that will impress old and new customers alike.
Update Dining Space
The average lifespan of a dining area is seven to 10 years. When was the last time you updated yours? The look and feel of your dining room will effect your reputation and your customer’s experience. Update your look, replace your tables and worn out chairs, and replace old dishware.
Invest in Marketing
Your restaurant won’t continue to grow by just keeping your current client base – you need to add to it. While word of mouth and your reputation will continue to bring in new customers, investing in marketing will help bring in more business. Hire a marketing manager, create or update your website, invest in advertising and a social media presence.
Expand to New Locations
This will take the largest amount of capital to accomplish and is the highest amount of risk, but it could potentially have the biggest reward. Make sure the commercial loan for your restaurant fits this specific need and allows you to not disrupt the finances of your previous locations while you branch out. Choosing the right location and keeping your brand identity is essential to succeeding in restaurant expansion.
If you decide that a commercial loan is what you need for your restaurant, Fundation is happy to help you get the financing you need to start making improvements to your restaurant today.
The information contained on this page is for general informational purposes only. It is not legal advice and should not be relied upon in making borrowing decisions. Fundation loans are subject to lender approval.
Fundation combines the benefits of a bank loan with the ease and efficiency of an online lender. We offer conventional loans with competitive rates to businesses with varying credit profiles. Our technology allows us to deliver capital in as few as 3 business days through streamlining the collection and evaluation of customer information and conducting the majority of the lending process electronically. As a direct lender, we use our own capital to originate and hold the loans we make, so that we can focus on building relationships with our customers. Our dedicated customer relationship model enables us to understand each unique borrower’s business. This level of service, coupled with our best-in-class products, is why many of our customers come back to us repeatedly for more capital.