Restaurant Business Loan
Taking out a loan can be a difficult decision, but often a small business loan can help bring your restaurant to the next level. Before taking out a small business loan, you should have a clear plan of how you will spend your money. The tips below are great ways to use a small business loan to grow your business.
Redesign Your Interior
According to On The Line, the average cost of restaurant redesign runs from about $250k to $ 1 million dollars, especially in big cities. If you’re not careful, a redesign can blow your budget, and interrupt service. The layout and interior design of your restaurant have a direct impact on the dining experience.
Customers can decide to stick to the restaurant or never come back just because of the ambiance. After your restaurant has been in business for a while, a redesign of the interior can be a great way to bring in new customers and impress your regulars. Updating your restaurant with new designs can modernize the feel and get your customers excited to come back again.
Try to choose a design that really highlights the personality of your restaurants and will set them apart from others in your area. Working with local artists to create a totally unique ambiance can help create a buzz and make your restaurant a more important part of your community.
Expand Your Delivery Service
Another great way to use a small business loan for your restaurant is to increase your delivery options. Nowadays, successful restaurants are the ones that work hard to streamline their operations in order to increase tables turnover rate and look for new ways to get more revenue such as catering, food delivery, and merchandising. By providing delivery directly to your customers, you can increase your reach and bring in new customers who prefer to use delivery.
How can you benefit from delivery service:
- Raising your restaurant’s profit.
- Attracting new customers.
- Increasing your sales.
You can advertise while you deliver by wrapping your delivery fleet with your company logo, and this is a great way to utilize your loan money. Wrapping a vehicle usually costs between $2,000 to $3,500.
A wrapped delivery fleet creates a professional appearance and will draw in new customers who will see your restaurant advertised on the road.
Purchase New Equipment
Finally, a small business loan can provide you with the opportunity to really update the equipment in your restaurant. Upgrading your current equipment will no doubt be expensive, but with the advances in technology, it is possible that you are a little outdated and the upgrades could be extremely useful. New ovens, appliances, and storage solutions can give your restaurant a much-needed boost and an edge above your competition. Before making any purchases, think about the equipment that gets used the most and that will have the most impact on your day-to-day operations. Choosing the right equipment to upgrade can help your business be even more successful and help your chefs, cooks, and staff to make truly delicious meals.
Did you Know?
Financing restaurant equipment is 100% Tax Deductible. The IRS Tax Code allows a corporation to deduct the full purchase price for equipment purchased or financed in the current tax year. This can mean getting free usage of your equipment in the first year of use.
Your restaurant is already awesome, but staying on top of the competition is a matter of upgrading your kitchen supplies and your service, and with the help of a small business loan, or Equipment Financing, you can take your restaurant to the next level. Prioritize great design, easy delivery, and updated equipment to help make your restaurant the best it can be and really put the money from your loan to work.
Need a small business loan to help your restaurant grow? Apply for a loan from us today!