Restaurants and coffee shop businesses are a prime industry within the small business. The increasing number of coffee shops and restaurant businesses means that there are considerable amount of financing options. Restaurants and coffee shops also require upgrades, equipment purchase, business expansion, supplies, and staff payroll. Restaurant financing can help you cover all of those expenses. Banks, alternative lenders and credit unions can help a coffee shop or restaurant to grow.
The coffee shop and restaurant financing can be quite complicated to acquire. Banks and credit unions can make it even difficult to secure funding. They require several years of tax returns, P&L statements, and several months of bank statements. Most lenders require not less than three years in business with a FICO score of 750. Furthermore, it can take some time to not only get approved for financing; however also get the capital.
The Christmas time is about to come and can be a stressful time for business owners. Follow these tips and get the funding your restaurant business need on this Christmas and take your business to the new levels.
When Would You Need Financing For Holiday Season?
1) Marketing and Advertising
Marketing and advertising is the most indispensable tool in growing any business, especially coffee shops in recent times, and even though most the marketing can be carried out at no cost by the internet and social media, important marketing practices, for example, the use of coupons and loyalty cards is an expensive requirement at present. Doing business marketing as much as possible is also vital in reaching younger generations.
2) Expansion and Renovation
Expansion or renovation of your restaurant or coffee shop is usually a possibility, even though an expensive one. It is way important to have customer-friendly system with a large enough seating arrangement in a restaurant or coffee shop.
3) Equipment and Tools
Restaurant equipment financing options could help when looking to purchase new, expensive equipment to produce quality services. As mentioned before, currently the demand for specialty coffee is growing, specifically for expensive, quality products.
4) Inventory of Products
Inventory of product, mainly expensive item, can increase your overall budget. Being aware of the different types of small business funding, especially during the peak seasons, is very important.
5) Staff Payroll and Miscellaneous Fees
Staff payroll and some other miscellaneous expenses also can cause damage in the course of slower seasons, leading the business owners to need quick financing options.
4 Secrets for Growing Your Restaurant Quickly
1) Measure Your Advertising Efforts for Christmas
Upon evaluation of your advertising approach from the last Christmas, choose the best media on your target demographic. Internet, radio and television advertisements can increase visitors to your coffee shop or restaurant. Local print advertising can also be an effective and less expensive approach that reaches the local community demographic. Don’t count out social media efforts and online advertising, as they can turn out viral results.
2) Hire Enough Seasonal Staff
Hiring more staff can allow you to offer exquisite services to the more customers that lead up to Christmas. By having enough staff in your restaurant or coffee shop to keep your services flowing efficiently you will remove the hassle among your workers, problems, customer complaints and improve sales.
3) Prepare Your Business For The Christmas
Preparing your coffee shop or restaurant place for this Christmas time is very important. It is also advised to stay organized to cut down the administrative time and also the stress levels. Additionally upgrade your software, give your staff some extra training for the Christmas time that they might need, and it wouldn’t impair to exactly clean and arrange your workplace in preparation for the Christmas rush.
4) Make Your Business Christmassy!
Customers love the holidays so speak it loud. Start investing in the Christmas promotional materials, for example Christmas calendars, gift cards, Christmas newsletters, and put a jovial flavor on whatever else you would usually use to promote your coffee shop or restaurant business.