Looking to Expand your Restaurant? Check Out the Must Have Packages for 2020
Long wait times at your restaurant? Wishing you could seat more customers? Then it’s time to think about expanding or starting a second location.
We created two restaurant growth loan bundles—which include all of the capital, services, and other resources your business needs to grow— that can take you where you want to go!
In 2019, restaurants have the potential to earn more money than ever. Americans are dining out quite frequently, and according to Upserve, they spend a whopping 48% of their food budget at restaurants—leaving grocery stores in the dark. But the profit potential extends beyond diners—31% of people in the U.S. order food via a third-party delivery platform once a week.
You’ve had a taste of success, but for savvy restaurateurs, there’s more opportunity to seize. Check out these restaurant growth strategy bundles to see how National can help!
Renovate Your Existing Location With This Restaurant Growth Package
If restaurant sales are moving along at your current location but it’s not quite time to expand to that next location, then there are plenty of ways you can capitalize on your success.
The name of the game here isn’t to completely reinvent your restaurant, though, especially if you’re happy with your direction. Instead, maintain the best parts of your restaurant experience while providing additional offerings and/or improving the facility.
These resources can help you improve your restaurant to draw in even more customers.
Financing Options: Line of Credit
As you continue to improve your restaurant, from both an operational and a physical standpoint, a revolving line of credit will be your best resource. This type of financing is great to have on hand providing you fast access to the capital you need while making improvements to your business. The best part? The line becomes available again as payments are made towards your draws.
With a line of credit, you can take care of expenses like:
- Hiring new employees: Restaurant growth means a larger staff to take care of new (and old) responsibilities. If you need a bigger team, but don’t quite have the revenue to make payroll, then a revolving line of credit makes it possible.
- Contractors & materials: If you’re adding a new section, replacing outdated equipment, building an outdoor seating area, or refinishing your main dining area, the bill won’t be cheap. That’s where a business line of credit comes in handy. Having this cash on hand to pay for the construction team, necessary materials, and spontaneous expenses is invaluable as you expand.
- Finance downtime: As your restaurant grows, there may be periods where normal day-to-day operations are impossible. A revolving line of credit means that you can continue full-steam-ahead during these potentially slower times.
National’s financing advisors can help you explore your options, and find a revolving line of business credit that works for your restaurant.
Social Media Marketing Plan
You’ve renovated your restaurant, but nobody except regulars and locals are aware. How can you spread the word?
Social media marketing is a simple and effective strategy to gain foot traffic through your doors. It’s also a great way to build anticipation among your customers and followers about the expansion as it approaches completion. Younger audiences are highly active on social media, and eager to engage with food-related content. Make sure you’re posting about your menu, and taking pictures of new decadent dishes for followers to like and share!
A social media marketing team can inspire interest in your new restaurant by posting pictures throughout the process. After the fact, they can lead the charge in effectively promoting your restaurant to your target audience.
Besides, everybody loves food pictures!
Like social media, email marketing is an easy way to keep in contact with your customers about upcoming events, new menu items, and more!
According to WebFX, restaurants can earn $44 for every dollar spent on email marketing.
Reaching your audience will be simple, too. You can easily build an email list with your audience by collecting email addresses through an opt-in rewards program.
Promotional emails can garner interest in new specials, live music, and other unique events, too!
As you expand, consider outsourcing this time-consuming activity. Dedicated email marketing companies can craft these messages and send them out independently, without requiring any effort on your part.
Every Door Direct Mail (EDDM)
In today’s world, it’s easy to dismiss traditional marketing methods like direct mail in favor of digital tactics. And while digital marketing will likely be the vehicle that helps your restaurant grow from $1 million to $5 million, EDDM has its place, too.
Sending postcards to locals is a simple way to build awareness about your restaurant, and one of the easiest ways to increase restaurant sales. If people in the area had a reason they didn’t frequent your restaurant, then learning about your new layout might change that.
To reach customers who are interested in eating at your restaurant, EDDM features a variety of targeting features. You can target specific locations by having a postcard or menu delivered to every house in a specific neighborhood. Additionally, demographic targeting options help you to be selective about household income, age, and other qualities.
With a larger team, the administrative tasks on your plate, which don’t drive revenue directly, can add up quickly. Outsourcing payroll duties to a third-party provider can enable you to sidestep these time-consuming tasks without neglecting them altogether.
National’s payroll service utilizes a web-based portal which takes care of everything, including:
- Payroll processing
- Employee punch times
- HR information
- Direct deposit
New Restaurant Location Package
So, your first restaurant is wildly successful, and you’ve taken advantage of every potential source of profit. Why not open a second one?
By opening a second location, you can leverage your reputation to catapult you to new horizons in terms of sales. These are some of the best resources that will help you along the journey.
Business Line of Credit
Like expanding your existing restaurant, a business line of credit can prove to be quite helpful when opening a second location. This small business loan will enable you to finance every strategy to increase sales in your restaurant.
Having a business line of credit allows you to allocate money toward new expenses as they come up.
Opening a second restaurant location can open the door to drive new profits, but that benefit doesn’t come without certain risks. If you don’t take the necessary steps, you’ll be personally liable for business debts and other obligations.
That’s why incorporating your business is so important, especially as you formally build your business’ structure.
National’s incorporation service helps you to establish your restaurant as a corporation. While this alone isn’t a strategy to increase your restaurant sales, it can help you in a few other areas, like:
- Protecting your personal assets
- Building your restaurant’s credibility
- Tax deductions
By incorporating through National, you’ll enjoy all of these benefits and more, and refrain from filling out endless paperwork.
Your business may be prepared to handle some emergencies. But with a new location comes new risks, and the need for more comprehensive insurance policies.
Between general liability, property, and worker’s compensation insurance, you’ll want to prepare for any potential mishaps. The Services team at National can help you determine which insurance policies your restaurant should sign on for, and help you protect your business.
Credit Card Processing/POS
As a restaurant owner, you’re surely aware of the importance of a top-notch POS system. The more advanced and customized the POS system, the easier time your staff will have in checking out. Additionally, higher-end POS systems also present crucial sales figures and other data that helps you make decisions as you scale.
National can help you to secure the right POS system that will help you to grow.
Human Resources & Payroll
Twice the staff at your restaurant means twice the payroll, benefits forms, and other assorted paperwork. Unless you can find a smarter way to handle administrative tasks.
Human resources & payroll software eliminate the high costs of an HR rep, but carry the same benefits! Functioning through online portals, these online services can save you valuable time.
Online Ordering / Web Development
Online ordering functionality can open up a whole new world of opportunity for your business, but your existing website may not cut it. Building a new website that’s designed to handle increased traffic and complex orders is key.
National can help you create a website that caters to your audience, featuring one or several menus, and online ordering functionality. Alternatively, you can also integrate your website on third-party delivery platforms like Door Dash, Uber Eats, and to further increase your sales!
A new website that highlights your value as you continue building your restaurant is crucial.
Increase Restaurant Sales Through National
The Business Financing Advisors at National aren’t just invested in helping you find the right financing options— they’re also dedicated to helping your business grow! Fill out an application or call us at (888) 488-GROW to get started finding the right strategy to increase restaurant sales today!
National Business Capital & Services is the #1 FinTech marketplace offering small business financing and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time.
For every deal we fund, we donate 10 meals to Feeding America!