Opening a successful restaurant from scratch is one of the most difficult undertakings any entrepreneur could conceivably accomplish. Partially because so much can go wrong in the restaurant industry so quickly, partially because industry trends are so difficult to predict –– the bottom line is that owning a restaurant is hard work.
While we can’t promise that business funding will help solve every crises you may experience in charge, it can certainly help you avoid these common pitfalls new restaurants often stumble over.
Starting a new business is an ambitious project. However, too often inexperienced entrepreneurs underestimate the costs and expenses associated with the restaurant business. And, just as often, new business owners then decide to cut corners where they ought not to. Understaffing, buying low-quality ingredients, and generally pinching pennies when it comes to operating your restaurant won’t help you get ahead. Instead, it’ll likely rankle customers and staff alike. Prepare your restaurant with proper business funding to avoid these mistakes, and accomplish your business goals.
Few restaurants enjoy bustling crowds 365 days out of the year. For the rest of us, restaurants tend to experience highs and lows based on the seasons. So while it may be impossible for a restaurant with a large patio to draw in huge numbers in the dead of winter, you can still take steps to alleviate the cold-weather crunch with business funding options like a line of credit or cash advance. Similarly, a little extra capital can go a long way during busy periods by enabling you to hire on part-time staff or increase your serving capabilities.
Every restaurant relies on making a good first impression. Sometimes, that occurs when a customer first walks through your door. However, more and more often people interact with new places online before they ever set foot on the premises. It may not be the first thing you’d think about when starting a restaurant, but having a dynamite (or at least serviceable!) website can go a long way toward establishing a foothold in your neighborhood.
In addition to shoddy or nonexistent websites, too many restaurants don’t focus enough on marketing themselves. Again, it can’t be stressed enough: the battle to win customers over starts when they search for a place to go to lunch. If you’re not part of that conversation, you’ll never be able to grow your business.
Whether you’ve been in business for over a decade or you’re still learning the ropes, restaurants need to utilize business funding to their advantage. Otherwise, they’ll always be playing catch-up with their competitors. Contact the National Business Capital team today and let us help you get the financing you need!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans 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!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.