Running a successful restaurant should be an exceptionally satisfying experience, yet it can pose certain challenges. In a late study of restaurant owners, just 38% depicted their current financial picture “good to excellent." Being ready to handle a wide range of difficulties is the wellspring of incredible fulfillment, alongside a few cerebral pains as well.
In any case, when restaurant owners are requested to state their most prominent test, one issue tends to seems to make its way to the top… Cash Flow! Many restaurant owners have trouble gaining access to business cash and working capital to oversee income. As such, ensuring there is sufficient cash flow streaming in will cover the funding that is flowing out.
There are many reasons why income can be a precarious test for restaurant owners. First off, it's extremely costly to own and operate a restaurant, things like workman’s comp and food cost expenses are over the top. Other matters such as acquiring an intemperate stock of perishable food, poor anticipation of the volume of business, and even the powerlessness to alter costs as frequently as the primary expenses vacillate. Possibly you have poor payment terms with the suppliers, or maybe the restaurant is located in a vacation spot, so your business is more occasional.
Frequently, restaurant owners can advance income by arranging longer installment cycles, yet that is not generally a choice. Fortunately, there are different restaurant finance solutions that can provide necessary cash flow for such things as:
- Expanding or remodeling your restaurant to bring in more customers
- Purchasing new kitchen equipment or a POS system to improve efficiency
- Advertising to attract more customers and/or promote special events
- Boosting your cash flow to help with unexpected business expenses
Unlike conventional bank loans, we won’t make you jump through hoops or wait for months for financing. Our small business loans and merchant cash advances give you the flexibility to address the unique needs of your restaurant.
You can put our restaurant loans and merchant funding options to work immediately, whether it implies meeting certain financial obligations for a couple of months, ordering additional inventory, hiring new staff or running a marketing campaign. Then, there are still expenses that no restaurant owner can anticipate; the sudden need to replace broken restaurant equipment, a POS system failure or walk in cooler malfunction. Repairs, sprucing the outside or lounge area, notwithstanding advertising and marketing campaign can all be basic components to your image. In today's aggressive environment, there is no room for error. Working capital for your restaurant is only a couple of clicks away!
As one of the country's leading source of working capital for restaurants, we are aware that when restaurant owners need financing, they require it now and can't hold up for weeks. Along these lines, we've made the application procedure as straightforward as could be expected, with minimal documentation required.
Once approved, you'll receive an offer in just a matter of hours and the funds deposited in your business bank account usually within a day. Because repayment is based upon a percentage of the daily balance in the merchant account, the more credit card transactions a business does, the faster they’re able to repay the advance. And, should transactions be lower on any given day, the draw from the merchant account will also be less. This means that during times of slow business, the business’ payback is relative to their incoming cash flow.
If you are interested in exploring this option to grow your restaurant, but are questioning the ROI, here is a breakdown on how a small $50,000 restaurant loan or merchant cash advance can help your business.
Example: Advance Amount $50,000
Use of Funds:
• 10 Tables and 40 Chairs: $10,000
• Dry Bar (Includes Install): $10,000
• Heating & Lighting: $10,000
• Structural Renovations: $15,000
• Table Supplies & Décor: $5,000
Sales Increase Breakdown:
$240 in Daily Sales for every 1 Table Added
(Above Based Upon $40 Average Ticket Per Table x 6 Daily Operating Hours)
$240 in Daily Sales per Table x 10 Tables =
$2,400 in Daily Sales
$2,400 in Daily Sales Minus 81% for Expenses (National Average) =
$456 in Additional Daily Profit
$456 in Additional Daily Profit x 5 Days per Week x 52 Weeks =
$118,560 in Additional Profit Annually By Adding 10 Tables
Restaurants like yours, all over the U.S. are savoring their success thanks to merchant cash advances and other restaurant financing options from LVRG. So, what are you waiting for? With LVRG, you can get up to $1,000,000 in 24 hours, regardless of credit. Call toll free (855) 998-5874 or click the banner below. We're here to help!