Now a days only few people can finance a restaurant out of the pocket. but new restaurants are opening everyday.every now and then we can see a new restaurant with new deals in order to attract the customes so how are they able to arrange such a huge amount of money in such a short period of time? where does this money comes from? some restaurateurs use their own funds that they have generated by selling everything, while others look for some business partener to invest. there is also another category of people who obtain their funding through restaurant loans which actually is an excellent option and a pretty good platform to start your restaurant. if you too are eager to start your own venture in form of a casual diner or elegant and ethinic restaurant, here are some restaurant loan options thatyou can consider while starting new restaurant. types of restaurant loans while choosing any restaurant loan option, there are many factors that we consider like interest rate, down payment and last but not the least collateral requirements. below are some most popular loan options that you can consider. 1.traditional commercial loan if you want to apply for a loan directly through a bank, you must have a high credit score. you need to wait upto six months or more for approval. once approved you would have to pay the monthly payments of lower interest ie. 6-8%. you have two options in this short term loan and long term loan. usually people apply for short term loan only as long term loan isnt ideal for someone who is just starting his venture.other name for it is term loan. while taking this loan you must remember that it also requires collateral security like your home, vehicle or business asset. 2. business line of credit a line of credit is like a credit card. there is a certain amount for which you get approved so you only pay for what you use. say if you get approve for say rs 100000 line of credit and you use only rs 20000 from it in first month for renovations then your monthly payment is only based on what you have drawn ie, rs 20000. as you pay the balance down, you have more credit to draw forr future expenses. this inturn is a flexible way for borrowing money 3 equipment loans if you own a restaurant you must be knowing how expensive it gets! while starting a new restaurant you need fund to acquire new equipments like industrial oven, new stovetop etc. if you dont have enough money to pay for these eqipments and you arent able to generate funds for finanacing it, don't get disheartenend this is where equipment loans and equipment financing comes. it gives you a great option that you can finanace upto 100% value of your new equipments with the help of equipment loan. major advantage of this type of loan option is that in this you don't even need to give your personal asset as a collateral security, equipments themselves becomes and act like a collateral security. so now you don't have to worry just focus on what you want and achieve big in your life! 4 working capital loan this type of loan is availed by the firms to cover their daily operations expenses. this inturn helps the business to focus only on their growth and generation of funds. these kind of loans are not used for buying the long term assets but they are used to cover the wages and accounts payables. the short term needs of the company can be covered with the help of working capital loans. general duration of this type of loan is from 6 months to 12 months while the interest rates varies from 11% to 16%. while this was all about loans. you also need to know what kind of costs do they actually cover. so here is the list of costs for which the loans are taken: a. commercial lease it is an agreement between the land lord and the business outlining the terms and conditions of the property rental. it is the cost per month paid for the location where you have set up your restaurant. b. restaurant insurance this is actaully a coverage that protects your restaurant from any kind of losses that may occur during the normal course of business. be it property damage due to natuaral calmities , accidents and injuries, crime or even worker's compensation. this is the most important cost for which the loan is taken c. license fees license fee grants you the right to operate the business in the city. when you file your license application, the city planning or zoning department will check to make sure your area is zoned for the purpose you want to use it for. this is an important measure that needs to be taken while starting a new restaurant d. renovations costs when you feel that the time has come that you now need to expand your restaurant or you need a coat of paint or replacing an old machinery with a big and a brand new one then renovation costs comes into the frame. for this you can take loan or use your personal funds that you have generated by selling your product. conclusion so it depends on you how much funds you need , what kind of restaurant are looking to open , you are opening on small scale or on large scale or you yourself have enough capital to start. all these factors will ultimtely decide which loan option would you go for. consider and choose what suits you best. don't be afraid to start something new. taking risk will ultimately deliever you the more profits and revenues. with sheer hardwork and proper concept you too can also achieve the funding. dream big and achieve big!Oct 24,2018 0
Mobile computing is the future and mobile apps have been sheer eminent in shaping the future of the smartphone business era! the best form of prediction for this mobile universe is that the walls and the gardens will be torn down and the bridges will be constructed through the apps. as rightly said, if your marketing plans doesn’t include the mobiles, then you’re not finished yet. ever since digital marketing came into the attention of the top-notch brands, every brand started with getting their websites ready for the customers. in the event, they failed to realize that smartphones are evenly booming the industry with the accessibility and the incessant price drop, following which the mobile sites came into the picture. now is the time to gear up and conquer the market through a simple yet smarter strategy to rule this digital realm with an app builder that helps you create an app for your restaurant. listed below are the top 5 benefits of having a mobile app for your restaurant: location based fencing ever wondered why you receive a notification even when you’ve never visited a nearby brand? that’s how beacon and fencing works. one of the best ways of engaging your customers before they’ve even visited your store is by using the location-based technologies within your app. beacons and fencing are two such devices for tracking your customers and sending notifications. how about keeping a track and remind of you whenever they cross your restaurant? sounds like a great thought. your customers don’t really know who you are and how different you are from others. one notification or a deal can drive tons of customers in one go. e-wallet payments ever since the e-wallets came into trend, the payouts have been made extremely simplified. more than 40% of the transactions have been lifted with the introduction of mobile payments or e-wallets. adding the mobile payments in your restaurant app has highly increased the online food delivery rate. social media links social media is a modern media that plays a magnificent role in engaging users across all platforms. social media integration helps enhance your app’s functionality by attracting customers to check what’s new in your restaurant. the in-app social sharing allows smooth integration of social media feeds directly into the app. social media integration ensures the acceptance of your food or restaurant app by avoiding the threat of loosing on traffic. social media sharing can eventually result in higher app downloads resulting in higher engagement ratio on your social page. a promising social profile has higher chances of retaining the customers online. increased sales food and restaurant app not only facilitates quicker ordering service but also increases sales on ordering food delivery. online purchasing has shaped the efficiency and efficacy of the entire purchase and selling cycle. this is for sure, if you let your customers order food through an app, they’re certainly going to prefer your restaurant over your contenders. conclusion having an on-demand food ordering and delivery app is a must to boost the customer engagement and finally increasing the sales online. creating an app is not a tiring thing anymore. get your first restaurant app free with table monks and get a roaring business for you outright. make your marketing more planned and impactful with a dining app and set your brand visibility among your rivals. creating your food & dining app doesn’t actually requires those techie developers. instead, a creative instinct is all you need for custom made app. a mobile mindset is a rising form of creativity that has impacted the way people access the content now; moreover, mobile apps are not the future of marketing, it’s the now.Oct 23,2018 0
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