zIf you’re looking to encourage the growth of your restaurant business, then there are a number of strategies that can help you skyrocket your profits – but none are as effective as getting the capital you need through merchant funding. It’s amazing at the significant difference that can be done with $10,000, $50,000 or even a $100,000.
The problem is getting the restaurant funding in the first place!
Despite reports that lenders are starting to pump loans back into the economy, owners of small businesses like restaurants and cafes have yet to see these hopeful signs of economic growth. Given that lenders and banks are still withholding merchant funding, what methods remain as the best strategies for business growth?
Strategy One: Go into business with another restaurant with a similar culinary theme as your own. Going into business with a partner can significantly reduce your operating costs while effectively expanding your name and reputation. However, it can be a challenge to enter into business with another partner, so this might not be the best option for those with a unique vision or business plan.
Strategy Two: For those who have time on their plate, waiting just a couple of years to apply for a bank loan can make a difference. However, many restaurant owners don’t have the luxury of extra time, and might need immediate restaurant funding in order to produce profits that will have them sailing consistently into the black.
Strategy Three: Get a merchant cash advance! For those restaurant owners who might not otherwise qualify for traditional loans (and these days, who does?), a merchant cash advance can provide the restaurant funding needed to expand, renovate or buy equipment. Instead of paying a fixed monthly amount, repayment is based on monthly credit card sales, so you’ll never feel the strain of making a payment that exceeds your month’s profits. Merchant cash advance providers also have flexible lending criteria: all you need is up to a year of credit card sales receipts and proof that your business isn’t bankrupt or in arrears.