Getting funding to open your own restaurant can be hard when you don’t know where to look. There are a variety of ways you can raise money and cut costs to help you get your restaurant up and running as quickly as possible. If you’re serious about opening your own restaurant, then follow these simple tips:
- Look within your own resources. If you have savings or assets that you can put towards the funding of your restaurant, do so! This is a great starting point for getting your new business funded quickly. If you don’t have much in your savings account, check out your retirement accounts, real estate equity, vehicles and other investments you may have. You can try selling assets or using them as collateral for a loan.
- Ask family and friends. The best place to start asking for money is from friends and family. Ask those who are rooting you on and want you to succeed. You can also set it up as an investment, just make sure to get everything in writing, regarding what their return will be and when.
- Find a business partner that has financial resources. Putting together your heads and your funds can be a great way to get your restaurant jump started quicker. Just make sure to draw up a partnership agreement that goes over the responsibilities and how revenue will be shared. Be sure the partner you choose is someone you can trust — you may want to avoid doing business with family!
- Research government programs. There a variety of state, local and federal programs that offer help to small businesses. The SBA is the first place you want to check out, followed by those with programs designed for women, minorities and vets.
- Once you have your finances in order, you should be savvy about how you spend it, especially when it comes time to buy restaurant gear. A great place to shop for is Restaurant Discount Warehouse, where you can find deals on kitchen supplies, chef wear and more!
With these easy tips, you can get your business running in no time, and without breaking the bank.