In the restaurant world, success starts and stops in the kitchen. You can’t expect to serve astonishing meals and generate a ton of buzz if you’re cooking with equipment that’s been around forever—if for no other reason than the fact great chefs aren’t interested in working in such environments.
And beyond that, older equipment is incredibly inefficient. Not surprisingly, newer equipment is extremely efficient—meaning your electric, water and gas bills will likely shrink, at least a bit, after you install new appliances.
While many restaurant owners are clearly interested in giving their kitchens a facelift, it’s not always that easy. Like any other small business owner, many restaurateurs often deal with cash flow problems for a number of reasons, including:
- Bills. Your cable company doesn’t care if you have 1 million customers or seven customers during any particular month. They’ll charge you the same regardless.
- Payroll. You can’t really expect your employees to stick around if you’re routinely late on paying them. You have to make payroll—always.
- Weather. A blizzard can blanket your region, forcing you to close your restaurant unexpectedly for an extended period of time. You won’t generate revenue when your doors are shut.
- Ingredients. A drought can occur, forcing suppliers to jack up their prices. You may have no choice but to stomach the increase.
- Competition. A new restaurant might open nearby, stealing some of your customers. You’ll get them back eventually, but that won’t help you in the short-term.
- Preference. Customers might choose other options based on seasonal preferences. If diners prefer eating on the water during the summer and you’re not on the water, there’s not much you can do.
Since cash flow problems are essentially baked into a restaurant’s business plan, how are owners supposed to find the cash they need to remodel their kitchens?
Sure, there are always traditional small business loans that are given out by banks. But these financial vehicles are hard enough to secure for the average small business owner, let alone the average restaurateur. On top of that, the application process can stretch out for quite some time. Believe it or not, even if you are approved, you might not see any money for 30 or even 60 days.
How can you possibly afford to wait that long?
Luckily, there are other options. For example, you can apply for a fast business loan available through an alternative lender. Unlike traditional small business loans, these unsecured business loans are much easier for restaurant owners to obtain. Just fill out a little bit of paperwork, and money should be in your bank account within a few business days—which means you can start shopping appliances and other kitchen equipment right now.
Because fast business loans are unsecured, you won’t have to put up any collateral or offer a personal guarantee in order to secure funding. This means that in the unfortunate event your restaurant goes out of business, you won’t be personally responsible for repaying the loan. What’s more, you can even qualify for a fast business loan if you have a terrible credit score. Financing is based on the performance of your business—nothing more, nothing less.
And you won’t have to spend countless hours shopping your options, either. Thanks to consumer comparison services, you’re able to browse a diverse array of different fast business loans at the same time. So you only need to set aside a few hours to find the loan that makes the most sense for your business with respect to the best rates and the most favorable repayment terms.
A top-notch dining experience starts in the kitchen. If your restaurant’s kitchen looks like it belongs in the 1980s, it’s probably time for you to give it a makeover. In doing so, you’ll be able to attract talented chefs who will cook better dishes using more efficient equipment. That’s the recipe for generating buzz about your restaurant and growing your business—which in turn will fatten your bottom line.