If your dream is to open a restaurant you are likely going to find yourself in front of a lender asking for a restaurant business loan. Restaurant start up loans are not always easy to come by however. Considering that hundreds of restaurants open and close in the course of year, it is no surprise.
Convincing a lender you can be successful as a restaurateur can be tricky. Here are some tips :
1. Show Business Savvy
Let the lender know that you know how to run not only a business, but a restaurant. If you have a degree in business of some sort that is a great help. Experience in the restaurant business is very helpful also, and a combination of the two is fantastic. Maybe you worked as a manager or even just a waitress or cook for many years. Just knowing how to cook or having great recipes is not enough. You have to prove to them, with proof of experience and education, and maybe even references, that you have an understanding of the daily ins and outs of a restaurant business as well as the big picture financial view.
2. Show Food Savvy
There are lots of great businessmen and women out there, but not all of them can run a successful restaurant. You have to know food, know what is good, and know what people like. Good food at a great price is what makes any restaurant stand out. What do you have that will make your place of business different from the hundreds of others that come and go each year? Do you have a secret weapon of a chef or a great secret recipe for fried chicken? Are you an expert at creating Asian Fusion or Cajun meals? Whatever it is, showcase it for the lender.
3. Fake It
It is quite possible that you yourself do not possess all of these qualities, but you can still get a restaurant business loan. You just have to show that you have someone ready to work with you that possesses what you lack. If you do not have the education or experience to run a food establishment, find a partner or manager that does and get them in on the project from the beginning. If you don’t know a lot about the culinary arts or operating a food service, be certain you have a front manger or chef on board that does. This will go a long way with a lender.
When you are ready to start looking for restaurant start up loans, Biz2Credit is here for you. Our network of over 1,300 lenders offers various financing options for opening a restaurant or any other kind of business. Visit Biz2Credit today for more information.