When you’re getting ready to start your own restaurant up, the same troublesome issue comes up: how you pay for it. If you’ve got a great concept and you think you can make it work, there are lots of ways to get money for your business, but it’s important to remember that there is always a risk. I’m well aware that this point may be repetitive, but that’s because it is so important to remember that any business can go awry, and if you don’t succeed, that can mean a lot of lost cash. The focus of this post is getting money without getting going to banks or investors.
There are upsides to going with your own money. The big one is you have full control of the business rather than listening to what investors would want you to do. Of course, then you only have certain options to choose from for financing your restaurant. Of those options, you can use your savings. That’s always an option. There’s also use credit cards, but that’s best for short term purchasing like supplies or decor. You can also get a line of credit, which is through a bank, but if you have good credit, then you should do well getting this.
Here’s the most important thing to remember though: if you choose to go about your own way to finance your restaurant, remember that things can go wrong, including the business closing long before it takes off. If that happens, you can lose your savings, your credit rating, and your family’s future. If you want to go that way, make sure you talk to your family, tell them the risks involved. Keep them in the loop as to how the business is doing, and if the business does fail, do whatever you can to recoup as much of your funds as possible.
This is not a push to not open a restaurant. If you have a good business plan, get it going. And once you do, we wish you the best of luck. And when you need equipment, you know who to call.
One Fat Frog • 2416 Sand Lake Road • Orlando, FL 32809 • 407-480-3409