Building a successful restaurant business requires a great deal of hard work and commercial acumen, not to mention a well-trained palate and good knowledge of culinary trends. You also have to be prepared for the unforgiving nature of the restaurant industry, where one bad review on TripAdvisor can deter hundreds of potential customers.
As well as giving customers the best possible experience when they visit your restaurant, it’s equally important to take their criticism on board and act on any suggestions they might have for improving your offering. Like any business, a restaurant has to cater to customer demands and be willing to adapt – otherwise it could face closure.
Funding your restaurant business
It’s easy to underestimate the costs involved in running a restaurant. Not only do restaurant owners need to find the funding to acquire suitable premises, but there might be a lot of renovation work to be done in preparation for opening. And that’s before you consider the cost of employing, training and paying staff, sourcing ingredients, purchasing essential stock, producing menus and paying the bills.
Many restaurants might struggle to cover all of these costs with their own revenue, at least for the first two to three years. With some restaurant businesses facing the additional challenge of seasonal sales patterns, it’s important that they have access to flexible funding which can help with day-to-day running costs or essential improvements, whether it’s updating menus, changing the furniture, or even opening a second site.
While it might be tempting to approach your bank for a loan, it’s worth considering that most high-street banks have very strict lending criteria, meaning they probably won’t lend to a small restaurant business that’s been operating for less than two years. The unpredictability of the restaurant industry is also a deterrent to many banks, so it could be tricky to get a loan unless you’re an established business with one or more high-performing restaurants.
Restaurant finance from Fleximize
At Fleximize, we don’t believe in “computer says no” algorithms. Instead, we always look for a way to say “yes” to every business, and won’t leave you waiting weeks for a decision. If you run a restaurant and have been trading for a minimum of six months, we might be able to help. Here are the key features of our restaurant finance:
- Borrow from £5,000 – £500,000 on a term of 1 – 48 months
- Approval and deposit in as little as 48 hours
- Repayment holidays and top-ups as standard, not an expensive add-on
- No hidden fees or early repayment penalties
- Repay early and only pay interest on the time you had the loan
- Interest charged on a reducing balance, not the total loan amount
- Exclusive discounts on industry-leading business services from our B2B partners
Fleximize funding in action
We’ve supported the growth of numerous restaurants, from curry houses to well-known fast-food franchises. Our loans can be used for almost any purpose, including refurbishment, stock purchase, marketing and recruitment. Check out the video below to see how one restaurant put its Fleximize loan to work.
Shelley Dickinson, owner of Shelley's Pie & Mash Shop in Cromer, Norfolk, used a Fleximize loan to pay for local advertising and new kitchen fixtures
Apply for restaurant finance today
It couldn’t be easier to apply with Fleximize – just click the button below and complete our simple application form. If you pass our initial checks, you’ll be assigned a relationship manager who will guide you through the whole process with a view to getting funds in your account within two working days. Alternatively, feel free to call 020 7100 0100 to discuss your funding options with a member of the team.