Many startups spend too much money from the outset. Average restaurant startup costs vary from a few thousand to a few million. Outfitting the kitchen and buying equipment may very well be one of the biggest ways startup restaurants typically overspend. Restaurant equipment financing may be another answer to getting the professional equipment a startup needs without overspending. An experienced, reputable financing company works with restaurant startups to make a plan. The bonus for you is you’ll know your monthly costs, and you can work with the company to set a doable payment.
Too much high-tech can be bad for your restaurant’s financial health. Prioritize the most important items on your list. If your business model dictates iPads table-side for ordering and payment options, research prices. Be sure and negotiate for the best prices. Leverage the Internet. Place low-cost Facebook and Twitter ads; consider advertising on other social media sites. Hand out flyers at local businesses. Network, network, network to encourage referrals.
Startups often overspend on food expenses and poor menu choices. Decorating the dining room is a costly expense whether a startup is just decorating or remodeling an area. Don’t forget to budget for the unexpected when decorating and remodeling. Reach out to local farmers and co-ops and work with them to lock-in prices. Reducing the portion size yet leaving the cost the same raises your profit margins.
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