It is exciting owning a bar or restaurant – the people, the atmosphere, and of course the profit! In order to create the most appealing atmosphere you’ll want to stay current with the latest trends. Should I renovate?! What to update? Truth is, however long you have owned your business there is always something that could be improved. With the scene of ‘what is in’ constantly changing, here are 3 ways you can grow your business and increase restaurant revenue.
1. Audio / Visual
If a customer is coming to your restaurant to watch a sporting event, that can equal several hours spent in your establishment. Adding new and larger televisions, an updated sound system and proper lighting can dramatically improve the customer experience. The better the game time experience, the more loyal your customers will be, allowing you to have consistent business as well as advocates for new customers. Great sound quality can be a big draw for fans as well as a means for signing higher profile artists if your establishment hosts live music events. Overall, you want your customer to enjoy everything they see and hear in any area of your restaurant.
2. Exterior Design and Expansion
From the inside out, your establishment is a reflection of the business you are trying to attract. Though the saying ‘don’t judge a book by its cover’ has its relevance, when it comes to a restaurant, nothing could be further from the truth. When people are driving by with a hungry family or looking for a place to melt away a stressful day, an attractive exterior can draw them in. Imagine what a fresh coat of paint and new landscaping could do to help your bottom line. Or you could think bigger, perhaps adding a patio for outdoor entertainment. An inviting outdoor space can help turnover tables inside and make room for larger parties and events that will bring in loyal customers for years to come.
3. Energy Efficiency
How long have you had the equipment in your kitchen? Many businesses have made the switch to energy-efficient appliances because it improves the bottom line and also helps the environment. From dishwashers to walk-in refrigerators and even ceiling fans, there are countless ways you could save your watts.
How to Pay for Your Renovation
Now that you’ve decided to make improvements, how are you going to pay for them? A merchant cash advance can help. Quikstone Capital Solutions provides cash for businesses by leveraging an asset that you already have – your monthly Visa and Mastercard sales. It is faster and more flexible than a traditional bank loan and typically approved within 48 hours. Most contractors will require a retainer when evaluating your potential improvements. Fast Funding can allow for a smoother process, eliminating any potential downtime caused by your renovation. Not only is a merchant cash advance an excellent way to fund your renovations, it can also come in handy for other projects you may have anytime your cash flow gets low.
