Running a restaurant business has its ups and downs. Even when you have the passion, skill, great team to support your business, there are other influencing factors that can affect the performance of your restaurant. Consumer behavior, change of trends, government regulations or global economy has strong impacts on the success of your restaurant.
In this economy, to survive in the restaurant business, you need to have enough capital to get you through tough times. Unfortunately, not all restaurateurs have tons of money in their saving accounts. Hence why getting a loan to sustain your restaurant business is a smart move. Nowadays, restaurant owners go to merchant cash advance providers for their financing needs. Merchant cash advance gives you quick funding without the hassles you have to go through when you apply for a bank loan.
Another benefit of getting financed by merchant cash advance is the flexibility to use the fund in any way you want. Here are a few ways you can use your merchant cash advance loan to grow your business, even during this tight economy:
1) Buy or rent a food truck
One of restaurant owners’ dreams is to expand their business. Moving to a more strategic location or opening a new branch in an up and coming neighborhood, are part of the restaurateurs business plan if they have enough money. Yet, when you’re cash-strapped and don’t have a lot of capital to do an expansion, adding food truck service into your restaurant business will help to grow your business. With a food truck, you can reach prime locations such as parks, campuses, shopping centers where there are high demands. At the same time, you also cut down the overhead costs that would incur in an establishment.
2) Digital advertising
Social media has become an important part of modern society. Almost everyone now is connected to the internet, and have social media accounts which they maintain on a regular basis. Promoting your business through social media such as Facebook, Twitter, or Instagram will help to raise brand awareness. Utilizing merchant cash advance to activate Facebook ads or Google ads will boost your brand in the digital world, which then will drive those followers to come to your restaurant.
3) In-house promotion
The loan you got from a merchant cash advance allows you to be creative in creating your in-house promotion. You can offer a reward system for loyal customers by giving them discounts, free meals or beverages in each visit. You can also promote a 24-hour delivery service to certain locations with a minimum order to attract younger customers.
4) Organize special events
Sometimes to get the attention you want, you have to make a big bang. Organize a theme party to celebrate your restaurant’s anniversary. Hire local performers or a DJ to enliven the anniversary party, advertise the event, invite the press and local food critics to cover your party, invite your loyal customers for sampling party, and offer your bestseller menus at competitive prices. These activities will attract prospective customers and keep your existing customers happy.
These are a few of activities you can do to grow your business with the limited amount of capital. Merchant cash advance will support your initiatives. All you need to do is to think out of the box and focus on your business goals.