3 Ways to Refurbish Your RestaurantJuly 12, 2016
Regardless of whether you run a trendy restaurant in the heart of London, a sophisticated Italian bistro or a succulent carvery steak house, making your business as attractive as possible to your customers is crucial. At the same time as serving tantalising dishes, you’re striving to deliver an impeccable service set inside surroundings that will entice customers back with their friends and family. After all, restaurant dining is as much about the experience as the food and drink you offer.
Catering is often a tough and demanding industry, and restaurant-goers can be unforgiving in their verdicts. There is no middle ground: you either deliver a high quality service or you fail. Whether your business is just starting up, small but growing, or even a franchise, living up to such high expectations can be strenuous and exhausting. Every food service business – whether it’s a pizzeria, cafe, bakery, or cocktail bar – requires different approaches and treatments. Getting it right is the difference between success and failure.
Premises fit-out and refurbishment finance is exactly what you need to undertake and complete eye-catching interior and exterior refurbishments and decor. Overtake your competition and attract customers inside for an impressive dining experience they won’t forget. But refurbishments can be pricey, and some aspects are more expensive than others. If you can’t fund the project yourself or you’re a start-up having to splash out in other areas, there are finance options available that can help. Fit-out finance is a blend of secured and unsecured loans and equipment leases.
Secured and unsecured Loans
Unsecured loans let you borrow money for your business without putting assets such as your house at risk. They’re a great way to give your business a quick and easy cash injection. To reassure the lender, a guarantee that you’ll pay the money back in due course will be required.
A secured loan may allow you to borrow more money as it boosts lender confidence. The reason for this is that assets can be sold to recover costs should a business fail to pay back the loan.
This is a great option for those who don’t want to be encumbered with burden of ownership or are yet to decide. Instead, you’ll be borrowing equipment for a period of time and will be required to make monthly payments, plus interest. Leasing terms can last from 1 – 3 years, subject to your agreement. At the end of the leasing term you can either: extend, return the equipment or present a buyer.
If you are seeking ownership of an asset for your catering establishment, but can’t afford to make the full payment straight away, hire purchase is for you. You’ll be required to pay an initial deposit in the region of 10% of the asset’s value. From there on, you’ll be making monthly payments, plus interest. Once these payments have been completed ownership passes onto you.
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