Innovation is key for specialty restaurants or, as they might as well be known in 2017, “restaurants.” In the past, customers gravitated towards more eclectic menus but with so many new businesses popping up and left and right, standing out has become more important than attempting to satisfy larger demographics. And standing out is an ongoing, seemingly endless endeavor.
Restaurateurs must continue to innovate all throughout their careers because whatever unique idea they had last year will only last as long as their competitors allow. Think about it: Whenever you see an absolutely delicious-looking item appear on social media, doesn’t it seem like it’s only a matter of weeks or even days before something even more delicious-looking steals the attention?
This constant need to create new items becomes significantly less stressful thanks to alternative business financing companies like United Capital Source, which can supply restaurant business loans tailored for this exact dilemma.
Let That Light Bulb Shine
Let’s get one thing out of the way: Your ability to develop new items or strategies is limited to your financial constraints. When you operate under an excessively tight budget, your creative juices cannot flow properly because the greater the idea, the greater the cost. Most restaurant owners have “light bulb” ideas all the time but almost never follow through on them because they are worried about their overhead as well as how long it would take to generate a decent ROI.
What if you didn’t have to worry about paying your bills or employees as you put your new idea into action? United Capital Source offers business funding programs that lack the due dates, fixed payments or other generic terms of traditional small business loans.
Restaurants conduct a great deal of sales via credit card, which is why we recommend Merchant Cash Advance, a.k.a credit card processing loans for clients that aren’t expecting immediate returns on their investments. This type of working capital loan is paid back via a fixed percentage of credit card sales start, meaning you’d be able to buy all the ingredients and tools you need without jeopardizing cash flow. If a short-term standard business loan makes more sense, you could make lower regular payments during the first few months of production while you recover from the aforementioned purchases.
The Power Of A Single Instagram Post
In the event that your materials required for your new item(s) aren’t substantial in cost or number, it would be very wise to split your funding between these expenses and social media marketing. As previously stated, countless food items are basically designed with social media in mind. The goal is to make something that not only looks amazing in high-definition, close-up images but attracts the attention of younger demographics who share social media photos on a regular basis.
Social media also has the power to spread brand awareness all over the world. Restaurant owners who have attained success with such photos often find themselves bombarded with requests from foreign customers asking how they can get their hands on these particularly unique and appetizing items. With social media coverage comes coverage from the mainstream media, and between the two, you could easily attain over 20 million impressions in a matter of weeks.
Real Rewards For Real Work
Another major advantage of social media marketing for restaurateurs is that you don’t have to take out a considerably large small business loan to finance your creation. It’s not the product itself but photos of the product that gain traction. Instead of buying enough ingredients and tools to take production to a mass scale, you might only have to buy enough to make, say, 500 or so products. The revenue that comes from this initial line of products could then be used to streamline production. Besides, anyone who lives in a big city like New York or Los Angeles knows that if the item is good enough, limited availability will only increase business for the future.
Generally, when you pay off a restaurant loan on time, you will likely become eligible for a second, much larger round of financing and, depending on the funding program, raise your credit score significantly. The latter outcome obviously comes with many benefits, including the opportunity to qualify for business credit cards with business-oriented rewards programs. Some credit cards, for instance, provide bonus points for purchases who spend just a few thousand dollars in the first three months and triple those points for every purchase made on social media marketing and other business expenses. With these points, you could essentially finance your next new item for free.
Let Us Help You Take Your Ideas Public!
At United Capital Source, we believe that if you know your audience as well as any experienced business owner, you should not have to struggle to keep them satisfied and increase loyalty. And, as you’ll learn after just one quick phone call with our business funding experts, you don’t need as much capital as you think to introduce a new item or make your “light bulb” idea a reality. It doesn’t matter if you have bad credit, seasonal dips in revenue, or a business that is much smaller than your competitors. Trust United Capital Source to create the perfect business funding program for you, and you’ll be able to pay off your debt so easily that your biggest problem will be choosing which item to add to your selection next!