Statistics show that the number of people who dine out or buy food to take home has been on the rise during the past year. Perhaps this explains why food service operations have been sprouting like mushrooms during a thunderstorm. If you have been planning to join this industry, now is the time to do so. The only issue you have right now is where to get the cash to set up your restaurant business?
Here are several ways:
Mortgage
If you live in Oregon and are unwilling to sell your property because of some future plans, you can always apply for a loan using it as collateral. Before you file an application, check the mortgage rate so you will have an idea how much you are going to spend, says Primary Residential Mortgage, Inc. Doing so will also give you many options on which lender to choose.
Angel Investors
If you have a great restaurant concept, one that is quite new but has great potential in terms of profitability and growth, you can always seek help from angel investors. These are individuals or group of people who are always on the lookout for brilliant entrepreneurs with great business ideas. According to Investopedia, your friends or relatives can even be an angel investor for your startup.
All you need to do is to prepare a business plan and take time to explain to them your concept and why it will work. The purpose of your presentation is essentially telling these angel investors how you get from here to there. If you are able to convince them, you can jump with joy as these individuals have been known to shell out enough cash to get you started.
Sell Assets
If you have other real properties which you do not use, perhaps you might want to consider selling them and using the proceeds to finance your restaurant business. According to Entrepreneur.com, self-funding is one of the easiest and less complex way of raising capitalization for your planned restaurant business. You need not look for buyers yourself because you can always assign this task to a broker. There are a lot of people looking for real estate right now so finding a buyer with the right price may not be a problem. Once it is sold, your broker can earn a hefty commission, the buyer will get the property he wanted, while you will have your startup capital. Everyone will be happy.
Apart from what was mentioned, there are also other ways of raising cash for your restaurant business. For one, you can also try seeking the help of family members who may have some spare cash you could borrow. While it may be a bit difficult at the outset, such things should not deter you particularly if you have a great and novel idea. Remember, others started out in much worse situation than you, yet were able to make it big time. You can too!