Fund your restaurant renovation with a Merchant Cash Advance
Spring is finally just around the corner and restaurants across Canada are gearing up for their busy seasons. Shows like ‘Restaurant Makeover’ show how a renovation can save a business, but just because your restaurant might not be struggling doesn’t mean it couldn’t use a facelift. A renovation can be a great way to breathe new life into a restaurant.
Benefits of Renovating Your Restaurant
The biggest downside of renovating is the downtime during the renovations. If done correctly though, the months following should make it all worth it. Here are three of the major reasons you should consider a renovation.
1. If You Build It, They Will Come
Having the right atmosphere is more than half the battle. If customers enjoy the space and feel comfortable, not only will the come, but most importantly they will come and come again. The goal is to have your customers want to spend time there, not just get in and out as fast as possible.
2. Reputation & Image
Let’s look at McDonalds. They recently renovated almost every one of their restaurants across Canada and not only have they seen an increase in sales but even more importantly reputation. No longer are they the last place customers want to be seen grabbing a bite. Customers come, grab a BigMac and catch a hockey game. The image is warm and inviting and the influx of business proves it works.
3. Employee Satisfaction
Shifting away from the customer for a minute, your staff plays just as important a role in the customer’s experience. Happy employees make efficient and productive employees that pass on their satisfaction of their experience to the customers. Having them work in a space they are excited to show up to for their shifts is crucial.
How to Promote Your New Look
A renovation isn’t just an opportunity to boost sales but a great one for marketing purposes. The idea is to transfer the sense of freshness on to potential customers. You could take out an ad in the local newspaper or another traditional channel. One of the most successful methods as of late is to spread the joy around via social media. Host a grand opening and get your customers involved, then let the rest of the world see.
How to Fund Your Renovations
Renovations can be daunting not only because of the work required, but the working capital. While the sinking Canadian dollar has many businesses worried, A Merchant Cash Advance is a great way to get the funds you need quickly and easily in order to fund the project. What makes it a great fit is that it’s a flexible repayment option for financing. When business is slow during the renovations, you will pay back lower amounts, keeping your cash flow accessible. There is no fixed term and no fixed payments.
For more information on how a Merchant Cash Advance can help your business with your projects visit Evolocity.ca