Obtained $114000 For Thai Restaurant Start Up
Starting a new restaurant can be an exciting but daunting task. One of the biggest challenges faced by new restaurant owners is securing the necessary funding to get their business up and running.
As a financial adviser, our role is to help restaurant owners identify and access the best finance solutions to meet their needs. In this case study, we will discuss how we helped a start-up Thai restaurant secure the funding they needed to finish their build-out.
The Thai restaurant start-up is located in a bustling area of downtown Chicago. The restaurant aims to provide authentic Thai cuisine to the local community and visitors to the city.
The founders, a team of three friends, have extensive experience in the food industry and have worked at several popular restaurants in Chicago. The team has a passion for cooking and sharing the unique flavors of Thai cuisine with others.
Options available and how they can benefit each type of business
Steps Involved in the Process
Understanding the client's needs
We started by understanding the client's financial situation and their specific funding needs.
Identifying suitable finance options
We then identified the best finance options based on the client's financial situation and funding requirements.
Preparing the funding application
Submitting the application
We then submitted the funding application to the appropriate lenders.
Reviewing the funding offers
We reviewed the funding offers received from lenders and provided the client with our recommendations.
Finalizing the funding
Once the client accepted a funding offer, we assisted in finalizing the funding, including signing the necessary paperwork.
Resources Necessary for Successful Execution
A financial adviser with expertise in restaurant funding is essential to ensure that the funding process runs smoothly.
ACCESS TO LENDERS
Having access to a network of lenders is crucial for finding the best finance options for the client.
KNOWLEDGE OF FINANCE OPTIONS
A thorough understanding of the various finance options available for restaurants is necessary to identify the best options for the client.
In this case, the client was able to secure $87,000 in business credit card accounts, which was more than they had initially requested. By taking the extra $27,000 on 0% interest credit cards, the client was able to hold that as backup capital, which is a smart financial move for a start-up business. The achieved metric in this case is the amount of funding secured, which exceeded the client's initial request.
Evidence-based Recommendations and Best Practices
UNDERSTAND YOUR FUNDING NEEDS
It is essential to have a clear understanding of your funding needs before applying for funding. This will ensure that you apply for the right amount of funding and can avoid taking on unnecessary debt.
RESEARCH FINANCE OPTIONS
Research the various finance options available and understand the pros and cons of each option before making a decision. It is important to consider factors such as interest rates, repayment terms, and collateral requirements when evaluating finance options.
BUILD STRONG CREDIT
Having a strong personal and business credit history can increase your chances of securing funding with favorable terms. Take steps to improve your credit score, such as paying bills on time and reducing debt.
HAVE A SOLID BUSINESS PLAN
A well-developed business plan can help you secure funding by demonstrating to lenders or investors that you have a clear vision for your business and a plan for how to achieve success.
CONSIDER ALTERNATIVE FUNDING SOURCES
In addition to traditional funding options like loans and credit cards, consider alternative sources of funding such as crowdfunding, grants, or angel investors.
In conclusion, securing funding for a start-up Thai restaurant can be a daunting task, but with the right approach and guidance, it is possible to achieve success. By understanding your funding needs, researching finance options, building strong credit, having a solid business plan, and considering alternative funding sources, you can increase your chances of securing the funding you need to make your dream of owning a Thai restaurant a reality.
At Local USA Services, we have a team of experienced financial advisors who can help guide you through the funding process and help you make informed decisions about the best finance options for your business. Contact us today to learn how we can help you with your funding needs.