Two years have passed, and the business has flourished. You now have an established customer base and you have regulars frequenting your restaurant.
But somehow, you realized that things have been running smoothly for the past two years. Now, you wanted to expand. What should you do to make it happen? Fret not because all you need are these three things:
Your Financial Landscape
If you’ve been earning and saving at the same time, you might probably have a reason to expand. Getting the capital for expansion should not be a hindrance, as you can apply for a loan for your second restaurant location. ARF Financial notes that multiple companies now offer a variety of loan options.
If you’re still not convinced on getting a loan, you may want to hear it from the U.S. Small Business Administration (SBA) themselves. If you are near the Virgin Islands, they are set to conduct business loan workshops on August 8-10, 2018.
Your Experience, Skills, and Lifestyle
You may want to consider the skills you possess and the talent you have for your expansion. Doing business is a risk to take since it entails unpredictability on the market. Your experience can also be a big factor in carrying out your plans. Your two years of experience running a restaurant business is what you need.
Seeing the Bigger Picture
If you have decided to venture into the expansion, make sure you review everything. Don’t hesitate to ask questions for potential business partners and learn about the contracts, leases, cash flow, and inventory.
It pays to determine your intention in putting up an expansion. Sometimes, it also helps if you look back on why you have started this business. If you want to share your talent in cooking with the world, go ahead and expand your restaurant business.
The world offers so many possibilities. All you need to do is take that leap of faith and believe that you can do it and then carry out the well-thought-out plan you just made.