Renovation Projects That Will Help You Increase Profits
Restaurant renovations can bring a struggling restaurant back to life. New features generate interest that draws customers and boosts sales. Assess your current style to determine which of these renovation ideas is most likely to benefit your restaurant, and start creating a fresh space that entices diners to come in to experience the changes.
1. Focus on Comfort
Although more meals are being eaten outside the home these days, people still want to feel comfortable and welcomed when they dine. The type of comfort you provide at your restaurant depends on your primary focus. People may expect a rustic, cozy atmosphere at the local hometown grill, but plush elegance is more appropriate for upscale dining establishments. Use every element of interior design from the carpeting to the lights to convey the proper sense of comfort for your target clientele.
2. Expand Beyond the Interior
Adding a patio or other outdoor eating space is another way to make your restaurant more inviting. Nothing enhances peoples’ moods more than spending a warm, sunny afternoon at a favorite eatery with family and friends. New customers will be drawn to the pleasant experience of dining outside, and regulars will return to take advantage of the unique experience. If you do business in a climate where nights are warm, an outdoor dining area can be marketed as the prime location for romantic dinners.
3. Build a Bar
Adding a bar to your restaurant offers an opportunity to expand your menu and attract a fresh wave of customers. Whether you serve wine to patrons while they wait for their tables to be ready or have a dozen beers on tap for everyone to enjoy during the big game, a bar provides a space for customers to gather and relax. Pair drinks with signature appetizers and dishes to create both daily and seasonal specials. Remember, however, that you’ll need to obtain a liquor license for your establishment before you can serve alcohol, and the bar area must be staffed responsibly at all times.
4. Streamline Service
When reorganizing the layout of your restaurant, consider how the placement of fixtures and furniture will affect the movement of foot traffic. Servers should be able to get from the kitchen to the tables as quickly as possible without worrying about running into customers or other staff. At the bar, provide enough room for a reasonable number of people to be comfortable. Create clear, logical paths between areas so that even the busiest times of day flow smoothly. The easier it is for everyone to move, the better the quality of service you’ll be able to offer.
How Can You Afford a Big Renovation Project?
Don’t be afraid to spend a decent amount of money to make these kinds of improvements. As long as you create a budget beforehand and know exactly what you want to do, a big investment can pay off in the form of a larger customer base, greater sales and a positive reputation that continues to draw people to your restaurant. If you’re concerned about impacting your current cash flow or savings account you should consider taking out a Working Capital Loan to pay for your renovation project over time. When you apply for a Working Capital Loan through ARF Financial you get access to a real bank loan brokered through one of our FDIC-insured bank partners. Because the loan is a real bank loan and not a cash advance your interest is tax deducible and your payments are fixed. There is also no early pay-off penalty.
For example, one of our recent clients needed $75,000 for some renovations she was able to complete after business hours. After receiving her working capital loan this business owner was able to complete her renovations in less than a month and went on to increase her sales by over $900,000 in one year! If you’re ready start a renovation project at your restaurant please contact us today to speak with a small business consultant about your financing options.