{"id":31877,"date":"2019-05-28T10:49:49","date_gmt":"2019-05-28T14:49:49","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=31877"},"modified":"2021-02-17T14:19:18","modified_gmt":"2021-02-17T19:19:18","slug":"are-you-ready-for-a-second-restaurant-location","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/are-you-ready-for-a-second-restaurant-location\/","title":{"rendered":"Are You Ready for a Second Restaurant Location?"},"content":{"rendered":"

\"Are<\/p>\n

Are You Ready for a Second Restaurant Location?<\/strong><\/h2>\n

Opening a restaurant can be a lot like having a newborn: sleepless nights, lots of confusion, unexpected costs, more sleepless nights. But just when you\u2019re getting into the groove of things and those early days are a distant memory, you start to think about another one (restaurant, that is). If business is great and you feel as though a new location could be in the cards, check out these signs you\u2019re ready to open a second spot.<\/p>\n

Business is Booming<\/strong><\/h2>\n

The very first thing to take into consideration when thinking of expansion is your flow of customers. If business wasn\u2019t great you probably wouldn\u2019t be reading this article, but it\u2019s worth noting that a consistent flow of customers\u2014both repeat and new—is key to your ability to support a second location. You\u2019ll rely on not only effective marketing and social media strategies to get the word out about your new restaurant, but on your faithful customer base who can recommend you to friends and family living in the new area.<\/p>\n

You\u2019re Mentally\u2014and Actually\u2014Prepared<\/strong><\/h2>\n

The steps involved in opening an additional location will be similar to when you opened your initial location. However, this time around, you have the benefit of experience. While you\u2019re going to need a business plan, if you\u2019ve seen success with the one you used initially, you should be able to make tweaks based on lessons learned and apply those to your new business plan.<\/p>\n

Perhaps one of the biggest hurdles to making this move is literally making the move<\/em>; as they say in real estate, it\u2019s all about location, location, location. Before you get your heart set on setting up shop, make sure you put as much care and consideration into your new location as you would when purchasing your own home. The things people love about your restaurant\u2019s current spot are likely what will draw crowds to your new place, so it\u2019s critical that the area you\u2019re headed have similar characteristics. You also don\u2019t want to take business away from your first location, which is reason enough to keep both places as close in vibe as possible.<\/p>\n

Your Support System is Second to None<\/strong><\/h2>\n

Sure, having the support of your family and friends is paramount to the success of your business. But there\u2019s a whole other group of people you need to have in your court, and that\u2019s your staff. Your staff is the lifeblood of your restaurant and likely a huge part of why you\u2019re successful enough to be considering opening a new place. As you\u2019re getting things up and running, you\u2019ll need the help and advice of those who have been by your side. They may need to pick up management tasks while you\u2019re busy getting everything ready at the new place, or you may want your lead cooks and servers to help hire and train the incoming staff. Your staff also has the closest ear to your customers, so they\u2019re great resources when trying to determine if expansion is a good idea.<\/p>\n

You\u2019ve Got Funding Lined Up<\/strong><\/h2>\n

There\u2019s no doubt you\u2019ll need financing when opening a new location. There are permits, rent, utilities, staff, and equipment needs that will arise well before profits start rolling in. Some entrepreneurs make the mistake of dipping into their first restaurant\u2019s revenues or business savings when making an investment like this. Truth be told, you need a lender on your side if you want to be as financially smart as possible during this time of risk.<\/p>\n

ARF Financial has a range of loan products available, and we\u2019ll work with you to personalize any one of them to fit your needs. If it\u2019s just a sum of cash you\u2019d like to draw on, our Line of Credit<\/a> options only require you to pay interest on what you actually take, plus your interest rate is locked in for 6 months.<\/p>\n

Have you heard of our Flex Pay Loan<\/a>? This loan allows you to defer up to 50% of your principal into the future for the lowest possible payments now (and no disruption to your cash flow). And when it comes to repayment options, ARF is your most flexible choice. We let you pay back your deferred principal in a lump sum, refinance it, or extend your terms to keep your payments at the same low amount.<\/p>\n

ARF Financial is also ideal if you need to act on an opportunity quickly, such as purchasing the perfect location that just went on the market. Since we can get you approved in just one day and funded in as little as three days, you\u2019ll be able to seize on any chance that comes your way.<\/p>\n

There\u2019s a reason that for the past 18 years, we\u2019ve helped over 6,500 businesses like yours get loans in excess of $800 million\u2014and why we\u2019re also the #1 lending source for restaurant loans. With ARF Financial, it\u2019s personal. Get in touch today or apply online<\/a>\u2014we can\u2019t wait to help you get the keys to your next location.<\/p>\n

Your privacy is important to us. ARF Financial will never sell or rent your information to any third party. Click here<\/a> for more information about our privacy policy.<\/h6>\n","protected":false},"excerpt":{"rendered":"

Are You Ready for a Second Restaurant Location? 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