How your bar business can benefit from a loan
Running a bar has a lot of expenses, which can lead to a lot of financial pressure. This is especially true during the start-up phase of the business as the first three years can be the most volatile. To run a successful bar, funding from outside sources might become an option to consider at one point or another. A bar business loan makes it possible to get the capital you want. If you’re wondering whether a small business loan is right for you, consider these four reasons why additional funding could help your bar grow and be more successful.
4 Reasons why your bar business needs capital
Business fundamentals: Starting and Establishing Yourself
When adding up all the expenses of running a business, it might be tempting to cut costs where you can. It’s savvy to be smart with money but buying sub-par equipment or décor to fit it all in budget thinking you’ll upgrade when you have more cash flow probably isn’t the best decision. Those components are vital to creating a competitive business that will thrive long enough to even make it to a stage where you can upgrade. If you don’t have the immediate resources to buy quality fundamentals, a business loan can get you off on the right foot.
Marketing: Developing Marketing Strategies to Promote Your Bar
It’s near impossible to be a thriving bar if no one knows who you are. Marketing will help at every stage regardless of how established you are with existing customers or how good you are at bringing in new ones. If you’re starting out, online marketing will increase awareness and create a buzz. More established bars will find that an online presence will make it easier for people to find you and it establishes credibility through testimonials and followers.
HR/Staffing: Staff Training, Recruitment & Development
Staff play a vital role in creating the right mood and giving high-quality customer service. They will be the ones who have the most impact on your customer experience – which is a top factor in today’s competitive market. While having tasty food and standout drinks are still make-or-break, giving your customers a knock-out experience will be what sets you apart from the rest. Invest in the right people (who will need competitive wages) and train them properly to perfect the experience and business process.
Finance: Bar Equipment Financing
Having the right equipment can be the difference between a smooth, polished business and a bar trying to keep its head above water. Do your research to find the right POS system that includes all the functions you need. Invest in the right computers, cash registers and inventory software to minimise unnecessary errors or wasted time. Get top-of-the-line bar equipment that produces quality products. OnDeck’s equipment finance loan can help you invest in the core of your business and will make sure you aren’t spending your time putting out avoidable ‘fires’ that take time and attention away from growing your business.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at February 2020. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.