Restaurant Business Loans
Guides and resources for restaurant business loans

Banks and lending institutions offer a variety of business loans for restaurants. The application process and eligibility requirements are different for each, so ask these questions before taking out a loan.

You first need to evaluate your financial options. Once you’ve identified what you need, you can apply for a business loan.

First you need to create a business plan, which includes your organisation model, market research and pricing. Then you need to get the necessary finances to cover the start up costs. Don’t worry, it’s easier than you think to get a business loan with small business lenders like OnDeck.

Not if you apply for the right loan and have a good credit profile. You can learn more about Ondeck’s easy application process and eligibility requirements here.

Consistent delivery of high-quality services, which includes efficient processing systems.  Quality comes from offering better/unique services compared to your competitors, having experienced staff, and offering food your customers want. Efficiency focuses around POS systems, invoicing, payments, and customer experience.

Create a profitable restaurant by hiring and training dedicated staff, establishing a steady stream of new customers as well as a loyal customer base, building a good pricing strategy, and avoiding a cash flow crisis.

By focusing on key fundamentals that are vital for a successful business such as healthy financials, an experienced manager and staff, strong marketing strategies, and sustainable prices.

By focusing on key fundamentals that are vital for a successful business such as healthy financials, an experienced manager and staff, strong marketing strategies, and sustainable prices.

It takes most successful restaurants a couple years to consistently turn a profit. This extended timeline needs to be part of your business and financial plans.

Surround yourself with people who do – maybe that’s a business partner, experienced staff manager, mentor, etc. Ask for advice and research as much as you can about being a restaurant owner so you can build a strong business plan.

The cost of opening a restaurant is entirely dependent on the scale and location. A small, intimate space is cheaper than a large franchise with mandatory brand guidelines. You can see the business loan options OnDeck offers for restaurants to get an idea of available funding.

Australia has a massive restaurant industry with a variety of cuisines in high demand. Based on the location and local demographic, you could very well build a profitable restaurant.

You need to do a lot of research, create a strong business plan, find a well-trafficked location, and hire experienced staff. It’s also important to have sufficient resources and cash – oftentimes sourced through a business loan – to cover the start-up costs.

Licensing requirements vary by state, but most include a general business license, food business license, liquor license (if selling alcohol), and to comply with food safety regulations.