How to Appeal to a Range of Customers
While things were going well, the owners wanted the business to appeal to more customers, which meant having a great first impression. Renovations would make the space more inviting and comfortable with a clean and updated interior. The excellent weather in the area also led to the idea of adding a patio.
The problem is that traditional bank financing attempts in the past hadn’t gone very well. Being a small and fairly new business makes everything more complicated. However, they decided to move forward and find out how much they would need and what types of alternative financing were available.
The Cost to Update the Restaurant
Looking into costs, the owners found that the average cost to renovate a restaurant is around $200 to $250 per square foot. Then there would be the costs associated with building and outfitting a new patio. After doing some calculations, the owners decided that they would need about $300,000 to get everything done.
This would handle all the updates, the patio, and any extra items that might be needed as the project went on. The next step in the process was to see if this was feasible. The owners started to delve into small business loan alternatives that would meet their needs.