How to Appeal to a Range of Customers
Despite the business’s success, the owners aimed to broaden their customer base, highlighting the importance of creating a strong first impression. To do so, they strategized renovations to develop a more inviting and comfortable space with a modern and refreshed interior. Additionally, the favorable local climate inspired the idea of incorporating a patio.
Yet, previous efforts to secure traditional bank financing hadn’t yielded results. Being a small and relatively new business complicated matters. Nonetheless, they decided to move forward and assess both the required funding amount and the range of alternative financing options they could access.
Updating the Restaurant’s Cost
Upon researching expenses, the owners found that restaurant renovations generally fall within the range of $200 to $250 per square foot. Additionally, there would be costs for building and furnishing a new patio. After performing calculations, they came to the conclusion that they would require around $300,000. This funding would cover all the planned tasks, including updates, the patio, and potential additional items throughout the project.
This budget would cover all proposed modifications and any extra requirements that might arise during the project’s advancement. The following step included evaluating the project’s feasibility. Subsequently, the owners initiated an exploration of alternative small business loan options that matched their needs.
