Creating a successful restaurant takes skill both in the kitchen and in your financial books. Luckily, the latter doesn’t have to be as difficult as you might expect. You can help improve your restaurant’s finances through equipment leasing. Find out how this method can boost your business in four helpful ways.
1. Use Less Capital
Perhaps the biggest reason to choose equipment leasing for your restaurant is to avoid huge capital expenses. Equipment leasing can help whether you’re just opening your restaurant and have several major assets to acquire or if you’re an established restaurant with an unexpected expense. Instead of spending a large sum up front, you can instead manage your cash flow with fixed monthly lease payments.
2. Determine Your Needs
New restaurant owners may not know what kind of volume to expect or which types of equipment will help automate production the most. Even seasoned owners may wish to give a new brand a trial run before committing to an expensive purchase. Leasing allows you to avoid the long-term commitment and try different brands and types of equipment for as little as a 24 month period.
3. Cater to Your Customers
Don’t forget that restaurant equipment leasing doesn’t just apply to pieces that help you cook. You can also upgrade your point of sale (POS) system with a lease. The right POS system not only makes it easy for customers to pay their bills and quickly add gratuity, but it can also help you manage inventory, schedule employee shifts, and reduce order errors.
4. Get Approved Fast
Equipment leasing can be a much faster financing option, especially compared to traditional banks who can take weeks just to approve a loan application. Companies that provide equipment leasing services like us often offer 24-hour credit approvals. If you’re quickly approaching an upcoming opening and need an extra freezer or need to replace a range before the weekend rush, an equipment lease can help you make it happen.
The Bottom Line
As a restaurant owner or operator, it’s smart to explore all of your financing options when deciding on a purchase. Don’t forget to consider equipment leasing to help your business stay agile with a better cash flow.