If you’re opening your own restaurant, you know very well that there are many factors and expenses that go into doing it right—just like any business. And, one of the heaviest financial burdens for those opening a new restaurant is the equipment that your establishment requires.
Restaurant equipment definitely isn’t cheap, but it makes up some of the most necessary items that owners need to run their place. It goes way beyond a simple refrigerator and stove. Also, there are dishwashers, steam tables, ice machines, fryers, bar equipment, prep and work tables, holding cabinets, and much more.
Any one of these items alone can be incredibly expensive—not to mention multiple items, which most restaurant owners need. Because of the reality of high restaurant equipment costs, many owners choose to take advantage of restaurant equipment lease financing.
With restaurant equipment lease financing, you’ll be able to get your hands on the equipment you need to get your restaurant up, running, and successful, even if you don’t have a huge budget to work with from the beginning. Instead of having to pay a large, up-front lump sum, restaurant equipment lease financing allows you to pay a monthly payment instead and keep more of your start-up funds in the bank for other expenses, like:
You can hire better, experienced employees and pay them an attractive salary to reduce turnover. The better employees there are, the better the customer service will be, which is a big attraction for customers, as no doubt you’ve read on Yelp reviews.
Without the drain of a huge purchase for equipment, you could perhaps afford a better location and have greater confidence you’ll be able to pay your rent on the restaurant space each month.
Excellent food comes from excellent ingredients, but many quality ingredients are more expensive. Locally-grown, in-season fruits and vegetables, as well as healthier ingredients, simply tend to cost more. With the money that restaurant equipment lease financing allows owners to save, you can afford to invest in better ingredients.
With restaurant equipment lease financing, you can have access to equipment that keeps food at its very best, such as heating cabinets and industry-quality freezers. Keeping food warmed up for pick-up customers or frozen enough to be safe is very important, and if it’s not, inspectors can and will cause trouble for you.
Ambiance and atmosphere are key to your restaurant’s overall experience. If you’re starting a new restaurant, chances are you have a specific vision for it. The money that financing a restaurant equipment lease saves compared to purchasing outright allows can help bring that vision to life.
Unfortunately, what often stops owners from leasing restaurant equipment is their credit. Restauranteurs with less than perfect credit, typically have a difficult time getting financing from banks. But this is no reason for you to settle for basic equipment, or choose to not open your restaurant at all.
Direct lenders like Global Financial & Leasing Services work with restauranteurs and entrepreneurs who have imperfect credit to get them the tools and equipment they need to kickstart their business. To us, you’re more than just your credit. You could be the next Wolfgang Puck.
If you need help with restaurant equipment lease financing, talk to us at GFLS. We’re here for you, and we want you to be able to achieve your culinary dreams.