Real Estate

Building credibility in your restaurant start-up business

People with money are approached all the time by people who want money and your job is to find out who, if anyone, will get the money they have to offer. This decision is generally based on which investment has the best chance of providing the highest return with the least risk.

So one of the best things you can do when working on a plan to reach out to people who have money and try to convince them to give you some cash is to help yourself by building your credibility in people’s eyes. that they will investigate. . Credibility is another way of saying less risky, so that’s the goal you want to aim for in your appearance to investors.

In this article, we’ll cover several simple things you can do to significantly improve your credibility and make yourself stand out as someone more established and more likely to be successful than other people competing for the same dollars. The general perception of people who invest in businesses is that the more established and credible a person is, the more likely they are to be successful.

This is not difficult to understand as you can easily imagine yourself in your role and being approached by two different people looking for an investment. Who would you choose if you had to choose between a person who only has a vague plan that is not written and who has not researched and has very few answers about what he is going to do and who does not seem to have done it? Did he really go somewhere still in search of his plan and someone else who had completed all of the above and more?

If the second person had a written plan with a full package of deals with numbers and facts to back it up and a business card, a working website, a good restaurant name chosen and an estimated opening date and a whole team of people credible and knowledgeable with industry experience who are supporting them in this start-up, it would be easy to see which would be the right choice for an investment.

To appear as credible as possible to someone considering investing in your restaurant concept, you need to make sure you have these five things already completed:

  • A name for the restaurant
  • An estimated opening date
  • A website and logo already designed and live.
  • Business cards printed and ready to hand out
  • An explored location and possibly a leasing option in hand
  • Either personal experience in restaurant operations or you have hired someone (or several) for your team who has experience as a successful restaurant manager or owner.

If you have these things in place, your chances of obtaining funds increase dramatically. Without them, you are much more likely to get the money you want.

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