There are so many elements that go into running a successful restaurant. Hiring staff, designing the room, dealing with food and safety regulations, preparing the perfect menu, advertising…the list could go on and on. The restaurant business is an exciting, high-octane world. Having the right equipment to create sumptuous meals is paramount. High quality equipment that won’t break down under pressure while continually producing an excellent product is essential. While purchasing restaurant equipment can be a daunting investment, there are a variety of tools that can help businesses achieve their goals. One of those tools is an equipment finance calculator.
On-line calculators are simple tools that allow potential customers to estimate costs early in the process. They inform the customers about the kind of factors that can go into projecting rates and terms. When those in the food industry are looking to purchase equipment and need financing, there are equipment finance calculators that are specially geared to the restaurant business. Before using the calculator there are several options to consider. Financing may involve:
Leasing kitchen equipment makes good sense if you know what equipment is required. There are financial service companies that specialize in leasing restaurant equipment . The company will buy the equipment you request and lease it to you. To get an idea of the costs involved, start by sourcing the equipment. A great place to start is by checking out the Restaurant Canada Buyer’s Guide. The site lists vendors for everything from griddles to lobster tanks. Once the equipment has been sourced and priced, check out an equipment finance calculator. Pop in the numbers and fill out basic information, such as business experience and the length of the term and voila! Up comes the estimated monthly payment.
If the client doesn’t want to enter into a longer term lease, renting might be an option, especially when unsure if the equipment is right for the business. Don’t know what the equipment needs are yet? A pre-approved line of credit might be just the ticket.
While people often turn to the big banks for loans, banks don’t always understand the ins and outs of small businesses. The more experience that the financial institution has dealing with the service industry, the better.
Econolease is a financial service company that specializes in catering to the food service industry. They have years of experience dealing with all kinds of business owners, including restaurants, banquet halls, grocery stores, catering, bars, clubs, and cafés. They can help with costs incurred when starting-up, renovating, expanding, replacing or adding new equipment.
While deciding what kind of financing works best for a particular business, it’s important to have a good relationship with a financial expert, to work with someone who can give expert advice and carefully communicates all the options and variables. Always enter any financial agreement knowing exactly what is financially involved. Checking out a restaurant equipment finance calculator is a great place to start.