Raising the funds to open your own eatery can be next to impossible if you go it alone. One way you can achieve your goal is to learn how to get a grant to open a restaurant.
While many entrepreneurs go the route of taking out a Small Business Association loan, it pays to look into getting an actual grant to seed your business. There are several organizations that are available to help you, so by doing your homework, and with a little bit of research, your efforts might pay off in spades.
Before you even attempt to get a grant, you’ll need a strong business plan. First, establish your goals. You’ll need to know what type of cuisine you plan to offer, where you want to open your establishment, and how many customers you anticipate serving each day. This means you will also need to know what other restaurants are located in the area and how many will directly compete with you.
The next important component in getting a grant to open a restaurant is your revenue projection. You must estimate what you believe you can produce in both the short term and the long term. Plan on setting goals for at least the first three years, and five years would be even better. This needs to include not just sales expectations, but profits you expect to post after the bills are paid. You must factor in your expenses such as rent, chefs, wait staff, decor, food, licenses, food safety, landscaping, and every other outlay that must be paid from the sales revenue. Any organization offering to release grant money wants to be reassured that you know your business is viable, and they will want to see the numbers for themselves.
Once you have a solid plan in place, do some research through the National Restaurant Association. This can be a great starting point in making contact with local associations ready to lend a helping hand to those wanting to open an eatery. If you are determined to get a grant to open a restaurant, be prepared to explain why you deserve it. You will be in competition with many others who are also seeking a grant, so don’t hold back in letting the grant maker know how qualified you are and why.
Running your own restaurant can be a truly rewarding experience, both personally and financially. Being prepared just might open the door to your dream.