Kick Starting A Restaurant Will It Get You One Step Closer To Your Dream?
So you’ve always dreamed of owning a restaurant.
Going into the restaurant business is a popular choice among many to be entrepreneurs. However, it can be an expensive undertaking.
One reason it’s hard to get funding is that 25 percent of new restaurants fail within the first year. Because of that, some lenders/financial institutions do not want to lend to risky first-time restaurateurs.
As with most businesses, first-time restaurateurs typically do not have a ton of cash sitting around to help them get started.
Before you can decide what financing option is best for your business, you need to know just how much capital you will need to get started.
Restaurant expenses can range from thousands of dollars to the millions, so it depends on the of restaurant concept you are planning on opening. Having a handle on your startup expenses is necessary for finding backers regardless of what method you choose.
You Must Have A Clear Understanding Of Your Concept click the link below to see what a concept is.
If you have exhausted most of your contacts (family, friends, and friends of family and friends) to help you to start your restaurant and it still wasn’t enough money. Or if you didn’t even bother to put your idea out there to those who may or may not help.
Don’t give up just yet there may be hope for you DREAM still!
Kickstarter Might Be Your Best Option!
The use of Kickstarter for restaurants is on the rise, CEO Yancey Strickler told Eater in an interview. Food projects range from sous vide cookers to cookbooks, food trucks to full-blown restaurants are listed on the website.
First, let me give you some history and information on Kickstarter.
→Kickstarter launched on April 28, 2009
→Over 10 million people, from every continent on earth, have backed a Kickstarter project.
→In 2015, they became a Benefit Corporation.
Benefit Corporations are for-profit companies that are obligated to consider the impact of their decisions on society, not only shareholders.
→They witnessed $1 billion in pledges in just a 24 hour period.
They measure their success by how well people achieve their mission, not by the size of their profits.
Kickstarter helps artists, musicians, filmmakers, designers, and other creators find the resources and support they need to make their dreams, passion and ideas a reality.
I know you have to be wondering how does Kickstarter make money?
If a project is successfully funded, Kickstarter applies a 5% fee to the funds collected. All pledges are processed securely by a third-party payment partner, Stripe. These payment processing fees work out to roughly 3-5%. If the project does not reach its funding goal, there are no fees.
After five years, they made the video below to explain how they came about. They have grown bigger and better than they ever imagined!
Ok, so will it work for your restaurant startup idea?
I can’t really answer that!
But what I can do is give you some FREE information and resources to convince possible Kickstarter backer’s to fund your startup.
Let’s start with understanding who these backers are.
→ A lot of backers are rallying around their family or friends, don’t give up hope on your rich great aunt just yet.
→ Some are people that have known and have long admired you.
→ Many are just inspired by a new idea.
→ Some give money to help create something that they want to see exist in the world.
Many projects funded by Kickstarter may go on to make money, but backers are supporting projects to help them come to life, not to financially profit.
Now that you now have an idea of who your possible backers might be, it’s time to tell them what they want to here.
It’s important, to be honest, and absolutely sure you have done enough research. You need to prove to them you have the knowledge and tools to become a restaurant owner. My FREE resources toolkit will help you convince them, please check it out.
The resources I’m giving you for free are a stepping stone to starting and becoming a successful restaurant owner and will also show backers you’ve done your homework!