Consumer Guide To Coffee Equipment Financing

By Author: Astrum Capital
Total Articles: 3
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This article analyzes how coffee machine financing may provide an alternative approach of financing your business's growth and inquires whether this equipment can compensate for themselves, adding to your company's bottom line.
One of the most difficult challenges you will face if you want to open your own restaurant or looking to expand an existing one is obtaining equipment financing. Setting up a restaurant necessitates a significant investment. For starters, you'll need to invest in restaurant equipment like stoves, grills, gas ranges, freezers, tables, chairs, POS systems and so on.
A commercial coffee equipment is often one of the most expensive individual equipment purchased by an independent coffee shop or café, with average expenditures ranging from $5000 to more than £40000.
We get a lot of calls from people who want to open a coffee business. They are usually overjoyed to be running their own business and selling a product they love and believe in, but it is crucial to be realistic while making such a huge decision.
I mentioned ...
... this because many of the calls we receive are from people attempting to open a coffee shop on a modest budget, which is a challenging task.
Here are some equipment financing tips specifically for restaurant owners:
Explore and Shop around: Compare prices from various equipment vendors. Step is to understand what is and isn't included in the quote. Will the equipment be installed? Is there any form of warranty if it's used?
Negotiate with your Vendor: If you simply ASK, many vendors will give you a discount on big purchases. Create a friendly relationship with them and make an informed decision. That phone call has occasionally assisted me in deciding NOT to purchase equipment from a particular vendor. If you take the time to call, you will be able to identify the best pricing for your equipment.
Examine your Credit report: Some coffee equipment financing companies will only accept customers who have a good to excellent credit history. They might also have a requirement for a certain amount of time in business. Always check to see if you meet the criteria for their financing program before submitting an equipment financing application.
Refurbished Equipment: Don't overlook the advantages of purchasing used equipment. In general, it is much less expensive, and if the previous owner maintained it, you may be able to purchase a top end equipment for about the same price of a new lower end equipment.
Avoid Excessive Spending: A strong financial plan will assist you in not only mapping out your business goals, but also in creating and maintaining a budget. You should be realistic about your requirements and take into account your budget and available space.
Follow Local Rules & Regulations: You should be aware that there are regulatory requirements that must be followed when furnishing a commercial building. Make inquiries with your county health department, fire inspector, building owner about the strict guidelines for restaurants in your area before submitting your equipment Financing application.
Conclusion
Applying for coffee equipment financing is significantly easier than applying for a bank loan. You may look about and compare leasing companies on the internet, and you can even submit your application online. Most finance companies approve applications within 24 to 48 hours, and you can anticipate to get the equipment within 1 to 2 weeks after your application is approved.
Astrum Capital is a small business coffee equipment financing and lease broker.