Thanks for sharing this great article explaining the right tips to for getting an initial funding for a fast casual restaurant. Just like to add that these days accounts receivable factoring, is a popular form of small business funding.
Firstly - you are right to have identified its a process....
Follow the relevant steps and do your homework and you should be able to get the funding you need. Its in your control but there are rarely short cuts...
Top level I'd tackle as follows:
1) Talk to as many would be customers of the business as possible - perhaps a survey via surveymonkey or via email
2) If you don't know how to engage with would be customers - find a forum with them involved, get involved and pick their brains i.e validate your concept and gain some data / proof of demand
3) Develop executive summary, pitch deck
4) Determine the thought leaders in your industry in your local market
5) Ask them for their advice and engage (don't initially mention money...)
6) Establish an advisory board of the people with real experience who you've established a relationship with
7) Ask them to connect you with people in their network
8) Pitch! See what works and what doesn't. Refine. Pitch! Then rinse and repeat!
Perhaps the best method of finding the ideal investor is to not go out there looking for money but look for a match in terms of vision, goals and motivations between yourself and your potential investors.
Believe it or not - you'll get the cash when you are ready.
I created a report which could help. Drop by if you think it might be useful.
---Andrew PS - Here's a free report on creating your startup success. Free report
Always make your network bigger and large as much you have workable contacts its beneficial for you.
Acquiring capital for a restaurant can be a challenge- as I'm sure you have heard.
Aside from the basics (sound concept, solid plan & strong team) we've determined (from our work with many entrepreneurs) that the three keys to successfully acquiring capital are:
1 Choose the right capital strategy for your situation, the business and you personally.
2. Get capital ready. You don't want to have any "hiccups" once the capital source is "on the scene"
3. Have a plan for acquiring the capital (which incorporates proven methods) and follow it with persistence.
If you want to discuss your specific situation, feel free to drop me a PM or contact me directly.
I have a concept for a fast-casual asian-inspired restaurant. I believe there is a huge market for this concept (especially currently in the eastern and southern areas of the US). I have the business plan and a powerpoint presentation in place to present a clearer picture of my concept. There is really nothing like this on the market, yet the basic ideas are already proven to be very successful. I believe this concept will become a worldwide franchise.
My issue currently is securing the funding to open up the initial restaurant. How can I start this process? Any suggestions would be greatly appreciated.