Keeping a small business open is never easy, and that goes double for restaurant owners. Forbes research indicates that 543,000 small businesses open their doors for the first time every year in the U.S., about 1000 of which are restaurants. This $632 billion industry presents some unique challenges, especially in the realm of finances.
Coming up with the funding to open and maintain any business is no walk in the park. About 16% of loans taken out in the U.S. are for business use. Among small business owners, 38% took out loans just to maintain inventory, and 23% took them out to deal with poor or slow sales. Many even request cash advances, receiving immediate funding in exchange for an interest profit on credit card transactions.
Restaurants often require substantial overhead and operate with low p
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