Blog

Rent

As a restaurateur, one of the biggest costs you will have to pay is the rent of your premises. Many premises will require a deposit to secure your place as the habitant of the premises. The deposit will also cover any damages which the premises suffers. The deposit will be a significant cost which means that you will need to use your personal savings so that you can place the deposit. When you are renting an establishment, you will usually be charged a fixed amount on a monthly basis. The cost of your rent will depend on the size of your establishment. It is recommended for you to have the funds available so that you can cover the rent of your establishment for the first year. This is because during the early stages of your restaurant, you will have a low income which means you will not generate enough profit to pay your rent.

Utilities

When you are running your restaurant, you will incur the substantial cost of paying for utilities.

Debit card

There are major three of debit cards:

• Visa
• Mastercard
• Maestro

When people choose to pay with any of the above, the amount they spend gets deducted directly from their bank balance. All types of debit cards function in a similar way: the customer pays with their card (through chip and PIN, contactless, via telephone or online) and then the money withdrawn directly from the account.

Debit cards can be useful as an alternative for carrying cash, but research shows people spend more on impulse with plastic, as they`re less restricted.

Credit card

Credit cards are similar to debit cards but the key difference is customers paying with credit i.e., amount will paid after sometime in future date.

When someone takes out a credit card they`ll be given a credit limit - the amount they`re allowed to spend and when they use it they`re agreeing to repay the balance plus interest.