Tips on How to Take Your Restaurant on the Road with a Food Truck

Canadians love food trucks. Though we initially lagged behind our neighbours to the south when it came to restaurants on wheels, in recent years food trucks have flourished in Canada and become a mainstay of festivals, special events and everyday urban life.

The rise of food trucks in Canada presents restaurateurs and aspiring restaurant owners with an enticing alternative to traditional brick-and-mortar restaurants. Compared to the costs associated with opening and operating a traditional restaurant, sourcing the business financing to start a food truck can be much more realistic. Here are just some of the benefits of starting a food truck:

• Low Startup Costs: The average cost of starting a food truck is only a fraction (20-25%) of a brick-and-mortar restaurant. This is true whether you are looking to start a new restaurant, or expanding your business to a second location.
• Keep Overhead Costs Down: It takes a village to run a restaurant – hosts, servers, a line of cooks and cleaning staff. A mobile restaurant on the other hand typically only requires three people at a time to run efficiently.
• Test Drive Various Locations: Even if you have your heart set on opening another brick-and-mortar restaurant, you may be having doubts about the best spot for your first, second or third restaurant location. Every neighborhood has a unique flavor and a taste for different foods. By visiting different areas with your food truck, you can test and learn which locations respond best to your brand.
• Build Brand Recognition and Loyalty: A food truck is not only a mobile restaurant; if branded well, it can also act as a billboard on wheels for your small business. A food truck allows your restaurant to have a presence at the busiest intersections, top sporting events and hottest festivals. Take your restaurant to the Calgary Stampede or the Ex in Toronto. The road’s the limit! Original Source…
  Contact Us:
  Lendified
  330 Bay Street, Suite 306
  Toronto, Ontario
  Zip Code: M5H 2S8
  Business Phone: +1 647 381 9218
  Business E-mail: troy.wright@lendified.com

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Summer Construction Survival Tips for Small Businesses

Most cities in Canada have two seasons: winter and construction – or so the saying goes. We asked our Toronto team how small businesses adapt during the construction season and wanted to share the details with you to help your business succeed.

Our Conversation with Lendified’s Toronto Team:

What type of construction do your small business customers deal with in Toronto?

It varies according to the location. Every summer, we see construction across the GTA ranging from routine projects like fixing potholes to larger projects like streetcar track maintenance. Summer 2017 marks the commencement of a major initiative to overhaul the Gardiner Expressway, starting with the demolition and rebuilding of a popular eastbound ramp. These types of projects, along with the usual construction activity across the city, provide great long term benefits to the community, but in the short term they clog streets and cause headaches for many consumers, employees, and business owners.

How does the construction impact small businesses?

Construction and roadwork can make it difficult for customers, clients, partners, suppliers and employees to get to your business on time. This can be especially painful for employees since the worst congestion is experienced during rush hour when commuters make their way to work.

What can business owners do to combat the effects of the construction?

There are 5 things we have seen small businesses do to thrive:

1. Make it worth their while
If getting to your business has become a hassle due to construction projects, offer incentives and rewards to your customers for making the trip. Offer discounts, points and promotions – anything you have at your disposal – just as you might during any lull or difficult stretch. Small businesses can also draw in additional foot traffic by offering special events and attractions at their place of business. Idea: Try partnering with other businesses in your area or reaching out to your BIA to see if you can work collectively with other businesses in your area to tackle common problems.

2. Become a traffic guru

Stay apprised of what is happening in respect to construction and road closures. You can subscribe to online alerts or simply find your go-to source on the radio, television or online. Utilize your website and social media, as well as direct communication channels (such as mail, newsletter, email, phone) to warn customers about the closures or delays that may impact your place of work. Idea: Post maps on your website suggesting alternate routes and identifying parking to make your customer’s trip as smooth as possible.

3. Pivot

If possible, shift focus to your online, delivery or mobile services. Do you run a retail business? The summer might be a good time to open up that online shop you’ve been thinking about. Promote your online services via social media and email, to ensure your customers are aware that there are other ways to do business with you. Idea: If you offer professional services consider doing sessions via FaceTime or Skype – your clients might appreciate the alternative option. Click here to visit original source…

Contact Us:
Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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How Creative Agencies can Benefit from Business Loans

Canada’s creative economy is growing. Yet compared to their counterparts in the technology sector, creative agencies often struggle to find adequate sources of financing and working capital. While there are ample funds available for tech startups via investors, crowdfunding and grants, small businesses in the creative industry (such as graphic designers, photographers, digital agencies and advertising firms, to name a few) have traditionally had to go through big banks to apply for business loans. This lengthy process would often result in rejection, leaving small shops out to dry.

The funding landscape in Canada has changed in recent years and creative agencies can now access funds quickly through reputable online lenders that specialize in the needs of small businesses.

So, what can a creative agency do with a small business loan? We have a few ideas.

Find Your Don Draper

In the creative economy talent is your greatest asset, so when opportunity knocks, make sure you have assembled the team you need to meet your clients’ expectations. A creative guru or reputable strategist can help bring credibility and buzz to your agency; a sales wizard can exponentially grow your business. Whatever your needs, finding the right fit for your small business can be a lengthy process, often requiring support from a recruitment or executive search firm. Once hired, the new recruit needs to be trained. It may take a few months before you really see the return on your investment – this is where small business loans can come in handy.

Invest in State-of-the-Art Equipment

The creative industry is constantly evolving thanks to advancements in technology. Tech can be an incredible enabler, allowing you to take your service to the next level. But falling behind and working with old software or equipment can make it even harder to compete with the agency next door that has all the latest gadgets. Agencies can leverage small business loans to invest in digital cameras, video equipment, up-to-date hardware and game-changing software to snag those big accounts that will help your business grow.

Creative Space

A creative agency needs a space that showcases its culture, aesthetic and talents. A modern, cool, collaborative workspace has become synonymous with the creative industry and for good reason. Creative spaces not only make a good impression on clients and prospects, but can help attract top talent and keep them engaged. A small business loan can bring your vision to life when put towards real estate, renovation, design and décor. Original Source…

Contact Us:
Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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Crowdfunding vs. Small Business Loans

Crowdfunding has proliferated in recent years, with platforms like Kickstarter and Indiegogo making the news alongside celebrity-backed projects and high profile startup success stories. During this time, scores of online platforms have emerged offering small business owners an opportunity to create campaigns to fund projects of all sizes.

Crowdfunding has grown in popularity but is just one of many sources of capital available to small businesses. Read on as we explore how crowdfunding stacks up against online lending and other small business financing options in Canada.

How Crowdfunding Works

Crowdfunding is an offshoot of crowdsourcing, the practice of using the internet to source input and ideas from the masses. Crowdfunding is a similar concept, but the focus instead is on sourcing funds to finance projects in areas spanning arts, startups, social and even personal causes.

Though concepts vary, crowdfunding works by connecting individuals in need of capital (“creators”) with funders (“backers”). In most cases, funders don’t receive equity or ownership in exchange for backing a project – though “rewards” are offered. The main benefit for funders is the opportunity to support something they believe in.

The types of projects that perform better on crowdfunding platforms include artistic projects (like music and film); consumer tech and gadgets; eco-friendly initiatives and social enterprises. Projects associated with celebrities also perform well due to the publicity they garner.

Not All Projects Get Funded

While some projects are a good fit with the crowdfunding model, it’s not a fit for everyone. For instance, there are certain types of projects such as solo projects by first-time entrepreneurs that tend to underperform. Ultimately, there are no guarantees and after much time and effort, you might find yourself still in need of capital and having to start over.

Getting Funded is a Hustle

In addition to the hustle and grind of running your small business, sourcing capital through crowdfunding is a major project in itself. Crowdfunding requires a significant amount of campaigning (and often funds) to raise awareness about your project. Many of the resources one might employ to market their small business might need to be diverted towards promoting your funding campaign. Without the backing of a high-profile figure, you’ll need to rely on compelling copy, creative and media to share your vision, as well as social media marketing campaigns to get to your goal. This often includes upfront investments in video production, advertising and public relations.

Crowdfunding Takes Time

Crowdfunding can only work for you if time is not of the essence. Most campaigns run for at least 4 to 5 weeks. This of course does not include the time ahead of launching required to prepare a strategy, develop materials and set up your campaign. In contrast, many new online lenders such as Lendified offer an application process that takes minutes to complete and provide you with funds in days. So, if time is a factor and you need fast access to capital, crowdfunding is not the best option for your business. Continue reading visit original source…

Contact Us:Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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Should You Buy or Lease Equipment for Your Business?

To buy or to lease – that is the question. Many small business owners find this a hard one to answer. Read on as we explore how equipment leasing stacks up purchasing the equipment outright.

Pros of Leasing Equipment

• Conserve working capital: Purchasing equipment can require a significant chunk of working capital. This is one of the main reasons why the option to lease equipment exists. It allows businesses to obtain equipment with little upfront cost or investment.
• Keep equipment up-to-date: If having the latest, state-of-the-art equipment is essential for your business, equipment leasing can be a good option. Depending on your arrangement, you may be able to lease as long as you want and upgrade equipment as needed.
• Tax benefits: Your balance sheet shows lease payments as expenses rather than long-term debt. As always, speak to your accountant about tax implications before making significant financial decisions.

Cons of Leasing Equipment

• Higher cost: When you do the math and break down the numbers, equipment leasing is unfortunately one of the more costly financing options for small businesses. Because leasing companies typically don’t use equipment for the duration of its lifespan, they have to bump up the fees to recoup the cost.
• Nothing to show for it: At the end of the day leasing equipment equates to no ownership. That means despite your investment, there is no ability to resell equipment and recover costs. Original Source...

Contact Us:
Lendified Inc.
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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10 Tips For Small Businesses Using QuickBooks

QuickBooks is absolutely essential accounting software. Nearly every small business owner uses it because it simplifies bookkeeping. This doesn’t mean QuickBooks is easy to use. It requires some practice and can be challenging for even the most experienced among us. However, QuickBooks is worth the effort and we have put together 10 tips to help you make the most of the software.

1. Leverage The Training
   Like anything else, understanding the basic principles makes the job much easier. Make use of all the training QuickBooks provides and spend some time playing around with the software before using it. Being familiar with the interface will make you a knowledgeable and confident user.
2. Back Up Your Data
   This is just as crucial as learning the basics! Use the QuickBooks Online Option to store your data in the cloud and rest easy knowing that a power outage or accidentally closing the program will not result in data loss. You spend time and effort compiling important data so make sure you don’t lose it unintentionally.
3. Use Strong Passwords
   Make sure you do your best to protect your data by choosing a strong password. You can change your current password in the Account tab.
4. Customise User Access
   When working with sensitive data it is important that access is restricted to only those who need to have it. You can easily change the settings to define what kind of access each user has for any given account.
5. Customise The Icon Bar
   Having useless icons on your Icon Bar limits efficiency. Eliminate the clutter and customise your Icon Bar to reflect only your most used icons. This way you have your favourite icons close at hand and avoid distractions. Use View>Customise to customise your workspace! Original Source...

Contact Us:

330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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Things you should know about Merchant Cash Advances

A merchant cash advance (also known as a business cash advance) is one of many alternatives available to small business owners in need of capital quickly. But what exactly is a merchant cash advance – and is it right for your business? Read on as we break down and weigh the pros and cons of merchant cash advances for small businesses.

What is a Merchant Cash Advance?

In simple terms, a merchant cash advance (MCA) is a lump sum of cash paid upfront in exchange for a percentage of future credit card or debit card sales. Business owners may turn to a MCA when they need access to funds quickly and are not aware of other alternatives, or if they believe their credit isn’t strong enough for them to be eligible for a loan. While in some situations a merchant cash advance may be a good option, it is important to keep in mind the risks and fees associated with this unregulated segment of the lending industry.


Are Merchant Cash Advances Considered Loans?

There is a common misconception that a merchant advance is a type of loan, when in fact it is actually a form of a sale. The confusion is understandable since there are similarities. Like a small business loan, a merchant cash advance is a financing option that small business owners can put towards costs such as rent, payroll, equipment or marketing efforts. However, merchant cash advances are not repaid in the same way as a loan. Instead of making regular payments, the business makes payments every time they receive card payments from customers. Since MCA repayments are based on credit card sales, the payments ebb and flow with your business. Some businesses find this method more manageable, while others find the constant payments difficult to manage. Read more click here for original source...

Contact Us:

330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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