4 Reasons to Upgrade Your Restaurant Equipment | Fora Financial Blog
4 Reasons to Upgrade Your Restaurant Equipment
April 04, 2014

4 Reasons to Upgrade Your Restaurant Equipment

As a restaurant owner, there will come a time that upgrading your restaurant equipment will be necessary. Having new, reliable equipment for your business will allow you to provide your customers with an elevated experience!

Purchasing new restaurant equipment can be costly, but if you wait until your equipment is no longer running at full capacity, you could risk your business’s reputation.

In the restaurant industry, the same equipment is used every day in order to provide customers with their food and beverage orders. Due to this, they might experience deterioration faster than other industry’s required equipment. In this post, we’ll offer four tips for successfully purchasing equipment for restaurants, without breaking the bank!

1. Schedule Routine Maintenance

Want your restaurant equipment to last for as long as possible? Periodically schedule service checks! This will ensure that you aware of the quality of your equipment. Instead of having to replace an entire unit, you may be able to keep equipment longer by simply making small repairs over time.

Remember, even equipment that is consistently maintained will still decline over time. If you’ve had a piece of equipment, such as an oven, for many years, it might be a smart investment to pay for a modernized tools.

2. Consider Used Equipment

Do you need equipment, but your budget is holding you back? It may be prudent for your business to purchase used equipment, instead of items that are brand new. In many cases, you won’t sacrifice quality by shopping for used equipment, since these items often don’t have a high usage volume prior to being sold. A lot of used restaurant equipment comes from restaurants that closed from slow sales, so it’s possible to obtain a barely-used item.

3. Research Leasing Items

An affordable way to obtain restaurant equipment is to consider leasing instead of purchasing entirely new equipment. Leasing can be a practical alternative to purchasing new items, especially if you’d prefer to pay a flat monthly fee.

4. Apply for Small Business Loans

In order to afford equipment for restaurants, many business owners take advantage of working capital from small business lenders. With restaurant business loans, you’ll have cash available to pay for equipment advancements. If you’re interested in learning more about how to apply for restaurant business loans, make sure to check out our application tips!

Whether you decide to purchase new equipment, or opt for used or leased items, your restaurant will likely benefit from making these updates. Try to find the most reasonably priced products, with a long warranty and cheaply priced (or free) service calls. It may be inconvenient or financially taxing to invest in up-to-date equipment, but it will likely boost your restaurant’s productivity and profitability!

Editor’s Note: This post was updated for accuracy and comprehensiveness in December 2016.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].