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Startup/Loans

The Best 4 Startup-Friendly Banks That Never Fail To Impress

Posted by clisoc on

As a startup business, you may feel spoilt for choice where banks are concerned. Though it may seem so, not all banks offer tailor-made solutions to startups, which you will realize as you visit banks to open an account for your business. Few banks though, are exceptions as they offer the best services for a startup business.

How To Identify The Right Bank

The job can be tougher than one may realize. Here are the factors you need to look for while making a comparison of different banks:

Best 5 Banks For Businesses

There are quite a number of banks that offer essential services to startups costs out of which the banks mentioned below take the first five places.

1) Wells Fargo

Wells Fargo offers great customer support for startups. Some of the special features of Wells Fargo include:

  • Monthly fee can be waived if $7500 is maintained in your account. Other ways monthly fee can be waived include making a minimum of 10 debit purchases a month.
  • Minimum opening deposit is $25, which when compared with Bank of America is higher as BOA has nil minimum opening deposit, it is much lower when compared to few other banks.
  • First 200 transactions every month carry nil charges.
  • Deposits in cash up to $7500 a month are not charged.
  • Business credit cards are offered to help with the cash flow.
  • Wells Fargo small business insurance coverage offers insurance cover to your assets and staff.

2) Citibank

Citibank is one of the most favored by many startups. The special features of Citibank include:

  • Monthly fee of $15 can be waived if $5000 monthly balance is maintained.
  • Minimum opening deposit is @25, which is same as Wells Fargo.
  • Fee is not charged for transactions up to 250 every month.
  • Cash deposit up to $10000 is not charged.

3) Bank of America

Preferred by many as the first choice, Bank of America, the largest in the country has unique features to offer its clients. They include:

  • Monthly fee of $17 is waived if $3000 is maintained every day in account. Alternately, an average balance of $5000 can be maintained.
  • The best feature is that the minimum opening deposit is nil.
  • Cash deposits up to $7500 every month is not charged.

4) U.S. Bank

Ranking among the largest banks in America, U.S. Bank is renowned for its specialized services to startups.

  • Maintaining minimum balance is not required
  • Nil opening deposit
  • Fee is not applicable for the first 150 transactions every month.
  • Cash deposit up to $2500 each month is not chargeable.

5) First Citizens Bank

One of the unique features of First Citizens Bank offers Business Visa Credit Card to meet daily expenses. Other features include:

  • Nil monthly fees.
  • Up to 175 transactions every month go without charge.
  • Cash deposit up to $5000 every month is not charged.
  • Financing for purchase of equipments
  • Personalized support to assist in the growth of your business

Choosing the right bank for your business goes a long way in the smooth functioning of your business. Take off with the right bank for successful landing at the top.

Startup/Loans

Calculating Startup Costs For Restaurants

Posted by clisoc on

Startup costs for your restaurant depends on various factors such as the type, to whom you intend to cater to, the location and the number of persons you can engage at any given time. Just as every restaurant is unique, expenses for the same will also vary. Having a clear picture of the expenses involved will help with your financial projection with loans  and better management of your funds.

Location

The location you choose should be the type that attracts traffic and the site should have parking facilities. The traffic to your restaurant is proportional to the footfall the area has. Rental properties at these areas will be quite expensive and hence you should enquire real estate agents to know the amount you need to allocate for the same. While you stack money for rental deposit, also save some for rent for the next few months.

Type Of Restaurant

The theme of a restaurant can increase or reduce the cost. Decide on the food that you are going to specialize in as your menu impacts the cost. If you aim at catering to families, not only will there be a change in the menu but also in the cost for bad credit people and operating hours of the restaurant. If it is for those who return home late and look for a dinner and drink, the restaurant hours will stretch to midnight and also there will be a change in menu and cost. Fine dining may be more expensive as everything about it right from the décor, menu and service are expected to be the ultimate quality.

Fees

You will be spending some money on fees to obtain permit, license and to insure your restaurant and staff. Accountancy fees and legal fees are among other fees that you need to spend.

Interior

Interior of your restaurant reflects the theme you have chosen. Hence, for a rich theme, you may have to spend more on the décor. Furniture for comfortable seating and dining, decorative features to enhance the appearance and the right lighting to accentuate your theme are required. The cost of all these will add up to a considerable sum. You may seek the help of professional interior designers to save up on the cost but remember, you will have to pay professional charges for the services availed.

Kitchen Equipment

The cost of kitchen equipment depends on your choice of restaurant. If it is an existing restaurant, the money spent on equipment will be lesser as you may have to only a few to replace old ones or just do some up gradation. If it is a new restaurant then you need more money as everything from plates, utensils to ovens is to be bought.

Advertising Expenses

Advertising plays an important role in promoting your restaurant. You can create a website and blog for your restaurant and upload images of your restaurant and foods. You can post ads in newspapers that the local people read. Gift coupons and offering discounts are inevitable part of any business and yours is no exception. Save some money to spend on advertising to see the results.