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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.


Checklist Of Expenses For Opening A Restaurant And How To Spend Less

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The thought of startup costs involved in the opening of a restaurant may silence your passion for the hotel industry. The startup  costs Clinton NJ may be intimidating but anticipating the expenses involved helps you plan a budget, prioritize your needs and make your dream come true.


The right location takes you half-way to success. By right location, it is meant that the place is easily accessible and there is always a need to access owing to the presence of business establishments and shopping malls. Such place does not come for cheap and hence you may need to spend a good amount of money as rental deposit.

As far as renting a place is concerned, you may opt for a functioning restaurant or convert an existing structure or go for a new construction and have it built from scratch to suit your needs. Your choice will decide the cost and hence if you are on a tight budget, you can use an existing structure with minimal necessary changes. Going for a functional restaurant in clinton new jersey may be costly as they consider their goodwill when they fix a price and new construction can lead to higher rental deposit and rent.


This is one area where you cannot resist spending. You need a setting that matches your restaurant theme and chairs and tables to dine. Lighting sets the tone and hence you should have proper lighting arrangements for which you may use the services of professionals. Decorative features are an inevitable part of a restaurant and hence you have another cost added up.

Since customers’ comfort cannot be compromised ensure that the dining facilities are ultimate. Save some of your money by not going for very expensive decorative features. After all, people come here to eat; they may love the costly decorations but it is your food that is going to make them repeat customers. As a startup go light on decorative items. Ensure that you have perfect lighting but don’t overdo, which again will save you some money.

Kitchen Equipment

Kitchen equipment is going to really cost you a lot of money. Right from plates to working tables, stoves to ovens and refrigerators, the list would seem never ending. Going for quality equipment may cost you now but they stay in use for a longer period and hence you will not be forced to re-invest soon.

To save money in buying kitchen equipment, you can go for used items for a short period and hence in very good condition.


Permits, insurance, professional assistance, you name it and it is included here. A sizeable amount is spent in fees and hence it is recommended to have an idea of the amount you need to spend.

The cost with regards to permits and insurance cannot be bargained but make a comparative study of the professional services and charges to try and save some money.


Advertising for your restaurant starts even before you launch your services. To be known in the world of competition, to be heard about and visited, you have to spend money on quality advertising. Paid ads do the job well and thanks to the internet you can easily reach a wider section of the society in one go.

The above-mentioned expenses are not all but are the ones that can cost you more. Whatever the total sum you come up with, add more to it and keep it as reserve to start and run smooth.


How To Open A Restaurant Cum Bar With No Money

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Do you have a passion for good food and you know which food sells? Do you have the secret recipes which make a difference and you want to share the outcome with people by opening a restaurant? Are you worried about not having the money to realize your dream? Well, money is not all if you have the passion. Here is what you can do to open a restaurant cum bar with no money.

Know The Cost

The first step is to know the cost involved in starting a restaurant cum bar. Having an idea of the cost will help you know how much you are short of the amount. Never mind, even if you are 100% short. Just be happy you know how much you need from other sources.

Write Down Your Concept And How You Plan To Achieve It

You have an idea and all you now need is financial support. Put down in writing what your concept is and how you hope to achieve it. Your business plan should contain:

  • Your restaurant concept in detail
  • The level of passion and experience you possess
  • The theme of your restaurant
  • Demand and competition for the theme in the market; big players if any
  • Measures you plan to move forward
  • Time you set to break even
  • Costs involved for the entire process
  • Your share, if any, apart from your active contribution

Inner Circle Meet

With the business plan ready, reach out to your family and friends for financial backup. Have an open discussion and let them know the level of financial support you require. These are the people who believe in you, share your passion and want you to succeed. Make them your confidantes and start trying right here.

If your family or your friends are able to contribute, treat it as restaurants loans online from a financial institution and have it documented, which includes the interest to be paid and the duration of the loan. Though there is mutual trust, treating the loan as an outside loan will keep you motivated to return it soon, which will be possible only if you make a profit.

Investors Meet

If the first attempt does not produce results, call on the investors next. While investors may not be impressed by your passion, they will be interested in the talent you possess to achieve your passion as this is what ensures they get their money back. Meet them with your business plan, which will impress upon at least one of them if not all. Once you get a favorable reply, you may need legal assistance before you enter into an agreement with the investor.

Get A Business Partner

If everything else becomes impossible, try bringing in a business partner whose sole responsibility would be to finance the restaurant near clinton new jersey . Again, documentation is required here with the business partner. It should include the interest to be given every month and if the business partner prefers a share in profits the percentage of profit to be given has also to be included.

Whichever the channel from where you get your loan, stay focused on the project. Keep the lender informed of the progress as he was the one who made you open a restaurant cum bar with no money.



List of Expenses To Start A Pizzeria

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Mind blowing revenue generated by pizza sales may have tapped the businessman in you. If yes, you sure know you are not the only one to be so triggered. However, competition does not minimize your chances at succeeding as just as pizzeria is growing in numbers so is pizza eating population. Are you already looking for a location? Then it is best to know the expenses to expect to start a pizzeria.


Yes, you started right. This is the right place to start. Pizza sales have reached new heights thanks to the way it is made and sold. Pizza is not for just who visit the pizzeria. It is home delivered too but that does not mean your location matters less. Opening a pizzeria in clinton NJ in a busy location will cost you more. But the benefits will be equally greater. Hence, be prepared for a higher rental deposit and rent unless you own the place.


Equipment for pizzeria is not as long as it would be for a restaurant. To buy all that is required including oven, pizza hood, dough roller, prep table, pizza pans, freezers you may need around $25,000. Purchasing used equipment can reduce the expenses.


Pizza has taken various forms in US. It is not just a fast food but family food and social food as well. Hence, your interior should have a blend of everything. Since customers love to have pizza delivered at home, you need to take additional measures to draw them in. Give them the comfort and the perfect ambience. Create a theme that goes with the type of pizza you specialize at.



The requirement of number of staff depends on the type of service you offer. If it is a dine-in, you need more staff to attend to your customers and carry out their orders. If it is a delivery service you may need some delivery persons but you can manage with minimum staff at your pizzeria.


A newly started or about to start pizzeria needs heavy advertising as the competition is intense. Create a website for your pizzeria. Fill it with tempting pictures of pizza that you offer along with your menu. Add a blog to your website and keep it updated with the latest happenings at your pizzeria. Give out discount coupons. You can also promote your brand by advertising in the

Maintaining a website is not expensive but advertising in newspapers can be costly. But newspaper ads are essential to draw customers to your website.

Other Expenses

Other important expenses include:

The Launch Day

The most important and the first day of your pizzeria is a day of hope and a day on which a firm commitment to hard working is re-made and a day on which you give freebies to attract customers. The expenses on the day of launch can also be considered an investment as by spending the money for giving free offers to your customers you earn their support and trust. Have a plan on how you intend the day to be celebrated and draw a budget for the same.

As you well know, this is not all. Once you do some maths and arrive at a sum, make sure you add some more funds to it to keep as reserve.



Calculating Startup Costs For Restaurants

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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.


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.


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 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.


A Guide for Calulating Start up Costs for Restaurants

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Questions for 1 000 dolars: Within the framework of the sound management of a restaurant, what is the share of personnel costs not to be crossed? And what is the “pouring” rate acceptable? You will have understood, the restoration has management ratios to respect that a project is viable. Another imperative is to prepare an investment budget and a provisional budget. If necessary, get help from an organization or a public accountant.

Build Your Budget

 To establish the initial financing plan for your restaurant, start by listing all expenses that represent “seed investments”, to distinguish them from your “operating expenses”. This will allow you to quantify the precise cost of your project. These expenses include:

  • the expenses of establishment (fees, deeds and registration fees of your company); 
  • the first advertisement (the advertising budget for the launch of a restaurant represents on average 4% of the forecast turnover); 
  • the lease or right of lease; 
  • development work; 
  •  purchases of equipment, kitchen and bathroom equipment, furniture; 
  • deposits and guarantees (rents in guarantee); 
  • the average stock of goods and beverages that will be needed at all times.

 Realize the financing plan

Once the initial cost of your project is costed, you can consider how to finance it: personal contribution, bank loan, furniture leasing … The cost of initial investments is on average 300 000 dollars for a restaurant startup. In fact, banks rarely intervene in more than 60% of sustainable needs. They also grant loans more easily if you:

– demonstrate successful experience in the sector and the corresponding diplomas;

– demonstrate competence in team management;

– defend the credibility of the project with a market study and a financing plan;

– have already contributed about 40% of the sustainable needs expressed;

– are assisted by a network of Accompaniment (CCI, association Entreprendre …);

– benefit from a loan of honor (PCE, Adie …).

Prepare your projected income statement

Along with establishing your initial financing plan, identify all projected expenses and revenues you will be recording when your restaurant is open. This will enable you to realize the estimated profit and loss account and calculate your break-even point (minimum turnover to cover all your expenses).
Simple to remember, the fixed charges are certain and predetermined. Is it the rent, the insurance receipt, the fixed salaries of the permanent staff? Do not forget to take into account the annual depreciation allowance. Variable expenses depend on the level of activity: purchase of food products and beverages, laundry costs, “extra” salaries, etc. As for the forecast turnover, It is not easy to establish. You will have to cross-check different data (national and local statistics of the profession, field observations, evaluation of the competition …) knowing that the rotation of the customer can go from 0.8 to 3 covers per day and place. In the end, for the sound management of your establishment, the total cost of raw materials and all remuneration must not exceed 70% of your turnover

Respect the ratios of the trade

Here are the eight key ratios (maximum rate) of good

Management :

  1. Rent or occupancy cost / turnover: 10%;2. Purchases of raw materials / turnover: 30%;3. Staff costs / turnover: 30%;4. Casting (loss / break) / Turnover: 2%;

    5. Premium cost (personnel and materials, goods) / turnover: 70%;

    6. Gross margin / turnover: 70%;

    7. Promotion budget / turnover: 4% for launch, 1 to 2% at cruising speed;

    8. Net income after tax / turnover: 10% (ideal figure to be reached within three years).

    As the restoration showed a fairly low net profit (2% on average)