The Costs Of Opening A Takeaway Business

If you’re looking for new ways to make money, the good news is that there are a wide range of options available to you. Some people like to create a new product while others like to open a store that sells the products that others have made.

One of the common money-making strategies, though, involves opening a takeaway business.

If you’re interested in taking this route yourself it’s important to be prepared, so let’s take a look at costs and considerations you need to be aware of.

The Location

The first cost that you are going to encounter when you are opening your own takeaway business is the cost of the place that it will be based. You might need to rent out a property or buy it if you can afford to do so. You’ll need to find somewhere that is reasonably priced but is also in a good location in terms of footfall. Takeaways often work well in residential areas, so you shouldn’t feel like your have to limit your options to a town centre or major thoroughfare.

Takeaway Insurance

Another thing that you will need to think about when you are opening your takeaway business is the cost of the insurance policy. Takeaway insurance is relatively easy to come by but it can be quite expensive. This is why you need to make sure that you are comparing quotes for the best takeaway insurance policies and that you understand what is included. Each takeaway restaurant is different, and your insurance needs to be tailored too, so make sure to find the right one for you.

Hiring Staff

The cost of staff is one that you are really going to need to think about if you want your takeaway business to succeed. While you might find yourself working in the business, you will still need others to work when you are not there or to help out when things get busy. You’ll need chefs or cooks as well as counter staff, so make sure to spend your money wisely when hiring.

Cost Of Ingredients

A further cost that you are going to need to consider when opening a takeaway business is the cost of the ingredients that you are going to use. While you might want to make sure that you have everything that you need and offer high-quality food, you also need to think about the cost. If your business isn’t too busy on certain days, ingredients can go to waste and this will affect your profits. Make sure to figure out the cost of ingredients before you order any.


In many local areas in the UK, there are plenty of takeaways to choose from. This is why advertising is important for these kinds of businesses to succeed. Whether you choose to go for a digital marketing campaign or you send out leaflets locally, you should find that this will eat into your budget. Make sure to account for this in the initial stages.

If you are planning on opening a takeaway business in 2020, you should make sure to consider all of the costs that we have discussed here in this article.

Personal Loan: What To Know Before You Apply

If you are getting a loan for the first time, then it is safe to say that it can be a daunting experience. All these financial jargon, conditionalities, terms of the agreement, contract signing, and these numerous documents can be hard to keep a track of. And for first-timers, this entire experience can sometimes be intimidating. But it gives you all the more reasons to approach it.

Applying for a personal loan is a fairly simple process even if getting it approved is not. All you have to do is to submit a personal loan application to your lender. If you are opting for a personal loan, regardless of the reason that whether you want to consolidate your debt or pay off unexpected expenditures or that you want to upgrade your home then there are few things that you should consider. One of the reasons why people are turning towards personal loans is to simply improve their living standards. This number has exponentially increased since the financial crisis of 2009 as personal loans are a good way to improve your current financial situation. Nevertheless, if you are planning to opt for the one you must know a few things before you apply for it so that your experience happens to be a lot easier and smoother and you are aware of what to expect and what you can gain out of it.

  1. Your Credit Score

One of the things that you should be aware of before applying for a loan is your credit score. Many things depend upon your credit score so it is a good idea to maintain it from the beginning so that you do not face any problems later. The reason for having a good credit score is crucial because the approval of your application along with the terms that you have to fulfill is largely dependent upon your credit rating. Many lenders will simply refuse to give you a loan if you have low credit ratings simply because that will make you unreliable and will charge you a higher interest rate so that their investment is comparatively safe. You can access your credit rating through various sites and can even access the report. You should read through the report carefully since it will tell you why you received a low rating which could be due to incorrect personal information or something else.

  1. Reduce Your Credit Utilization Ratio

This is another step that will help you to improve upon your credit rating so that you can get favorable terms when you are applying for a loan. One of the ways credit ratings are set is through your utilization ratio. If you are not aware of what utilization ratio is, it is simply the amount of the debt which is outstanding compared to your total line of credit. For example, if you have $20,000 available in debt, and have borrowed around $5000 then your utilization rate is at 25%. Your credit score will improve when your utilization ratio drops below 10% so make sure that you borrow less money when you are going to apply for a loan otherwise your credit score will decline. A great aspect of the utilization ratio is that it is calculated every month which means that you can save money for a couple of weeks and pay off your loans before applying for the personal loan so that you can have a higher credit rating.

  1. Maintain A Budget

Another thing to remember before applying for a loan is to know whether you can afford the loan or not. You can figure it out by making a budget so that you can know in advance whether it would be viable for you to borrow the money at this stage and you can plan things accordingly. You should subtract your expenses from your income and see whether you can afford to make the monthly payments regularly. If not, you will have to either increase your income or cut down your expenses so that you can make the regular monthly payments. It will hurt you a lot financially if you borrow money but are unable to make the monthly payments consistently which will not only hurt your credit score but will also cost you financially.

  1. Analyze The Loans

Although you may be familiar with one or two types there are varieties of loans that are offered for different reasons. Some of these loans may even be more stable or reliable compared to others and it is important that you about the lender that you are dealing with when applying for the loan. You should be in a position where you can analyze the lender before committing yourself to him such as knowing about the history of the lender, the reviews that the company has received from its previous customers and general feedback about the services which are provided by the lender. Another thing that you should be aware of is the additional fees that come up with the loan. These fees differ from lender to lender and can cost you a lot if you are unaware of the terms of the agreement. Make sure that you ask about them in advance so that you are adequately prepared to deal with them when necessary.

  1. Prepare Your Information

It is highly convenient to apply for personal loans since the process is not as rigorous when compared to other loans such as mortgage applications and many others. You do not need to file tons of paperwork and provide extra documentation when applying for the loan. However, it is necessary to understand that you still need to present the necessary information which is required by the loan application. The typical process for applying will last for 15 minutes and your request could get approved within minutes. However, some companies will ask you to provide your security number and tax returns so that they can check whether you will be able to make the loan payments.


Personal cash is a good option if you need extra money but there are some things which you should be aware of before you go and apply for the loan. You need to be aware of your credit score and look at all of the options that are available so that you can get the terms that suit you best and you do not have to pay high fees to receive the loan. Also to note is that you should earn sufficient money so that you can regularly make the monthly payments which could be a problem for you if you are struggling to do it consistently.

10 Questions Banks Will Ask When You Need A Business Loan

Entrepreneurs, new to the business world or old players, one thing that you all will need for the growth of your business is enough capital. Many people around us never get the chance to turn their business plans into reality just because they don’t have sufficient capital or, they are never able to unleash the true potential of their business and grab the opportunities they want to expand their business. The best-case scenario is; you have all the money you need to start with your updated business plan or capital to invest in your business to increase its volume or tap new opportunities.

But what if you do not have the desired amount of money and you are courageous and confident enough to take risks for your business ideology? A loan is your way out for sure, there are several types of loans available in the financial and banking sector that are broadly classified into Secured Business Loans and Unsecured Business Loans. Secured business loans are backed up by collateral hence provided with low-interest rate whereas unsecured loan involves great risk of default at the end of lender that is why they are charged with high-interest rates but are a great deal for borrowers because of the limited liability.

With Secured or Unsecured loans bank is going to give you a real tough time that you will start wondering, Do I really need this loan? But not to worry about that is what we are here for? We will discuss the 10 most crucial questions that banks ask while giving business loans that will help you to succeed in the most intense interrogation session.

1: What is the exact amount of money you need?

This question sounds very basic and easy to answer but it has the most important answer hidden in it; that is do we really need the amount of money we are asking for? Is there any possibility that we can settle for less amount? Are we exaggerating our business need and potential? All these questions are hidden in one question, what is the amount of money you need? You have to quote the amount with complete rationale, a well thought upon figure should be your answer not just a random ballpark figure.

2: What business belongings do you have?

Wondering what bank has to do with your collateral?  Banks are always interested to know what will be the other options for recovery in case you default. This might sound horrible to you but banks have to keep every aspect into consideration. If your business is new, and they are not sure about the exact potential, they need some fixed assets’ security that back your business. Usually, for small businesses or startups, personal assets that include a house or land ownership keep as collateral.

3: What is your business plan?

In this scrutiny, your business plan will play the most crucial role. Banks need to see. Does your business plan have what it takes to stand out? They will not demand a pile of documents, they rather need a brief business plan through which they can see prospects and potential of your business. It is one of the most crucial steps and you need to be very well versed with all market conditions in which you operate, to get through this.

4: Does your business have the potential to survive in the market?

Must be wondering how many times you have to prove your potential? You have to reassure banks in every question that you are capable and your business is capable of the growth that you have chalked down on the paper. Be ready to answer every tiny detail not only related to your own business but related to your competitors as well.

5: In what ways you will utilize the money?

You have to be categorically certain that in what ways you will be using the money you are borrowing. You cannot give them vague answers. Vague answers will make them doubt the genuineness of your needs. Tell them if you need to buy some machinery, equipment or a bigger workplace along with all the possible positive impacts they will bring to your business.

5: Complete credit details of your business:

Your credit details will tell the lender about the financial stability of your business. With the help of business credit details, they will be able to learn about your reputation in the business market, your track records. In other words, credit reports enable banks to evaluate the probability that how on-time you will pay back the loan.

6: All details of your business; account receivable and payable:

If you think this information is quite confidential to disclose to any third party, you better not. Banks when sanctioning the loans they act as your partner.  There is nothing that you can keep confidential from your partner, similarly, banks need to know everything to come up with a final stance about the financial stability of your business.

7: Is your business insured?

If everything turns out to be perfect, still, some factors can yield unfavourable results to your business and banks have to keep this into consideration as well. Any natural calamity, fire eruption or any unfortunate incident of the same nature can turn the situation upside down. For this banks need assurance that your business is insured and their money is recoverable in such incidents.

8: What are your personal belongings?

Your personal belongings are your private matter for sure but, if you are going for secured loans you have to disclose them to the bank. These details give banks the assurance that you are a reliable borrower and have strong grounds to pay back the loans.

9: What will be the future ratios to help decision making?

The most important part that covers the future possibilities to pay back the loans and decide the terms on which your financial stability will be accounted for. Laying down terms and conditions before the agreement is made between both the parties is very important for impartial disposal of the affairs.

10: What will be the possible ways of paying back the loan?

Technically this question should be asked initially but banks put more of their time in scrutinizing how genuine your case. Terms and conditions are usually preset according to the bank’s policy but there is always room for negotiation that you must avail.

Applying for bank loan is something everyone is afraid of, there is a general concept that after going through all the long-tiring documentations and detailed scrutiny banks still turn down loan requests and all the efforts and time you put go in vain, I won’t say it is not true but before taking your application to the bank do your personal scrutiny with all the points we have discussed above, this will surely increase your chances of getting your loan approved.

Why A Small Business Line Credit Is Better Than A Regular Loan

The purpose of the credit line may be different. Such a banking service may be needed both by small enterprises and private individuals. It can be issued to finance a long-term government project, to replenish the working capital of a commercial company or to solve the current problems of an individual. In the situation with private borrowers, the role of a credit line is most often played by a credit card with a renewable limit.

A credit line is a limited amount of borrowed funds of a bank, which are withdrawn from the account at a certain moment. In simple words – this is a loan that can be taken from the bank at the moment when it is needed most. The borrower pays interest only for the actual period of use of money. While taking a regular loan, the client pays interest on the entire amount, even if part of it has not been used up.

Lines are secured and unsecured. With long periods and large amounts of limits, the bank prefers to secure its own finances and insists on obtaining liquid collateral. Most often, the property is suitable for this purpose, which can be easily realized when making up for losses. When a credit line is secured, the lender offers a lower interest rate and loyal terms than under unsecured contracts.

The main differences of a credit line from a loan

A loan and a small business line of credit can be considered similar banking products. But most often, when analyzing them, two main differences are taken into account:

  • Whether renewal of the limit is required;
  • Money is needed now or later.

Credit lines are often used by law firms. They are drawn up to obtain an additional source of financing to reduce financial risks. The credit line becomes for the company an additional source of financing for core and current activities. For individuals, banks offer this product in the form of credit cards with a renewable limit.

Advantages of credit lines over regular loans

There are several advantages that distinguish credit lines:

  • ease of use of the loan: money can be taken in installments, and you do not need to conclude separate agreements each time;
  • the size of each loan is determined by the client himself – within the bank limit;
  • the method of receiving funds is agreed individually – you can choose the type of credit line;
  • interest is paid only for the actual time you use the money (unlike a loan, for which you pay interest in full, even if you used only a small part of the amount, and the rest is waiting for its time);
  • The interest rate for credit lines is usually lower than for a regular loan. For large CFs, the rate is calculated separately for each of the tranches, depending on the size of the amounts provided (the larger the amount and the shorter the period, the lower the rate), this allows you to save on interest.

As part of the credit line, the borrower can withdraw the entire available amount at once or take the money in installments at the moments when they are most needed. Calculation rules, interest rates, available limit and other conditions are established individually and prescribed in a bank agreement.

A credit line is a kind of promotion of loyal customers with high solvency and a positive financial reputation. As a rule, this product is characterized by certain amenities for the client, compared with the classic target loan. But young companies or individuals with low solvency or without any credit history may not approve such a product.

Credit line classification

Credit lines issued by banks are of several types. Some types may mix. Others are found only in pure form.

Non-revolving credit lines or simple

If you explain in simple words, then with this type of lending, the borrower gets the opportunity to withdraw money once within a specified period within the limit. Issuance of funds on a non-revolving credit line occurs only once – in one tranche.

In practice, this happens as follows: for example, a company purchases a large batch of goods and turns to the bank for a credit line. A financial institution signs a contract with a borrower. The client is looking for the best supplier, concludes a contract with him and after that transfers the payment from borrowed funds. Now the borrower pays the lender as under a classic loan agreement. After interest and the total amount of debt is paid, the credit limit for this type of lending does not resume and money cannot be withdrawn again.

Revolving or renewable

Such credit lines allow the borrower to borrow money within the established limit when he needs it before the expiration of the contract. In addition, the client can pay off the debt in installments or the total amount. When making payments, the limit is restored and becomes available again to the borrower.

This type of credit line is suitable for financing long-term contracts. For example, to purchase expensive equipment that will be supplied in parts. The bank draws up a credit line, and the borrower pays the supplier from each tranche. At the same time, the client pays the bank only for using the amount that was required at the moment, which reduces the cost of borrowed money.

Other types

Framework. The Bank opens a credit line for a specific project and all tranches that will be issued within the framework of the loan are specified in the initial framework agreement.

On- line credit lines – in this type the limit is restored to the original. If the borrower approved a line for 2 million, and he withdrew only 500 thousand and paid them off, then again all 2 million are available to him.

Contract Accounts. In this case, the credit company opens a single active-passive account for the borrower, all tranches come from it and all repayments come here. The client carries out all operations on one current account and it is convenient for him to analyze the income-expense within the approved limit and the entire duration of the contract.

The bank representative, together with the borrower, evaluates which type of credit line is most suitable for solving the tasks, and only after that draws up the contract.


So, to summarize, we can briefly remind ourselves that the Credit Line is a long-term loan issued in parts when a need arises.

The credit line provides for the establishment of a certain credit limit by the bank – the amount over which the client can no longer take one turn of the loan. And within the limit, the client can take a loan without additional negotiations and registration.

When a credit line is opened, the type of loan, the period of validity, the maximum amount of the loan are indicated in the loan agreement, and the settlement and money documents are listed that will be paid by using the credit line or the contract is indicated for which the credit line is opened to pay for deliveries. One important detail – when opening a credit line, the contract must indicate the maximum loan amount.

There are restrictions in credit lines, and in different types of credit lines, they can be different. For example, there are lines of credit with a limit on issuance or with a limit on total debt.

Credit line with a limit on total debt – in this case, we mean the total amount of all debt, which if the client pays on time and in full, then he is entitled to use the loan in the future. Or, if the borrower returned part of the money to the bank, then the volume of lending is restored – this is a revolving credit line.

A credit line with a disbursement limit is the total amount of all possible loans that a client can receive all the time when he uses a credit line. In this case, the repaid debt cannot increase the lending limit, therefore – this credit line is classified as non-revolving.

In general, this lending option is very convenient for both the bank and the client for several reasons. The bank, although not immediately, but still begins to make a profit from the loan issued, and the client gets the right at any time to use the reserve amounts in the account in case of a lack of equity. Thus, the borrower receives advantages and more freedom in managing their cash flows, which, undoubtedly, significantly increases its capabilities and allows the company to grow and develop.

Starting a Marijuana Business: How to Sell Marijuana Legally

If you’re wondering how to sell marijuana legally, the answer is simple.

Marijuana is something that many people talk about because it’s cemented itself into mainstream culture. In recent years, it became legal to use marijuana recreationally across several states.

The recent legalization of marijuana has encouraged many business owners to start dispensaries. While a dispensary can be a great way to earn passive income, it requires a few more steps than a regular business does due to marijuana being the main product.

Read on to learn more about how to make money selling weed legally.

Get Insurance

One of the first things you’ll need to do if you want to make money with weed is to get your business insured. After you’ve chosen the location where you’ll operate out of, you’ll need insurance to cover the building in case it suffers from damage. No matter what kind of insurance you go for, you need to ensure that your employees will be insured if they’re hurt.

While associations like the National Cannabis Risk Management Association don’t offer insurance products themselves, they do sanction and examine various insurance products. Visit them for more information on their operations.

Get a Business License

The next thing you’ll need to do is get a business license. All businesses need this kind of license because it lets the government know that what you’re doing is safe and legal. Without a business license, there’s a good chance you’ll get fined.

You must also ensure that you’re selling marijuana in a legal state. If you’re not, you could end up going to jail and get charged with several felonies. However, it’s unlikely you’ll make it this far if you’re in a state where cannabis isn’t legalized.

Most cannabis businesses will get multiple licenses to allow them to do various things. For example, you need to get an extra license if you’d like to produce cannabis. One popular cannabis business, Planet 13 Holdings, boasts about having six cannabis licenses.

Hire Certified Budtenders

Budtenders are those that produce cannabis and interact with customers. For anyone wondering how to make money selling weed, having certified budtenders is one of the best things you can do.

All budtenders are required to have a budtender certification, which essentially proves that they know a lot about cannabis. Certified budtenders will be able to make educated recommendations to customers and they’ll know how to maintain your company’s cannabis.

Now You Know How to Sell Marijuana Legally

Opening a cannabis business can be one of the most profitable things an entrepreneur can do. Now that you understand how to sell marijuana legally, we encourage you to open a dispensary. You’ll make money a lot quicker than you would with most businesses and the process is simple.

Should you decide to open a dispensary, start by creating a business plan. Decide where you’ll set up a shop and go from there. After choosing a location, you can start looking into insurance, licenses, and hiring the right people.

Browse our articles if you’d like to learn more about business-related topics.


Consider These Ideas and Learn To Make More Money

Everyone could use a bit of extra cash from time to time. Unfortunately, it isn’t always easy to save for a rainy day. When you feel like you are living from paycheck to paycheck, it can be helpful to consider what options you have to improve your financial standing. One of the best ways to get more out of your finances is by increasing your income. Though it may seem like an obvious option, plenty of people struggle when it comes to understanding how they can make more money than they already do.

If you’re ready to start making more money for your future, now is the time to act. Consider these options and discover the answer you need to improve your current financial situation.

Start Your Own Business

Thanks to the internet, it is easier than ever before for the average person to launch his or her own business. Sites like Etsy, for example, have made it possible for artisans and crafters to sell their wares to the public without having to haul their goods from marketplace to marketplace. If you sew, paint, or are involved with similar activities, you might want to monetize your hobby. Consider how dedicating a few hours a week to selling your goods can stimulate your income and help you get ahead.

Before you start your own business, you need to weigh out the pros and cons of the decision. If running your own business on the side is going to be too much of an expense, then you should probably not take on this task at the moment. The ideal side project is one that does not cost you much to achieve and helps you net a bit of a profit on the side. Use your existing skills to your advantage. If you have a camera and know how to compose a picture, offer your photography skills for local events.

Invest in Real Estate

Another excellent option to consider when it comes to making more money is investing in real estate. Individuals like Roger Osteen Jacksonville developer have seen success because of sensible real estate investments. Osteen was able to achieve his goals because he focused on the market and seized opportunities when presented. While putting money into real estate might seem like a costly endeavor, it is entirely possible for you to see a big return on your initial investment. All you need to do is research your options and determine the best fit for your needs.

Jacksonville’s Roger Osteen was able to get ahead by investing in commercial real estate. Unlike residential properties, which only offer a one-time return on investment, commercial options provide several lines of cash flow. A commercial space allows you the chance to rent out multiple units at the same time to tenants. This allows you the ability to see consistent sources of income each month and boost your own savings in the process. Explore different financing options and determine if this type of investment is a good choice for you.

Get a Second Job

Taking on a second job can seem like a lot of work, but this is another area where the internet has made a positive impact. There are a ton of easy ways to make extra cash at your own convenience. Do you have a functional car? Consider being a driver for services like Uber or Lyft. Have extra time on the weekdays? Work for Instacart and you can shop for people’s groceries and make some extra money during the time you would otherwise be hanging around the house.

Making more money is not as difficult of a task as many people believe. In order to improve your income and get more from your financial future, take time to explore the options available to you and see how you can get started.

5 Expert Tips for Being Able to Manage Your Money More Effectively

Stress about money and finances afflicts many of us. Nearly 40% of Americans couldn’t pay an unforeseen $400 bill without going into credit or taking out a loan. With so many people struggling to make ends meet, learning how to effectively manage your money is more important than ever.

Unfortunately, there is no single formula that can be employed to make you financially stable. However, there are several tips that can put you on the road to managing your finances effectively and making your paycheck go as far as possible. Here are the 5 expert tips to help manage your money more effectively.

Make a Budget

The first step to becoming financially sustainable is to know how much money you are bringing in each month, and how much you are spending. If you are spending more than you are bringing in, then you need to make some changes.

A weekly budget will give you a clear idea on how much money you can spend on leisure activities each week and help you track your outgoings. By sticking to a budget, you can avoid going into debt and ensure you are putting enough aside to save for a long-term financial goal.

Establish Financial Goals

Everybody has long-term financial goals. These might be saving for a new car, a vacation, or to buy a property. Unless you clearly define these goals and set a timeline for achieving them, you will not be able to hit them.

As part of your budget, you should be setting aside a fixed amount of money to put towards your long-term goals. This should be set aside as soon as you receive your paycheck. It might help to open a savings account and set up automatic payments so that as soon as your paycheck clears the money set aside for saving leaves the account. This is an effective way to prioritize long-term financial security.

Establish a Passive Income

The rise of the internet has provided a wealth of passive income opportunities. From establishing a successful blog to drop shipping, affiliate marketing or becoming a social media influencer, the possibilities are endless.

For a list of passive income ideas that are really easy to do, click the link.

Axe Unnecessary Recurring Payments

One of the most common financial drains are recurring payments. Sure, when you signed onto the phone deal $40 a month didn’t seem like a lot. But 10 months later, you have paid $400 and the phone is no longer new.

Your recurring monthly payments should be the first things under the microscope when you are trying to get your finances in order. You should be asking yourself whether you really need that subscription; how many times you have used that membership; and how often you watch that streaming service. Anything that isn’t necessary should go.

Ask for Advice

Asking for financial advice is something few people do. However, as you become more financially stable, a financial planner can help you maximize your investments, boost your savings and help you hit those long-term financial goals.

You don’t have to use a costly financial advisory service. Many community groups offer free, independent financial advisory workshops and family members who are responsible with money are an underutilized source of free financial advice. Don’t be afraid to reach out when you are in need of assistance.

Simon Burns at Earnin is Rethinking Financial Products

Simon Burns is a Product Manager at Earnin focused on Growth and Consumer. Earnin is a cash advance mobile app that lets users get access to their pay early.

Earnin has been downloaded millions of times by users across the country. Earnin’s users use the case advances for gas, groceries or for any bill. Accessing your pay on the go is a clear need and one well served by this new wave of financial technology applications.

The hyper-growth of model’s like Earnin has led to a rethinking on behalf of many financial services players on how to respond. If users demand same day pay, how should they respond? Earnin’s innovative approach has pushed the frontier of consumer expectations.

Before Earnin, Simon Burns was at Opendoor, where he worked on Opendoor Mortgages, Consumer and Homes Services. Across these team he focused on tests to increase funnel conversion, expanding the Opendoor product to support Agents + Home Builders and growing our referral program.

Simon views the role of a PM as taking on the wall of information coming to an EPD team. Everything from business goals, to customer requests and contextualizing it so that engineers, designers and researchers can digest it and ideate together on the most effective solutions. 

Simon can be reached on Twitter, Instagram, ProductHunt or LinkedIn. His Github and Medium accounts are also active.

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