Transworld Business Advisors have a variety of types, sizes and locations of restaurants for sale. If owning a restaurant is something you’ve always wanted to do, we offer three considerations, as you browse our restaurant for sale.
Some people dream of owning a restaurant which becomes the hub of the community. For others, it’s the thought of being among people who are, generally, relaxed, sociable or celebrating a life-occasion.
Whether you are thinking about investing in your first, or adding to your portfolio, Transworld Business Advisors offers you three considerations when buying a restaurant:
1. Initial research:
a. Establish the financial picture. There are no guarantees around the profitability of a restaurant, especially as people change how often they eat out based on the current economic climate. But depending on the type of restaurant you’re investing in, will determine how best to build your new business plan. Include the cost for any insurances, taxes, licenses (alcohol, live music) and ground rent.
Research the cost of your suppliers, staff costs, and how these impact on the level of sales. The current owner has a record of past accounts, which will be shared with you, once you’ve signed a confidentiality agreement.
b. Location. The location of your business will have an impact on both the footfall, and the type of clientele who will frequent your new restaurant business. Inner city, and you may have a lot more office workers and people arranging meetings. At an out-of-town shopping area, you may attract more families.
Located next to a train station, or bus stop, and you may experience people running in to grab and go, compared to somewhere near a school where parents may sit for an hour or so before picking their children up. A local high street will experience a higher footfall than a country restaurant.
2. Chain or franchise, versus independent restaurant.
Investing in a brand which is widely recognised can have a positive impact on your new venture, as customers already recognise what you are offering. An independent restaurant may have built up a loyal customer base, especially if they have established an appealing USP.
It is also worth being aware, there are occasions when a restaurant reputation needs to be improved, under your new management. A positive challenge, when you know how to win people over.
3. Buying one versus starting on your own.
You may consider investing in a restaurant for sale, rather than starting one from scratch. Taking over one which has already been established has the benefit of ready to go, already having a presence in the community, and already having customers. Reducing the risk of your business, time and effort as you grow.
Starting your own restaurant business can be much more time consuming, as you work out what type of restaurant, location and venue you want to build. As well as the marketing, community presence, and attracting the right people to try your food.
Transworld Business Advisors is a global network of business brokers. Call us today to find out how we can help you fulfil your restaurant dream, or any other business goal you have.