Opening a restaurant may be a wonderful and creative business endeavor, and one that may provide a steady stream of income if it’s properly managed. However, prior to making an investment such as purchasing (or leasing) an eatery, it is vital that an investor is as prepared as possible. Here are two suggestions to consider prior to opening a restaurant. 1. Define a Clear Business Plan Setting clear goals for operating a restaurant is critical to success. It may be advantageous for an investor to determine whether he or she would like to take ownership over a restaurant or café that is already in existence or buy commercial real estate to start from the ground up, creating an entirely new business. It will also be very helpful to decide upon a location where the establishment could potentially attract many guests. 2. Work With a Trustworthy Broker Once a business plan is in place, it may be beneficial to work with an experienced and knowledgeable broker to assist with purchasing or leasing a property. A restaurant broker can offer professional and valuable advice and insight to a buyer who is planning to rent a building or buy commercial real estate. It is important to work with a broker who understands the unique rules and regulations – including leasing information – pertaining to restaurants.
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AuthorHello, my name is Roger Dennison and I'm a successful commercial real estate broker, with more than 20 years in the field. Archives
January 2023
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