If you do not have a background in food service or any other ownership experience, a smarter option might be to purchase an existing restaurant.
While many other industries might be experiencing sluggish growth, the restaurant industry is booming and growing by a lot. This makes buying a restaurant a very appealing prospect. One way you can get into the food service field is to start your own restaurant, which is nice for those with plenty of restaurant experience. However, if you do not have a background in food service or any other ownership experience, a smarter option might be to purchase an existing restaurant. In today’s blog, we’ll break down the costs and the process of buying a restaurant. Read on to learn more!
Check the Market for Any Restaurants for Sale
The very first step in buying a restaurant is checking the market to see what is available around you. Restaurant listings will have plenty of useful information, like the sale price, zoning description, size, information about when the building was created, and any other essential features and specifics about it. There are also some other important pieces of information you should be researching yourself too. Like competitor analysis, location analysis, cash flow, and profitability, and of course, why the owner is selling the eatery.
Check the Sales, Costs, and Prices
You should already have some financial information, like the sale price and cash flow from any initial research you did. The following step is to crunch the numbers and figure out if there is a possibility for profit if you decide to buy that specific business. You could find out if the business will be fully profitable by comparing the sales prices to the business’s cash flow and revenue. Make sure to also leave from for renovations, replacements, and potential upgrades you might have to make when you take over a business. If you can determine that purchasing a restaurant will be profitable, you can then proceed with acquiring funding and drawing up an appropriate contract.
Host a Re-Opening and Marketing for Your Restaurant
After handling the transition, getting all of your policies in place, and making the right renovations to your business, you are ready to re-open the doors to everyone. This is a great opportunity for your new business, and you should make sure you’re promoting your grand re-opening on all social media to create some interest and awareness among new customers. H.C. Walterhoefer has all the products necessary for a restaurant opening, so come in today!
Over 5,000 Products For Your Home or Business
At H.C. Walterhoefer, we have over 5,000 products ranging from paper goods to cleaning supplies to meet your personal or business needs. If you want something that we do not offer in our store, just ask us for it, and we will do our best to get it for you. Our store has everything you need! Stop by today to get supplies for your next event, all your restaurant needs, and the best cleaning products at the best prices. We even deliver! So call us today at 410-368-5070. We are located at 2331 Washington Blvd., Baltimore, MD 21230 and we are open from Monday to Saturday from 8 a.m. to 4:30 p.m. Follow us on Twitter, Facebook, and Google+ to stay up to date with everything H.C. Walterhoefer.