While plenty of other industries may be experiencing stunted growth, the restaurant industry continues to grow by a wide margin. This makes starting a restaurant an appealing prospect for many. One way to get into the food industry is by starting your own eatery, which is a great starting point for those with a bit of restaurant experience. However, if you don’t have any background in the food industry or other ownership experience, a better option may be to buy an existing restaurant. In this blog, we will break down the costs as well as the process of purchasing a restaurant. Read on to learn about buying your own restaurant!
Check the Market for Possible Restaurants for Sale
The first step in purchasing a restaurant is checking out the market to see what is available around you. Restaurant listings should have plenty of useful information, like the sale price, zoning description, information about the building, size, or any other important specifics features. There are other important pieces of information to research as well. These include competitor analysis, location analysis, profitability, cash flow, and why the owner is selling their business in the first place.
Check Costs, Prices, and Sales
You should already have some financial information, such as sale price and cash flow from any initial research that you’ve done. The following step is to crunch all the numbers and find out if there is a possibility for you to profit if you decide to purchase that specific business. You can determine if the business will be entirely profitable by comparing the sales prices to the restaurant’s cash flow and revenue. Make sure to also leave from for replacements, renovations, and possible upgrades you may have to make once you take over the restaurant. If you can figure out that purchasing a restaurant will be profitable, you are then able to proceed with obtaining funding and writing an appropriate contract.
Start Marketing and Host a Re-Opening for Your Eatery
After handling the transition, getting every policy in place, and making the right renovations to your business, you’re now ready to re-open the doors! This is a great opportunity, so make sure you’re promoting your restaurant’s grand opening on all social media. H.C. Walterhoefer can help provide you with any products and restaurant supplies for the opening, so visit us 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.