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First are foremost, the first thing we tell individuals interested in buying a restaurant is that you must have knowledge of the industry and a good database of restaurants for sale. The Restaurant Brokers share with you how to tackle both.
A multitude of Americans interested in entrepreneurism and the explosion of food connoisseurs over the past few years has created a blizzard of demand for people interested in buying a restaurant all across the United States. Where are these buyers turning to when the time comes for buying a restaurant? They are more interested in buying a restaurant that is already established and operating as opposed to tackling the huge expense and time consuming project of doing a complete build out. Did you know that six out of 10 startup restaurants are closed before they even enter their fourth year of business? What about the endless amount of restaurants that never ever get to open because all of the resources were used up building out.
Like with most things, instant accomplishment and prosperity doesn’t exist in this industry, and it will be no different for you when buying a restaurant. However, when you consider buying a restaurant that already exists, you will have leverage over starting the whole thing from the ground up. Buying a restaurant that already exists will put you on the fast track to success, as you will be coming into a business that already has clientele and is making money.
Buying a restaurant that is already operating gives you domination over the cost to start up. The main reason most restaurants fail is due to lack of money, plain and simple. Money goes quickly when the restaurant industry pro tries to turn into a general contractor just for the sheer fact that the business is in the restaurant industry. If you happen to be in the restaurant industry AND a licensed general contractor, congratulations, you will make out much better with a restaurant build out than most. But the fact of that matter is that probably is just not the case!
Buying a restaurant that’s already in place with staff and operations saves you a ton of money on marketing. Why? Because people already know about the establishment, and the money was already spent by the initial owner on marketing. Marketing costs thousands of dollars – buying a restaurant that’s already operating saves you this huge expense. What else? Buying an existing restaurant means you are ready to jump right into the business. No time is wasted on getting permits, building, planning a grand opening, and hoping for success.
Buying a restaurant that already exists take the guess work out of, “I wonder how much this business could make?” You’ll have the financials for the past several years. Did you know that the first $100,000 in business is the hardest to reach? Saving money on marketing and building will allow you to reach this goal much faster. Starting from zero and working your way up may take you a very long time, if you reach it at all when you start from scratch.
We have saved the most critical reason to buying a restaurant already open and operating for last. When you purchase an established business you are purchasing the cash flow that already exists as well. Purchasing cash flow of a business that has been operating and practicing good bookkeeping practices will save you far more money that many other businesses.
When you are ready to start the process of buying a restaurant, you can find hundreds of listings on our website. Click the link below to see all of our listings of restaurants for sale across the country. If you have any questions about buying a restaurant for sale, call the Restaurant Brokers today at 404-800-6700.
