Before I was a Realtor I was a longtime restaurant owner. I have owned four successful restaurants, well actually three because one failed miserably, that's a story for another time!
Food Service is in my blood, so I was so ecstatic this week when a long time friend asked me to find a restaurant for him to buy! This is right up my alley and I am so excited to help.
He chose me because I can also help him decide if a location is going to be feasible or not. There are a dozen or so reasons restaurants fail and I will share reasons and tips if you ever need the info for a client or yourself!
If you missed the first reason.....
For any type of new business, writing a business plan may be the best planning you can do. You may have a great idea, but is it really feasible? Feasibility refers to whether your restaurant idea can be turned into a reality.
#2 Can your concept make you money?
Too many new entrepreneurs avoid the business plan because it takes time to create and they don't really understand the whole process to begin with. The time you spend on the plan is time well spent if it is going to save you from losing all your money.
Overall, a business plan for your restaurant is way for you to outline your vision and purpose of the business. It allows you to layout your concept and most importantly review financial projections and investment requirements.
#3 Taking a secondary restaurant location . What’s the old saying? You know, location, location, location. That’s right, you know having the right location can either make or break your restaurant. You should never take a secondary or B location just to save rent. Would you rather save rent or would you rather be closed? The answer is so obvious, so why take the risk? High visibility and accessibility are two key points to having a great location.
To be continued.........................
Part One Restaurant Owner in Attleboro,MA to Realtor in Attleboro, Mass
Part Two From Restaurant Owner to Realtor In Attleboro, Mass
Part Three Existing Restaurant or Vanilla Box
Part Four Searching for a Restaurant Location....
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