The restaurant sector has grown in recent years as consumer trends mean that people are eating out more often than they were a decade ago – and not just on special occasions. Chains like Prezzo and Café Rouge have taken the initiative by rolling out restaurants in a number of locations, but some have suffered by adopting heavily discounted models that offer only slim margins.
Becoming a restaurateur is a goal for many working in the food service industry and there will always be a place for really well-run independent establishments that delight their customers. But there are lots of factors to consider before you look for restaurants for sale. Make sure you confine your search of restaurants for sale to businesses that suit your criteria and that are within your budget. Your day-to-day commitment will depend on whether you have a management team in place and how hands-on you want to be. You will need to stay on top of your finances and make sure you’re up to date with rules and regulations, though.
Obviously, if you’ve already got experience in the restaurant business, you’ll hit the ground running – and have a fair idea of the pitfalls you need to avoid. You’ll also appreciate the advantages of being your own boss, creating your own dining destination and building a food business that you can be proud of.
Buying a restaurant is a complex process so make your due diligence as thorough as possible. Check to make see if the restaurant has had any problems with environmental health issues which may have resulted in fines or temporary closures. Browse online reviews to see whether there’s a worrying pattern of complaints. Diners have long memories and an ‘under new management’ notice won’t always cut the mustard.