How to buy and evaluate restaurants and cafes
Find yourself looking at the Cafes for Sale and Restaurants for Sale?
You've been told you're a great cook, work well with people and feel you could run the cafe down the road better than the current owners, and find yourself looking at Restaurants and Cafes for Sale - so what next?
More people are dining out than ever before and opportunities abound for cafes, restaurants and bars. If you are passionate about food and service, sociable, and have the necessary skills and motivation to manage the staff, food and operations day after day, then cafe or restaurant ownership could be for you... Check out our New Zealand Cafes for Sale and Restaurants for Sale here.
How to buy a cafe or restaurantThe first rule of real estate applies here and location is arguably one of the most important aspects to consider. A high profile site on a busy road may look good at first glance but if there is little car parking and little foot traffic then take a second look. Ease of access is paramount and with our unpredictable weather, prospective patrons are likely to opt for a venue that offers good food, service and easily accessible car parking.
Strong accounts and systems matter but keep in mind that not everything is likely to be done by the book. If you don't buy the building, (and often not) then you will be paying rent and the terms of your lease and how much rent you're paying can play a significant part in the success of your restaurant or cafe. Identify any factors that could have a negative impact on your business - like the possibility of competitors moving in next to you.
When evaluating restaurants and cafes for sale take into consideration the demographics of the area, seasonality aspects, especially if the business you are considering buying is located in a coastal town or tourist destination. Know your market, as a specialist coffee shop may work in some towns but a tearoom may be best suited to others. This same logic applies to your menu, identify what your customers want and tailor the menu accordingly. After all, it's all about how much you can sell and your margins on this.
The cafe and restaurant trade can often entail long hours, so consider how it will impact on your lifestyle. If you are open for breakfast as well as evening meals, then you are heading for longer hours and with it, potentially additional stress, unless this is well managed.
Taking all these factors into account, there is good money to be made in food. The trend is towards people eating out more, and spending proportionally more of their income on dining out, and this trend is predicted to keep increasing.
Cafes, restaurants and fast food are a cornerstone in our economy. For more information or for a list of cafes or restaurants for sale, check out nzbizbuysell for New Zealand Cafes for Sale and Restaurants for Sale. Or see our short video to find out What you need to know before Buying a Business
By Richard O'Brien - nzbizbuysell
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