Buying a restaurant or cafe for sale AustraliaYou like to work with food and people, and find yourself browsing the Cafes for Sale online. Rather than start your own venture from scratch you decide it is much better to buy an existing cafe; that will enable you to have cashflow from day one and will have all the basics in place, even though you will need to make changes to suit your vision.
More people are dining out than ever before and opportunities abound for cafes and restaurants. 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.
If you decide on buying a restaurant or cafe for sale in Melbourne, Sydney or anywhere else in Australia then: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 foot traffic and insufficient car parking then take a second look. 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 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 business. Identify any factors that could have a negative impact on your business such as the possibility of competitors moving in next to you.
Know your market; a specialist coffee shop may suit some towns but a tearoom may work better in 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. Consider the demographics of the area and seasonality aspects, particularly if the business you are considering buying is located in a tourist destination or coastal town like on the Sunshine or Gold Coast.
The hospitality trade can often entail long hours, so consider how it will impact on your lifestyle. Being open for breakfast as well as evening meals means longer hours and potentially additional stress, unless this is well managed.
Buying an existing cafe; or restaurant for sale means that:
- There is already cashflow – you have an income from day one
- The fit-out has already been done with all the equipment in place
- You have a customer base on which you can build
- Suppliers have been identified and are providing you produce
- Systems, and potentially staff are in place so it's all systems go
Look critically at any cafe or restaurant business
opportunity that you are interested in to make sure that it contains the right
elements and potential for success, and that the price you negotiate with the
seller is a fair one. Also if you are paying goodwill, find out to what extent
this depends on the skills and personality of the vendor as it may impact on
the business once you take it over.
Taking all these factors into account, there is good money to be made in food. People are eating out more, and spending proportionally more of their income on dining out, and this trend is predicted to keep increasing.
By Richard O'Brien - aubizbuysell
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