Your dream of owning a restaurant has finally come true, your restaurant is now open to the world, but you keep hearing your friends and family say it’s hard to succeed in the restaurant industry… so why would you want to be in so much stress? What are the benefits of owning a restaurant anyway? There are many benefits of looking into restaurants for sale listings, some of these benefits outweigh the cons of running one. Let’s take a look at what they are.
Buying Restaurants for Sale: 10 Benefits
Pro 1: You Get to be Creative
A person who wants to buy an existing restaurant must be someone who loves to cook and appreciates the taste and flavour of food. You get to be creative with your menu and decide what ingredients go into the food preparation process. As a result, you will be able to serve delicious food to the public and feel rewarded when people leave you a 5-star review on Yelp, Google & Facebook!
Pro 2: You Will Never go Hungry!
Probably the best benefit of purchasing a restaurant is having access to a limitless amount of food. You will always have food to feed yourself and your family. You will also spend less money on food as you can eat at your restaurant. On top of that, many restaurant owners acquire liquor licenses so they can also serve alcohol in their restaurant to maximize their earning potential.
Pro 3: You Get to Know your Community
A restaurant can be a haven for your local community and neighbours, especially if your establishment is prime located, with high foot-traffic. It will be an excellent opportunity for people to host social gatherings at your venue or pose as an environment to relax after a long day. Additionally, by providing excellent customer service to patrons, it will encourage them to come back and increase your brand exposure by word of mouth. As a result, customers will be more likely to return as frequent patrons and your customer base will grow.
Pro 4: Add Value to What You Believe in
If you believe in the value of veganism, vegetarianism or gluten-free food, then being a restaurant owner may be the best way to showcase your beliefs. Your establishment is the perfect opportunity to encourage people to choose their food that is consistent with your values.
Pro 5: The Industry is High in Demand
On average, Canadians eat out at least once a week, either by doing takeout or going to a restaurant, so the restaurant industry is definitely booming.
Pro 6: Never have a Dull Day in your Life
You tried the typical 9-5 office life and it’s not for you. The challenges you face by opening a restaurant vary day-to-day, which is exactly what running a restaurant is all about.
Pro 7: Technology Saves the Day
To speed up payment transactions, restaurateurs should employ reliable and efficient POS systems when customers pay the bill. Google also offers free tools to use, such as Google Drive that documents all materials and meeting notes, and the Google calendar for organizing staff events. All these tools are free, as long as you have a Gmail account.
Pro 8: You’re the Boss
This is the best part, you make the call from menu selection to the decor.
Pro 9: CSR Initiatives
Giving back is always easier when you own a restaurant, you can sponsor local sports teams, donate food to food banks, host charity events onsite…etc.
Pro 10: Buying a Restaurant can be Simple
Owning a restaurant can still be affordable and easy if you are working with the right real estate agent and seeking the right help. Take the Business Exchange, for example, we have over 200 listings of restaurants with different investment levels to choose from. Our listings of restaurants are located all over North America. We can definitely help you find the right broker to close the deal and the right restaurant listing for your needs!
Restaurants for Sale: 4 Cons
Con 1: Competition is High
It’s true that the restaurant industry is high on demand, but that also means you will have a lot of competition around you. This is particularly true in high-traffic neighbourfoods and areas.
Con 2: Ensure You Have Enough Cash Flow
Do your due diligence when you’re researching restaurant business for sale, decide whether you want to buy a small restaurant or large restaurant. Smaller restaurants will need a smaller amount of loans and funding, but you run the risk of not having enough patrons because your restaurant isn’t as well-known as other well-known establishments.
Con 3: Tough to Make a Profit in the First Year
Even a busy restaurant may not be making a profit in the first year because you need to account for the initial expenses that are put into opening the venue in the first place.
Con 4: Talented & Loyal Employees are Hard to Come Across
Finding good employees is one thing and keeping them is another thing. Obviously business owners want to retain good and loyal employees.
About the Business Exchange
Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Restaurant listings for Sale and Request a Quote!
