Own a RESTAURANT
1. Define what you want and more importantly, what fits your lifestyle before you go on the search for the perfect restaurant.
2. Choose your target client. Are you going to aim at a high turnover of pizzas to young professionals, or will you seek out a more mature and discerning crowd?
3. Pick a location. Town centre premises with ample parking and a proximity to pubs or cinemas are usually the most successful, but are the most costly to maintain. The rents are higher than those located on street, but the turn out of customers will be higher as well.
4. Confirm that the area you choose has the demographics to match your intended client base. Do some research on household income and spending patterns for the neighborhoods you consider.
5. Pick a specific restaurant you want to buy. Before you introduce yourself to the owners, visit as a customer during different times of day to see what their trade is really like.
6. Make an offer to buy the restaurant. Check the books of the restaurant owners. Visit often to see how crowded it is, at various times of day. Look at the eating patterns of the customers and mode of dress.
7. Consider the cost. The restaurant may need substantial redecoration or equipment may need upgrading.
8. Get the word out. While word-of-mouth is a restaurant's lifeblood, advertising in local papers or distributing leaflets might be a necessity – especially if you are trying to turn around a flagging business.