Starting your own business is always an exciting prospect. If you’re thinking about buying a restaurant in the Florida Keys, here’s what you need to know.
3 Things to Know Before You Buy a Restaurant in the Florida Keys
Many people take the plunge by becoming a business owner, but often do so not really knowing what they need to know in order to be successful at it, and an aspiring restaurant owner is no different. In fact, folks wanting to open their own restaurant are in a tougher spot than most new business owners. Here are three key things you need to know and understand about opening a restaurant.
Owning a Restaurant is Hard Work!
This is probably the single most important thing you need to know as a prospective restaurant owner. Restaurant ownership, especially during the first few years, is not fun. It can feel like a 24/7 job, as many times the work continues well after closing. Constantly being at the restaurant and dealing with restaurant issues can take its toll on both you and your family. Are you prepared to deal with that?
Know the Rules and Regulations
The first thing you’ll have to worry about is your state’s health and food safety standards. Then your locality’s general business operating rules come into play. Some of the local rules you may need to be aware of include advertising and the building’s appearance and functionality.
Advertising: The Keys have specific rules regarding signage used to advertise your business.
The building: Keeping the outside of your building neat and clutter-free is a must, and it has to meet code requirements.
Not playing by the rules can get you shut down before you get going with all that hard work you’re going to be doing, especially in the smaller localities.
Think Twice Before Hiring Friends and Family
It’s never a good idea to lend money to friends or family, and hiring them to work for you isn’t a wise thing to do either. Perhaps it may work out in the beginning, but in the long term you need to employ trustworthy, hard-working, competent outsiders. Doing so can spare a lot of resentment and hurt feelings.
Hot Key West Business Opportunities
Are You Looking for Commercial Property in the Florida Keys?
Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches:
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