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Three Steps To Opening A Restaurant in The Florida Keys

Opening a restaurant can be a grand adventure, and it’s also a time of uncertainty. Location will be key player in the success of your business. When you consider areas that always have a high influx of vacationers and tourists, opening a restaurant in The Florida Keys makes perfect sense. There are locals like anywhere, but there are people coming to the area all winter long, because it’s always “beach season” in the Keys! These vacationers need quality places to eat and enjoy themselves, so a restaurant is likely to be a safe bet when it comes to business. As with anywhere, you’ll need to do your homework, and consider the commercial property that the Keys have to offer for your dream business opportunity.

Three Steps To Opening A Restaurant in The Florida Keys

  •  Analyze the Market
  •  Perfect your credit and obtain funding
  •  Consider transitional issues

When you’re looking at commercial property for a restaurant, there are two ways to go: buying an established restaurant, or finding a commercial building that would make a great restaurant venue and starting from scratch. If you’re new to the restaurant business, it may be more logical to buy a property that already is being used as a restaurant. You’ll want to look at any competitors and consider the location of the restaurant – is it easily accessible to most people, including those that aren’t familiar with the area? Is there anything about the commercial property that causes it to stand out and be noticed? How well is the current business that’s housed there doing? Why is the owner selling? With a little due diligence, you can discover a good bit about the commercial property you are considering.

Business loans are much different than personal loans, and banks like to loan money to borrowers who have excellent credit history and also are choosing a property that is a safe bet for the business to do well. Now is the time to clean up any credit issues, and investigate the types of loans out there, what the terms of the loan are, and how comfortable you are with the terms. It can be a bit overwhelming for a new business owner, so it’s a good idea to consult an attorney and an accountant to make sure you’re not doing anything too risky. There’s always risk in business, but there are many ways to make it more likely your business will blossom. Heeding the advice of professionals is the first step to achieving that.

If you are buying a restaurant that already is in operation, consider the types of transitions you will need to make. Are you going to have a similar menu, and are there any legal issues with continuing signature recipes the restaurant is known for? Are you going to keep the same amount and number of staff – and are you going to offer employment to the same staff that already exists? How will this affect your start up budget? These are some of the major things to consider. You also need to consider if you’re going to make any changes in theme, décor, layout or business hours. These are just a few of the decisions you will need to make as business owner, but they are a great place to start. Investigate local trends and size of staff – how many employees will you need, and will you offer benefits like insurance? This is where an attorney is invaluable, because there are many laws that affect you as a business owner, and you’ll need to make some decisions with those laws in mind.
In the meantime, check out these 1-click searches:

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  • Hotels, Motels & Bed & Breakfasts
  • Bars & Restaurants
  • Marinas for Sale in Key West
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  • Business Opportunities

Newest Key West Commercial Properties on the Market

If you missed it last time this property is back on the market. A rare opportunity on Lower Matecumbe. The potential is limited only by the imagination. This prime location on US 1 with open water ocean views is zoned NC (Neighborhood Commercial.) Also listed as a Multi-Family dwelling. Originally permitted by Monroe County as a 3 unit apartment building, today it has a 2 bedroom 1 bath unit upstairs with a good monthly rental history. A 7-day vacation license from Islamorada is possible. Downstairs has an office with an ocean view with a kitchen/dining room and a bedroom and half bath. The 6900 sq ft lot is fenced on both sides and the rear for privacy, an outdoor shower, washer and dryer and trailer storage while the front is open for parking and presently a rental business for kayaks and bicycles. The office with a view is occupied by a Mai D'cor a home design center. Zoning allows for a variety of other ventures in this perfectly located residential/commercial property $1,590,000 Active

74452 Overseas Highway ISLAMORADA, Florida

3 Beds 2 Baths 3,346 SqFt

Rare opportunity to own a versatile property in the heart of Key West's vibrant Truman Waterfront. This property has been home to several Grocery Stores making it the perfect investment for those who seek flexibility and multi-purpose functionality. Loaded with potential, this property sits on a large 94.6 X 43 foot lot approximately 4067 square feet. Located on the corner of Truman Avenue and Emma Street with a 1200sf building being sold ASIS. Many possibilities with the NEW Truman Waterfront Park, Amphitheater, Fort Zachary Taylor beach park all nearby. Future use based on city approval. $1,400,000 Active

200 Truman Avenue KEY WEST, Florida

1,200 SqFt

Hard to find small office space available in Old Town! Freshly updated professional offices 290sf for $1300+ per month. Join the friendly business environment at Key West Theater catering to local small business owners. Wifi, electric and water included, sales tax is in addition to the monthly rent quoted. $1,300 Active

524 Eaton Street 208 KEY WEST, Florida

2 Baths 16,470 SqFt

Hard to find small office space available in Old Town! Freshly updated professional offices 170sf for $1000+ per month. Join the friendly business environment at Key West Theater catering to local small business owners. Wifi, electric and water included, sales tax is in addition to the monthly rent quoted. $1,000 Active

524 Eaton Street 211 KEY WEST, Florida

2 Baths 16,470 SqFt

View ALL

Posted in: Business Solutions, Buying Commercial Real Estate, Owning a Business Tagged: buy a restaurant, restaurant consultants, restuarants in the Florida Keys, starting a restaurant, things to consider when starting a restaurant

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Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

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RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

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98880 Overseas Hwy, Key Largo, FL 33037

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AREAS WE COVER:

33040, 33043, 33042, 33050, 33036, 33037
Key West, Stock Island, Big Pine Keys, Marathon, Islamorada, Key Largo

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