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.
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