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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

Built in 2007, this commercial, mixed-use property is situated on White Street off of Elgin Lane very close to Eaton Street and minutes to the Historic Seaport. The current commercial tenant is using the office space for chiropractor services. As you enter the front door, the current layout is as follows. A waiting area and enclosed front desk greet you. To the left of the waiting area is a private windowed office. As you continue into the space there is a treatment room to the right and a supply room to the left. Either of those rooms could easily be transformed into another office. Further on there is an efficiency style kitchen and an ADA compliant bathroom. A set of floating desks lies beside the kitchenette. There is the possibility here for 4 offices and a floating workspace. The property offers 3 off-street parking spaces for the business including an ADA compliant spot in the back of the building.  A private entrance in the rear of the building will lead you up a flight of stairs to the two one-bedroom, one bath units. Each unit offers a small kitchen and loft area. These apartments are in the affordable rental pool. ($1,600 each per month) Great place to live and work! $1,150,000 Active

412 White Street 101 KEY WEST, Florida

2 Beds 3 Baths 1,513 SqFt

Ideal Small Commercial Space for Lease in Old Town.  Excellent location next to the laundry mat on the corner of Eaton and Elizabeth Street's. Perfect for small retailer or business professional with approximately 500sq.ft. of space and street visibility. $2,950 Active

627 Eaton Street down KEY WEST, Florida

1 Baths 500 SqFt

Perfect private office space with windows available for lease office 214 is approx. ~162sf, perfect for two+ desk. Join the friendly business environment catering to a diversity of local small business owners located the 626 Josephine Parker Office Suites in Old Town Key West. Common area breakroom & restrooms, electric and water included. Sales tax is in addition to the monthly rent quoted. Parking is assignable and $150 in addition to rent each month. $1,000 Active

626 Josephine Parker Drive 214 KEY WEST, Florida

2 Baths 162 SqFt

Very rare opportunity to own a piece of Key West History! The iconic Coffee Mill in Old Town, Key West is one of the most recognizable buildings on the island. Built prior to 1907, the property was home to an active coffee bean processing plant until the 1950's. In recent years, the building was famously home to one of Key West's most popular dance studios -- and now is being used as a holistic medicine and wellness center. The current owners have done extensive renovations to update the space to today's standards while maintaining many of the historical features of the property. Updates include a complete modernization of the electrical and plumbing systems, new central A/C and ductwork, masterful restoration of the original hardwood floors, and the construction of private treatment rooms and a business office -- all while preserving the original exterior and character of the building. Additional features include multiple skylights, a period correct metal shingle roof, beautiful historic arched transom windows salvaged from Henry Flagler's Casa Marina hotel, and an updated bathroom. The property is up to current building code and ADA compliant, and was awarded a Ceramic Star for historic preservation and a Certificate of Excellence by The Historic Florida Keys Foundation. The Coffee Mill has been a staple in Old Town for over 100 years and continues to be an important part of the historic district. Commemorating its roots, a section of the milling equipment has been preserved and is on display in the main room of the Mill. Located just steps from world famous Duval Street and walking or biking distance to the island's best restaurants, shopping, and galleries. If you're looking for a space that's as unique as Key West itself, look no further than the iconic Coffee Mill. Easy to show! $1,000,000 Active

916 Pohalski Street KEY WEST, Florida

1 Baths 1,256 SqFt

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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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Key Largo Office

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

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

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Miami Office

RE/MAX Advance Realty
305-444-7111 Office

Business Address:
7220 Red Rd., South Miami, FL 33143

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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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