How to Own a Restaurant

If your dream is to own your own restaurant, you may wonder how you might accomplish your goal. There are several roads to restaurant ownership. Each has its own advantage. For some restaurateurs a franchise is the ideal choice, as the business plan has often been worked out by skilled professionals. But, for those who have their own unique restaurant dreams, they will make other choices.

Instructions

1. Purchase a restaurant franchise to own a restaurant. Franchises are well-known restaurants. They might be a sandwich restaurant, like Subway, or a restaurant/bar, like Red Robin. The advantage with a franchise is they typically supply the training, advertising, menu and operating procedures.

2. Purchase an existing eatery to own a restaurant. Buying an existing restaurant that is already set up and established will eliminate the work involved when opening a new business. Unlike a new restaurant, there will already be relationships established with vendors, a customer base and operating procedures. The building might be leased or included in the purchase.

3. Rent a commercial building and open your own restaurant. New restaurants have a high failure rate. Unlike the franchise, which will have the benefit of corporate marketing, and the existing restaurant with the client base, this can be a riskier process. It will be necessary to find a commercial building that is not only zoned for restaurant use but one that can be adapted to the business. For example, some types of restaurants require a grease trap and exhaust hood; both can be expensive to install.

4. Build to own a restaurant. Similar to the last step, but instead of renting a building, you will have the building built. Of all the steps, this can be the most labor intensive and costly.

5. Buy an existing restaurant building and open your own eatery. This is similar to buying a restaurant that includes the building, yet it will not include the business. It is not uncommon for a restaurant to close and the building to then be sold separately. The purchase might include restaurant equipment and furnishings.

Resources

• Restaurant Franchises
• Restaurant Ownership