9 Pros & Cons of Buying A Restaurant Business [BUY TIME] | Open A Restaurant 2022
🚀 FREE COURSE ON HOW TO START A FOOD BUSINESS
[Playlist] Foodiepreneur’s Finest Program - swiy.co/start-...
🚀 FREE COURSE ON HOW TO START A RESTAURANT BUSINESS
[Playlist] Profitable Restaurant Owner’s Academy - swiy.co/Start-...
Ever thought of buying a restaurant business? Rather than starting one from scratch? If this is you, you want to make sure you know what you're getting into so you won't get burned...
Buying an existing food business is a common shortcut in the business world. Not only do you save a TON of time, but it comes with other advantages like the track record and market intelligence. In many cases, it may take a year for a restaurant to open their doors from start to finish. You can save that year by buying a restaurant. And if you have the skills and passion, you can transform a mediocre business to a great one.
But there comes a lot of dangers in doing this as well. The most common one is not doing enough due diligence in finding the right fit. When you're buying a restaurant, the track record is what it is currently. But if you add yourself into the mix, you might want to make changes in operations and staff. Yes it could boost the revenue, or it could very well tank it. Because there could be a staff fall out, customers not a fan of changes, and more.
So if you're looking into buying a restaurant business, you need to be cautious of these pros and cons. That way you can be prepared and do the necessary work to minimize the risks and maximize the advantages.
If you're a budding restaurateur, restaurant owner, upcoming small business owner, food entrepreneur, then keep on watching!
📚 RESOURCES
🛠 Community & Tools
[EQUIPMENT] Tools & software I recommend using -
learnnow.wilso...
[MARKETING] Learn marketing tricks that McDonalds & Starbucks use - gumroad.com/a/...
ABOUT WILSON:
I’m Wilson, your new restaurant business partner. I’m here to help turn your food and beverage concept into a reality with expert tips & tricks for success.
My videos are based on years spent in the industry building multi-million dollar businesses, including my own international dessert chain (720sweets.com/) with locations spanning the globe. Since my franchise was acquired (2020) it’s been my mission to share this knowledge with people like you who have great ideas, but just can’t seem to break through. If I did it all with no experience, so can you. I know firsthand the struggles and mistakes most entrepreneurs make, and want to show you exactly how to avoid them.
I’ve helped hundreds of restaurant owners and entrepreneurs create explosive Food & Beverage businesses. You don’t have to take my word for it. I’ve been awarded Top 30 Under 30, Young Entrepreneur of the Year, Top 10 Emerging Entrepreneurs, and recently a Forbes Business Council Member.
Subscribe to see what everyone’s talking about and learn how you can achieve the same life-changing results.
Find more great resources, check out www.wilsonklee...
CONNECT WITH WILSON:
Instagram: / wilsonklee
Facebook: / wilsonkinglee
Collabs/Sponsorship: hello@wilsonklee.com
Send items to: 18th Floor 450 SW Marine Drive, Vancouver BC V5X0C3 Canada
#wilsonklee #buyarestaurant #openarestaurant
Пікірлер: 29
💎 [FREE COURSE] Learn how to start an online food business - swiy.co/start-FPF-program 🚀 [FREE COURSE] Learn how to start a restaurant/brick&mortar business - swiy.co/Start-PRO-Academy
Love this! Well done. Thank you. Please do a video on what to expect when you acquire an existing restaurant- operating costs, utilities, what money do I need aside from the purchase price? That would be great. Thank you!
Really great points you listed in your video..when valuing a restaurant always do your due diligence before acquiring the business. Even if the financials look like a cash cow, I would suggest find out the primary motivation for the owner's to sell! Another tip to consider would be how would one add value to the business after acquisition: decrease wait time for customers, newly renovated interiors or washrooms, adapting to newer technology help increases market audiences/sales.
@WilsonKLee
4 жыл бұрын
Well said! very insightful. are you in the industry your self?
@arttsai7665
4 жыл бұрын
@@WilsonKLee Haha thank you! I am not in the industry but I am a new graduate entering into commerical real estate! I have worked and met those wishing to start businesses in hospitality and often inquire about leasing procedure and business valuation!
@arttsai7665
4 жыл бұрын
@@WilsonKLee Let's connect via Linkedin 😄
@caferestaurantsuccess6529
4 жыл бұрын
Sadly financials are often overstated! Good advice about doing your due diligence, buyer beware!!
Thanks 🙏 bro very helpful !
@WilsonKLee
3 жыл бұрын
Happy to help!
I'm 24 years old and I want to buy a restaurant, they is highly profitable restaurants on the market, infact I want to own multiple restaurants, but I'm worried about how much the staff will need me there, like must I be present very day or a few days a week... Is that something I should be worried about or I'm just overthinking it.
@WilsonKLee
3 жыл бұрын
your staff will need you and you will need to be there in the begining. however, as you build your restaurant empire, you can hire talented staff that can help you manage. thats how we were able to grow to 7 locations in different countries. :)
I like watching ur videos They are of great help 👍
@WilsonKLee
2 жыл бұрын
Glad to hear that!
If a restaurant has a handover period, is it ok to be inexperienced?
One of the biggest mistakes I find when people buy a growing concern, they start to make changes often alienating the existing customer base!
@WilsonKLee
4 жыл бұрын
For sure! And those changes could seriously affect the base numbers for better or worse...
Can you be a consultant if I want to buy an existing business?
You see, nobody sells a money making restaurant. So rebranding and realigning your customer base is not only reasonable, but also a welcoming pivot!
@WilsonKLee
4 жыл бұрын
People sell businesses for different reasons. Not always because it is failing. People are more ambitious and strategic in exits than you think :)
@m.g.6986
3 жыл бұрын
@@WilsonKLee headshot... Well said
@m.g.6986
3 жыл бұрын
U donkey bring wider. Thought
@donnyvandebeek6998
2 жыл бұрын
What if they’re moving abroad or something?
Yo if I don't know anything on running a business and i buy a restaurant on Facebook marketplace for 50,000 and I learn I should be okay no also do they sell restaurants in Facebook marketplace please get back to me I want to make this life changing decision I would like to know what to expect like a piece of paper saying this is the property or something like that I don't want to get ripped off but I'm tired of this 9-5 please reach back
How many years track record should we look at when buying a restaurant?
There is a very successful restaurant for sale that I have the inside scoop on. It’s a good price and I’m really interested in buying it. The thing is. I would want to turn it into a plant based restaurant as that is something I have a strong core belief in. I’m worried I wouldn’t be able to keep the customers then currently eat there. I’m not sure if it would be a great idea.
@donnyvandebeek6998
2 жыл бұрын
I wouldnt change the style/menu too much if i were you. If it’s successful as it is, if it aint broke dont fix it
9:32
Great video! We do similair type of content. Let's be friends😀
@WilsonKLee
4 жыл бұрын
Sounds good!