If we only knew the answers to these questions...
IMO people who wanna jump in headfirst should start with a small sandwich lunch only joint. Then decide if this is the life for you.
Buying a place is risky, especially if the place is trendy. In this day and age, trends don't last unless you're Charlie Trotter. 8-10 years. If it's a restaurant that's seen its prime then you should reconsider unless you're, uh, Homaru Cantu.
If the restaurant you're buying has changed hands more than once in the recent past, be wary. This may be what we call a dead restaurant space. For some reason the space doesn't work.
Where to get money? Start with your own. Investors want to see that you have some financial stake before they hand over their chips. |