Originally written by Ben Lobel on Small Business
The way we dine out has been transformed in the last decade with independent cafes and restaurants opening on every corner and food stalls booming throughout multiple UK cities.
As an entrepreneur who is thinking of opening a restaurant, it is important to consider the time, money, legalities and commitment needed to start a food business. However, many of these considerations are often forgotten.
Many food businesses that start as an idea and quickly grow into a brick and mortar venue without sufficient planning can often face hurdles in the future, such as cash flow problems and even liquidation.
It’s frustrating for any business owner to see their hard work dissolve, so by seeking professional advice and investing in time to set up your business properly, you have a better chance of running an effective and profitable restaurant.
Here are 10 ingredients for a profitable restaurant start-up, from Bobby Kalar, managing director of Yu Energy.
1. Deciding on a concept
You may have an idea already in mind or you may still be at the drawing board, but choosing what type of restaurant you want to offer, your target audience and its unique selling point are important to think about
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How to negotiate the best deal when selling a restaurant
by Jo Thornley • • 0 Comments
Originally written by Jo Thornley on Small Business
Selling a restaurant business for a reasonable figure might at first glance appear to be something of a gamble.
But just like the process of buying a restaurant, negotiating a deal becomes a lot easier if you put some time and effort into the preparation.
Put another way, there are a number of things you can anticipate (and thus be prepared for) before they arise. So, with that in mind, here are a few things you should think about well before any sale negotiation takes place.
Business valuation
A solid business valuation will form the cornerstone of any later negotiations you conduct with an interested buyer. After all, your negotiating strength will just melt away if a potential purchaser is able to undermine the logic and rationale upon which your estimate of the value of your business is based.
Having a clear understanding of the value of your business is very important when it comes to negotiating the terms of the sale. So, obtaining a professional valuation from a respected valuer should be your first priority. Not only will a professional familiar with the restaurant trade be more likely to produce a reliable valuation, your valuer should also