Seven Important Things to Know Before Buying a Restaurant

For many people, owning a restaurant is a dream opportunity. For those that are both foodies and social personalities, the chance to own a restaurant can offer a lucrative and rewarding business. Thanks to television shows, restaurant ownership has also become a glamorized part of pop culture.

When it comes to purchasing a business, restaurants also offer a lower barrier to entry than many other businesses. Statistics from 2014 and 2015 put the median cost of entering the restaurant market somewhere between $128,000 and $200,000.

These factors can make restaurant ownership very appealing, but it’s also crucial to remember that owning and operating a restaurant is hard work. At least for awhile, until you have the right staff in place you know you can trust, it will demand your presence nearly constantly. That means long hours — weekends, nights, and even holidays. In fact, your busiest working hours will likely occur during those times. If this isn’t a good fit with your…