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When it comes to starting a restaurant, there are two options: buying an existing restaurant or starting from scratch.  

Buying an existing restaurant has its advantages and disadvantages. The advantages include:

  • The main benefit of buying an existing restaurant is that it provides you with the ability to make changes without spending a lot of money. For example, you won’t need to spend on new uniforms for staff, such as chef whites for kitchen staff and waist aprons for front of house.

  • You can take advantage of the marketing that was already invested in by the previous owner, including logos, slogans, and photos. 

  • You can have more control over your restaurant because you already know what type of cuisine people want and the type of atmosphere that is appealing.

The downsides to this option include:

  • The difficulty for you to change anything about the business because of preexisting contracts with vendors and landlords. 

  • The biggest disadvantage is that you have to work with existing staff and management, which might not be as efficient as it could be in order for the business to grow.

  • It can be difficult for you to make necessary changes like expanding your menu or upping the prices of your food because the restaurant has been around for so long.

 

Starting your own business has its advantages and disadvantages as well. The benefits being:

  •  You have complete control over what goes into your establishment so long as you are willing to invest time and money into making changes yourself. 

  • You can have a location that better suits your needs and you can start fresh with new branding. 

 

The disadvantages to starting a new business are:

  • Lack of security in regards to the food industry which has been on an upswing for years but might finally be starting to slow down, making it difficult for people who want stability in their investment. 

  • The challenges faced in finding good locations for rent and hiring workers.

  • You will have more competition because there are already successful restaurants in that area and you are starting new.

 

The best option would depend on your finances and circumstances. Investing in an existing restaurant may be a better option if you have enough money to do it, or are able to borrow from someone without interest or with low-interest rates. This way, the business will be more efficient and profitable as it grows. 

 

However, starting out anew might be the better option if you are looking for a new venture, want to make your own mark on something and have enough capital. The risk is worth the potential reward in this case.

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