Should restaurants lease or buy? Buying or leasing is always a prime consideration for a new business, and the question for a new restaurant can be especially problematic. There are pros and cons to either decision.
3 Ways Your Restaurant Location Can Grow Your Sales
Have you found the perfect spot to launch your restaurant but you’re not sure you can handle all the nearby competition?
Or do you feel you’re going to have a hard time attracting a lot of customers and good employees?
Well it’s time to consider location a top most priority!
Restaurant Letter of Intent-Your First Step Towards Signing a Restaurant Lease.
Prior to opening your new restaurant you need to find the right location and negotiate a lease agreement. The first step of the negotiations is the offer to lease, typically referred to as the Letter of Intent (LOI).
What is a Letter of Intent?
A letter of intent ( LOI) is a document outlining the major deal terms to be incorporated into a restaurant lease agreement. Most Letters of Intent are non-binding and specify that only a mutually signed lease will bind either party.
How Do You Chose the Right Restaurant Broker
Hiring the right restaurant broker can be one of the smartest decisions you make. An experienced restaurant broker can save you thousands of dollars and insure you avoid making mistakes that can be fatal to your success.
Restaurant properties are unique. Even if you are buying an existing restaurant, a good restaurant broker who understands lease agreements and the numerous health department, sanitation and building department regulations can help you avoid costly upgrades to your restaurant.