If you are someone that has worked in the hospitality industry for some time, you may be considering opening up your very own restaurant. There comes a point in all of our lives where we want to escape the 9 to 5 and become our own boss.
If you have been working in catering and you have a lot of expertise in that sector, then it only makes sense that you make a business based on what you are good at.
The restaurant industry is a great industry to get into because there is a lot of potentials to make a healthy profit. The cost of food and other materials can be incredibly low and the price you sell them for can be very high.
If you are looking into opening up your very own restaurant, it is likely that you have thought about renting premises. Though this is a very popular route to go down, a lot of people are turning away from renting in favor of owning their own establishment.
Buying your own establishment may seem like a big financial bill, but there are a number of benefits when it comes to owning your own business. Here is a look at the pros and cons of owning your very own restaurant.
The Housing Market Isn’t In a Great Place
Thanks to the impact of the global pandemic, the housing market isn’t in the best place right now. It is not that there aren’t buildings to choose from, the issue is that there are so many people looking to sell and not enough people looking to buy.
Even though people are desperate to sell, they are not willing to sell their buildings for a low price. You cannot really blame them, the last couple of years have been difficult on everyone and everyone has been left in very bad financial situations.
For a lot of people, selling their buildings is a last-ditch attempt to clear themselves of some debts and financial issues that they have been facing. This means that they need to earn a certain amount, especially because they need to consider selling fees and real estate fees.
If you are someone that has encountered these annoying sale fees, something that you can do is sell your property online without the annoying these. If you use a site like directmdcashbuyers.com, and if you are from Maryland, you don’t have to worry about the annoying real estate fees and you can get the best price when selling your house fast in Baltimore. If more people were to use companies like this, then they wouldn’t have to sell their buildings for an incredibly high price.
You Have Control
A big positive when it comes to owning your own property is that you have complete control over what you do to it. When you rent a property, you can usually expect to have to ask for permission when it comes to making renovations to the building.
Most owners don’t want too many changes to be made to the buildings that they own, as if you move out of the building, they will have to foot the bill for repainting it all and getting it ready for sale.
You also can’t do simple things, like changing the internal layout of the business, which can completely change the way that the business looks. If you own your own building, then you have complete control of what you can do to the inside.
If you want to make some changes to the business, you don’t have to go through the annoying process of asking for permission and then waiting for it to be allowed. If you own the business and have an idea that does not require planning permission, you can do it as soon as you would like to.
This will mean that you are wasting far less time waiting and you can get what you need to get done faster.
You Are Responsible For Every Problem
If you are someone that rented in the past, something that you will be familiar with is that when you have an issue, you can usually contact your landlord and they will send someone out to deal with it.
It is not really your issue and your landlord is obligated to make any of the repairs that you may need. When you own your business, this is not the case. If you have a problem with your electricity or your boiler, you need to sort it all out for yourself.
Owning a restaurant can be hectic enough, but when you have to deal with problems it can be very time-consuming. The last thing that you want is to have to manage the work of a busy restaurant while also having to sort out any issues that your restaurant may be having.
If you have a reliable plumber and electrician, this becomes less effort and is much easier for you to manage, it is all just a learning curve.
You Don’t Have to Pay Rent
Something that you may be aware of is that the cost of rent is going up every day. Renting a property can be incredibly expensive and it looks as though the price of renting is only going to increase.
The best part about owning your own business is that you do not have to pay rent, the most that you will have to pay is a mortgage and this is way cheaper than the cost of the rent.
