Before you go out and buy a space to put your restaurant in, you should weigh the benefits of leasing versus owning a commercial space.
You Can Easily Expand: If you find out the space you are in is not able to compete with the rapid growth of your business, you won’t have to go through the hassles of selling the business. It gives you the flexibility to try a location you’re not tied down to it if you find a location better suitable.
No Down Payment: In most cases there is no down payment required when leasing a commercial space. Think of all the MOO-LAH you can save that can be put towards other necessities, such as commercial restaurant equipment (Is this plug too obvious?)
Repairs Won’t Come Out of Your Pocket: A property manager will handle all repairs relating directly to the space leased. For example if you have a leaking roof, you won’t have to shell out money to fix it.
Investment: Owning versus leasing will give you ownership of your property over time rather than paying rent for something which you will never have true ownership of.
No limitations on vision: You can create the exact space you’ve dreamed out without asking for permission or paying a penalty for altering the space.
Longevity: There is a nice historical element to owning a space. Almost all Ma’ and Pa’ shops have arose through being in the same location for decades. You know when you’re driving down the road and there’s a different business in that one spot every other month? I doubt any of those businesses owned the space they were in.
One Fat Frog • 2416 Sand Lake Road • Orlando, FL 32809 • 407-480-3409