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Some restaurateurs shrug this off as the cost of doing business, others see it as a subtle
Part One Restaurant Owner in Attleboro,MA to Realtor in Attleboro, Mass Part Two From Restaurant Owner to Realtor In Attleboro, Mass Part Three Existing Restaurant or Vanilla Box
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What a week I have had perusing restaurant listing after restaurant listing for my client. I would say most of them belong on Kitchen Nightmares, so I decided to start looking for a vanilla box as a second option. And ohhhh what fun that would be to see him do it from scratch, my ultimate dream come true!
To continue the top reasons that restaurants fail in my opinion...............................
#4 Being closed-minded in concept
Be open to new ideas. Any type of business owner always has a dream or a picture in their head of a certain outcome. But just remember to keep an open mind about every last detail. Sometimes what is imagined can’t be fulfilled due to space configurations or other unexpected reasons. The end result just may in fact be better than your original plans you had envisioned. ;-)
#5 Undercapitalization
This is perhaps the most common mistake for new restaurant owners. Underestimating a restaurant’s startup costs can result in bankruptcy. Having a great concept doesn’t prevent you from running out of money.
It is always better to overestimate your costs then underestimate. Common problems during startup may include construction delays or changes demanded by building inspectors. To cover such unexpected problems, money should be set aside for working capital which should cover up to one year of rent. In addition, contingency money should also be set aside for any other unexpected problems that may arise. The norm is to set aside 10%-15% of the total investment required for contingency. A good practice is to remain conservative in forecasting your sales and the amount of investment required. Lower your sales forecast and slightly increase the amount of money required.
If you have any clients that need help with restaurant questions, feel free to send them my way!
Part One Restaurant Owner in Attleboro,MA to Realtor in Attleboro, Mass
Part Two From Restaurant Owner to Realtor In Attleboro, Mass
Part Four Searching for a Restaurant Location....
Interested to Learn What Your North Attleboro/Attleboro Home Is Worth?
Let Me Put Together a Free Market Analysis/CMA for your home in North Attleboro, Attleboro, Plainville, Mansfield, Foxboro or any other town for that matter.
Your home is more than an architectural structure. It is an extension of who you are, representing your style, personality and values. Interested That is why selling your home can be an emotional and an overwhelming experience.
I will reduce the any anxiety and stress of the real estate process and make the end result successful!
Please call me at O:508-431-1500 X216 C:508-243-0114 or Tifwetherbee@aol.com
I am a North Attleboro Realtor in. I utilize the latest technologies, market research and business strategies to meet your expectations. More importantly, I will listen and find solutions that are tailored to you, whether you are a first-time buyer, repeat buyer, or seller, I promise that I will go the extra mile to help you achieve your goals. I will also utilize innovative advertising and marketing techniques to attract potential buyers.
I have been a resident of North Attleboro since 1980 and have two wonderful daughters in grade school. I also have been a long time business owner of Wetherlaine's Restaurant in Attleboro up until 2010. I am an expert in all things local, and extremely familiar with the school system and surrounding towns.
I also have great PERSONAL experience, not only in Residential Real Estate & Investment Properties in North Attleboro areas, but Short Sales and Foreclosures as well. I also completely understand the personal emotions and decisions involved in each.
I am dedicated Realtor in North Attleboro, providing the highest level of customer service possible. Please give me a call at Kensington Real Estate Brokerage or send me an email, I am always willing to provide assistance with your Real Estate needs.
Tiffany Chapdelaine Wetherbee and Kensington Real Estate Brokerage.com can help you find Homes in North Attleboro and North Attleboro homes for sale, Attleboro Real Estate & North Attleboro Real Estate, Houses in Attleboro & Attleboro Homes for Sale, North Attleboro Mass Real Estate, and Homes for Sale in North Attleboro Ma, Real Estate North Attleboro. And Houses for sale in Attleboro Ma. We can also help you find Real Estate Values South of Boston like Foxboro properties, Norton homes for sale, Franklin homes for sale, Mansfield homes for sale, Mass Realtors & Realtors in Mass.
Your Real Estate Concierge and Realtor in the Greater Attleboro's
Working by REFERRAL means that I focus my energy on servicing you with 100% dedication. I rely on your satisfaction to grow my business through your referrals of friends, neighbors and family - the people that turn to you for quality recommendations. Your referrals give me the time to provide the very best Real Estate service to you and the people you know. Thank you for your referrals.
Contact Tiffany:
Tiffany Chapdelaine Wetherbee Realtor®
Kensington Real Estate Brokerage
214 Main Street
Attleboro, MA 02703
License No: 9020319
Mobile: 508-243-0114
Office:508-431-1500 ex 216
e-Mail: Tiffany@KensingtonRealEstateBrokerage.com
Before I was a Realtor I was a longtime restaurant owner. I have owned four successful restaurants, well actually three because one failed miserably, that's a story for another time!
Food Service is in my blood, so I was so ecstatic this week when a long time friend asked me to find a restaurant for him to buy! This is right up my alley and I am so excited to help.
He chose me because I can also help him decide if a location is going to be feasible or not. There are a dozen or so reasons restaurants fail and I will share reasons and tips if you ever need the info for a client or yourself!
If you missed the first reason.....
For any type of new business, writing a business plan may be the best planning you can do. You may have a great idea, but is it really feasible? Feasibility refers to whether your restaurant idea can be turned into a reality.
#2 Can your concept make you money?
Too many new entrepreneurs avoid the business plan because it takes time to create and they don't really understand the whole process to begin with. The time you spend on the plan is time well spent if it is going to save you from losing all your money.
Overall, a business plan for your restaurant is way for you to outline your vision and purpose of the business. It allows you to layout your concept and most importantly review financial projections and investment requirements.
#3 Taking a secondary restaurant location . What’s the old saying? You know, location, location, location. That’s right, you know having the right location can either make or break your restaurant. You should never take a secondary or B location just to save rent. Would you rather save rent or would you rather be closed? The answer is so obvious, so why take the risk? High visibility and accessibility are two key points to having a great location.
To be continued.........................
Part One Restaurant Owner in Attleboro,MA to Realtor in Attleboro, Mass
Part Two From Restaurant Owner to Realtor In Attleboro, Mass
Part Three Existing Restaurant or Vanilla Box
Part Four Searching for a Restaurant Location....
Before I was a Realtor I was a longtime restaurant owner. I have owned four successful restaurants, well actually three because one failed miserably, that's a story for another time! Food Service is in my blood, so I was so ecstatic this week when a long time friend asked me to find a restaurant for him to buy! This is right up my alley and I am so excited to help. He chose me because I can also help him decide if a location is going to be feasible or not. There are a dozen or so reasons restaurants fail and I will share reasons and tips if you ever need the info!
I will post one a day, here we go......
Undercapitalization This is perhaps the most common mistake for new restaurant owners. Underestimating a restaurant’s start up costs can result in bankruptcy. Having a great concept doesn’t prevent you from running out of money. It is always better to overestimate your costs then underestimate. Common problems during start up may include construction delays or changes demanded by building inspectors. 
To cover such unexpected problems, money should be set aside for working capital which should cover up to one year of rent. In addition, contingency money should also be set aside for any other unexpected problems that may arise. The norm is to set aside 10%-15% of the total investment required for contingency. A good practice is to remain conservative in forecasting your sales and the amount of investment required. Lower your sales forecast and slightly increase the amount of money required.
Hope that was a good start!
Part Two From Restaurant Owner to Realtor In Attleboro, Mass
Part Three Existing Restaurant or Vanilla Box
Part Four Searching for a Restaurant Location....
When you're trying to obtain a mortgage, your lender may mention front-end and back-end ratios. So you should understand what these ratios represent and how they will affect your loan.
The front-end ratio compares youre monthly housing allowance, which includes your PITI (principal, interest, taxes and insurance) as well as any mortgage insurance premiums and homeowner's association dues, to your gross monthly income. Your lender will set a limit on your front-end ratio, and this limit will determine the loan amount you can obtain. For example, if your monthly gross income is $8000 and your front-end ratio can't exceed 31 percent, then your monthly housing expenses can't exceed $2480.
Basically, the back-end ratio is the same as the front-end ratio, except it includes your other monthly debt payments. Because of these extra considerations, the back-end ratio is usually higher. For example, if your lender sets your back-end ratio at 37 percent, your monthly payments (including your mortgage installment) can't exceed $2960.
While these debt-to-loan ratios influence a lender's decision, they're not the only factors under consideration. Lenders also take a look at your down payment amount and your credit score.
There are many factors that go into financing a home, from getting approved to paying closing costs. As your real estate professional, I can help you and your family sort this out and leading to a great mortgage broker, so don't hesitate to call me with your real estate questions.
Interested to Learn What Your North Attleboro/Attleboro Home Is Worth?
Let Me Put Together a Free Market Analysis/CMA for your home in North Attleboro, Attleboro, Plainville, Mansfield, Foxboro or any other town for that matter.
Your home is more than an architectural structure. It is an extension of who you are, representing your style, personality and values. That is why selling your home can be an emotional and an overwhelming experience.
I will reduce the any anxiety and stress of the real estate process and make the end result successful!
Please call me at O:508-431-1500 X216 C:508-243-0114 or Tifwetherbee@aol.com
I am a North Attleboro Realtor in. I utilize the latest technologies, market research and business strategies to meet your expectations. More importantly, I will listen and find solutions that are tailored to you, whether you are a first-time buyer, repeat buyer, or seller, I promise that I will go the extra mile to help you achieve your goals. I will also utilize innovative advertising and marketing techniques to attract potential buyers.
I have been a resident of North Attleboro since 1980 and have two wonderful daughters in grade school. I also have been a long time business owner of Wetherlaine's Restaurant in Attleboro up until 2010. I am an expert in all things local, and extremely familiar with the school system and surrounding towns.
I also have great PERSONAL experience, not only in Residential Real Estate & Investment Properties in North Attleboro areas, but Short Sales and Foreclosures as well. I also completely understand the personal emotions and decisions involved in each.
I am dedicated Realtor in North Attleboro, providing the highest level of customer service possible. Please give me a call at Kensington Real Estate Brokerage or send me an email, I am always willing to provide assistance with your Real Estate needs.
Tiffany Chapdelaine Wetherbee and Kensington Real Estate Brokerage.com can help you find Homes in North Attleboro and North Attleboro homes for sale, Attleboro Real Estate & North Attleboro Real Estate, Houses in Attleboro & Attleboro Homes for Sale, North Attleboro Mass Real Estate, and Homes for Sale in North Attleboro Ma, Real Estate North Attleboro. And Houses for sale in Attleboro Ma. We can also help you find Real Estate Values South of Boston like Foxboro properties, Norton homes for sale, Franklin homes for sale, Mansfield homes for sale, Mass Realtors & Realtors in Mass.
Your Real Estate Concierge and Realtor in the Greater Attleboro's
Working by REFERRAL means that I focus my energy on servicing you with 100% dedication. I rely on your satisfaction to grow my business through your referrals of friends, neighbors and family - the people that turn to you for quality recommendations. Your referrals give me the time to provide the very best Real Estate service to you and the people you know. Thank you for your referrals.
Contact Tiffany:
Tiffany Chapdelaine Wetherbee Realtor®
Kensington Real Estate Brokerage
214 Main Street
Attleboro, MA 02703
License No: 9020319
Mobile: 508-243-0114
Office:508-431-1500 ex 216
e-Mail: Tiffany@KensingtonRealEstateBrokerage.com
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As your Realtor®, I will take a different approach... Your personal real estate concierge... A uniquely personal, professional approach with my guarantee of positive results.
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The annual cost for leased restaurant space is calculated per square foot and is known as the base rate.
Financial Responsibility. Early in the lease negotiations, you should cover the touchy topic of who