If you currently own a restaurant, the chances are that you have been doing it hard over the last three or four years. That could even be prompting you to sell. The good news, however, is that you're over the worst.
When the GFC hit, it hit relatively hard, and we consumers tightened out belts quite dramatically. The first expenses to be cut were 'luxury' items, such as dining out.
However, a quick look at industry and market trends over the last 12 months or so, show a marked improvement, and the industry is expected to continuing picking up into the future.
According to IBISWorld’s Restaurants market research report, our time-starved lifestyles are pushing us to eat out more. Not only can we combine the essential need to eat, but we can also combine this with social activity, and save the time needed to buy and prepare food.
IBISWorld states that the restaurant industry is in the 'mature stage' of its lifecycle and, over the next few years, the industry's contribution to the economy is expected to increase by an annual rate of 3.3%. In fact, the indications are that the restaurant industry is growing faster than the overall economy.
Consequently, the number of restaurants in Australia is expected to grow over the next 10 years.
This is good news whether you plan to keep your restaurant, or sell it. Selling in a down market is not ideal and, unless you were forced to sell for personal or financial reasons, you have held onto it and can now expect a better price.
But remember, market demand is not the only factor influencing your sale. The very nature of the hospitality industry means that other key factors include location, size, customer numbers, and so on.
The secret is to work with what you've got, and market it accordingly. While we know that a CBD eatery, or an ocean-view restaurant may automatically demand a higher price, it still needs the financials to back it up, and to be well maintained.
If your restaurant is in a country town, market the benefits: delicious home-made (maybe even home-grown) food, fresh country air, delightful alfresco dining, Sunday lunch followed by a walk, and so on.
You should also market the lifestyle benefits to the new owner: safe, friendly country town, village school, strong community feel, wonderful outdoor activities for the family.
Perhaps you are selling a small, seaside restaurant. If so, emphasise the views, the fresh local seafood, growing tourist numbers, year-round clientele, and so on.
It's all about finding your Point of Difference and marketing it in such a way as to make your restaurant irresistible to buyers.
Not sure how to do that? There's a way you can benefit from expert industry help, without ever paying commission.
Coast to Coast Media is an independent, Australian family-owned business, that is not affiliated with any real estate agency. It offers all the benefits of using an agent or broker, including professional graphic designers and writers - and an excellent buyer-match service - but does not charge commission.
The result? You get the best sale possible, at the best price, and keep the money in your own pocket!
Sell your commercial property or business privately without business brokers. We advertise your business for sale or real estate listing in our go-to website, national glossy Coast to Coast Magazine and major real estate websites reaching many motivated buyers. Call now to sell your business or property 1300 793 792 or email firstname.lastname@example.org.