Jul26

Something old, something new, something borrowed, something blue? Should I start from scratch or buy existing?

(26 /07 /2013)

Instead of reinventing the wheel you are going to buy something pre-existing!

The up side! You will be able to step right in and continue operating from Day One. Little or no downtime, no interruption in business, existing customer base, cash flow straight away, staff, customer loyalties BUT…

The down side! Fine line to walk if you are thinking of ‘reinventing’ the venue!  People don’t like change, they prefer familiarity especially when it comes to food, you are limited with putting your stamp on it and you need to go into it with your eyes open!  Should you just take on what was already there or mess with the ‘recipe’ for success?

Saturation within the market means that there is a LOT of competition and you need to weigh up all your options.  Perhaps fresh is best?  Or building on an already existing?  Whichever way you decide to go resort to a good old fashion pros and cons list, speak to a consultant or business advisor and importantly don’t let the ‘romance’ of it cloud your judgment and WRITE A BUSINESS PLAN!


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