Analysis of local conditions
A thorough analysis of the location is an important factor in ensuring the success of your restaurant takeover. Investigate the location and see if it is suitable for your target audience. Consider who your target audience is and whether the restaurant is near their work or home. Also, consider the competition in the area and make sure you distinguish yourself sufficiently from competitors.
Another important factor in the location analysis is the infrastructure. Make sure that the restaurant is easily accessible and that there is enough parking space available. For example, consider whether the restaurant is attractive to tourists and whether it is located near attractions or hotels.
Financing
Taking over a restaurant can come at a high cost. Therefore, it is important to plan your finances ahead of time. Review your budget and make sure you have enough capital to fund the takeover. Consider not only the takeover costs, but also the ongoing costs, such as rent, salaries, operating costs and maintenance costs. Likewise, it must be clarified whether you can also take over the entire kitchen equipment and if so, whether extra costs will be incurred.
It may also be wise to consider financing through a bank or investor. Make sure that you have a solid concept and a business plan to convince potential investors of your project.
Legal aspects
There are many legal aspects to consider when taking over a restaurant. Find out about the existing lease or tenancy and make sure you understand and can comply with the terms. Also check what permits and licenses you need to operate the restaurant. These include, among other things, the operating permit, the restaurant permit and hygiene regulations. It may also be wise to seek takeover legal advice to ensure that you have considered all legal aspects and are not taking any risks.
Staff
When you take over a restaurant, it is important to note that you usually take over the existing staff as well – along with employment contracts, salaries, and any outstanding overtime and vacation days. If you can and want to make changes to staff (e.g., because of temporary contracts), keep in mind that staff changes can have an impact on the atmosphere in the establishment and ultimately on the trust of regular guests.
Concept and marketing
A clear vision and a strong concept are critical to the success of your restaurant. Think about the type of restaurant you want to run and how you will stand out from the competition. Define your target audience and create a marketing plan to reach your guests. Also consider digitization and the use of online reservation systems and social media marketing to increase your restaurant's visibility. Maybe, the restaurant already has an excellent ranking on the Internet – that would be a hint not to change the marketing strategy too much.
In general, when it comes to target group placement and marketing, you should carefully consider the extent to which you need or want to adapt the existing concept at all. If the restaurant has been doing well so far – which is desirable in a takeover anyway – there are probably reasons for that. It would not be wise to drive off regulars in order to build an entirely new customer base. A "soft" introduction of innovations is then often the better way.
