Should I take over a lease of a restaurant which have been closing about 1/2 year?

Question

I find a place to open a restaurant but that place has been closing 5 or 6 months ago. Should I lease this place to open my restaurant? And how long does it take for me to have a numbers of customer? I am in Madison, TN

Answer 1

never ever get into restaurant business. I am serious. There are too many things which you have to make sure. Most restaurant closes in a year.

Answer 2

If you have to ask, then don't do it.

Running a restaurant requires a lot of work.  A LOT!  Expect 60 hour work weeks, for starters.  The restaurant business is extremely competitive.  It's not only about the quality of your product, but also the location of your establishment.  Hint:  The prior restaurant closed.  What does that tell you?

I believe I read somewhere that half of all restaurants go out of business within a year of opening.

Now, I'm not saying that your restaurant venture will automatically be unsuccessful.  But, you really need to be aware of what kind of effort you will need to expend to create a profitable restaurant.

Answer 3

Your best chance is if you can talk your prospective landlord in to six months free rent with the option of signing for the next ten years (or so). He has already lost considerable money with the last restaurant closing so he has not collected any rent for 5-6 months. He will be glad o offer you a free-rent period. Negotiate heavily, because you have the upper hand and you can walk away at any time before signing anything. When you are open as a restaurant, it all depends on the amount of work you want to do to promote your establishment as to how quickly you build up your clientèle. Good luck.