You don’t need to worry about the cost of managing your investment if you know how to manage it efficiently by yourself. It is not an easy task even though you have good reliable tenants. You need to have basic understanding of money and safety issues, local municipal, and city and state laws.
If you are inexperienced in real estate, attending management related courses could be a safe way to help you gain the basic knowledge. You can find these courses and seminars online or in community colleges. Reading books referenced from professionals will also help. Besides learning the basics about realty management, you will also need to do some research of the area’s current rental rates and the potential trend in the market. If you are too busy to deal with these, hiring a professional commercial property manager for your estate is the fastest and easiest solution.
Starting your own restaurant is not an easy task. Even owners of the best restaurants in Boston like Rialto and Menton will tell you that starting a restaurant won’t make you a millionaire overnight; you need to work hard every day. There are more things you need to meditate and keep an eye on than you thought. For example, legal structure and permits, operation model, equipment and staff training, customers analysis, menu, cash flow, store design, marketing and promotion and every single ongoing expenses.
It does require tons of efforts to manage a commercial property and run your own restaurant, but do not be scared. There are always alternatives. Investing into fast casual restaurant franchises is one of them.
Why a franchise? Because it is a tried and tested business concept, which could reduce the risks of setting up an independent business in the same market. What’s more, training and the operation manual will be given to you. Why a fast casual restaurant? It is a rapidly growing market. According to Mintel Academic Reports, consumers visit fast casual restaurants more often and spend more per visit. The fast causal restaurant sales showed a significant positive increase of 10.5% in the last year and there is an optimistic prediction of 26.7% from 2013 to 2018, reaching of $38 billion in sales in the market.
Here are some resources you may be interested in reading:
– Forbes articles: The Fundamentals of Running a Restaurant
– Buying a Franchise: A Consumer Guide written by the Bureau of Consumer Protection of Federal Trade Commission
Resource: Fast Casual Restaurants – US – October 2013, Mintel Reports.
Our experienced commercial agents are ready to take on your questions and help you find the right property for your business, investment, etc. Look into properties represented by our commercial agents by going to www.abgcommercial.com.
ABG Commercial – Associated Brokerage Group | 307 Cambridge St. Cambridge, MA 02141 | 617.492.9900