Regardless of your unique vision, it’s hard to imagine a better place to open a restaurant than Toronto. A bustling, vibrant city with a rich history and culture – it’s really no surprise that Toronto has some of the best eateries in the entire world.
If you’ve wanted to open a restaurant for some time and are feeling ready to pull the trigger, first of all – congratulations! Now it’s time to do your homework and be ready for everything that your restaurant hunt will entail.
We’ve helped countless entrepreneurs across Ontario bring their dream to life, and we’ve got some insights to help you find a restaurant for sale in Canada’s city that never sleeps.
Always wanted to open your own restaurant? We’ve got plenty of fresh resources to help make your dream a reality. Start with What to Look For When Choosing a Restaurant Space.
Decide If You Want To Start Fresh
If you plan on opening a restaurant in Toronto, you can choose to either buy an existing business and convert it, or start your own from the ground up. Most restaurateurs choose to start fresh as it typically takes less upfront capital and gives you the freedom to build the eatery to your exact vision.
On the flip side, buying an existing restaurant can be much easier. With key equipment, suppliers, and in some cases, staff already in place, you’re able to start living your dream faster. Buying an existing restaurant may also make it easier to secure financing as lenders could see less risk in an established spot.
Interested in opening a restaurant outside of Toronto?
- 7 Reasons to Open a Restaurant in Ottawa
- 5 Central Ontario Towns to Open Your Next Restaurant
- Want to Open an Eatery in Cottage Country? Read This First
Visit Your Favourite Spots
In a sprawling, diverse city like Toronto, simply finding restaurants listed for sale isn’t always difficult. However, finding a restaurant that matches your tastes, needs, and budget is an entirely different story.
If there’s a particular bar, restaurant or cafe in Toronto that you’ve fallen in love with, there are probably distinct reasons why you connect with it. One way to ensure your restaurant captures that same attention and loyalty from customers is by being selective in your restaurant search. For example, let’s say you want to open a trendy after-hours speakeasy – choosing to buy in a noisy strip mall with little foot traffic is probably not the best move.
Visit your favourite spots and make note of what you like about each particular restaurant. Does it feel inviting? Is it in a hip or popular area that you spend time in already? Does the atmosphere match or contrast the menu? This list will equip you with a helpful guide that can ensure you’re exploring restaurants that resonate with your tastes and get you feeling inspired.
Work With a Restaurant Real Estate Agent
As the title suggests, restaurant real estate agents (also called brokers) specialize in helping entrepreneurs buy, sell, or lease restaurants and other businesses. Working with an agent who has the right local expertise and connections can help you find a restaurant that matches your specifications. In fact, a restaurant broker can even help you choose from businesses that aren’t even publicly listed on the market.
There are also a lot of key players in a commercial real estate transaction – from accountants and contractors to everything in between. Real estate lawyers will also have a big role in the process. In addition to helping you track down a great restaurant for you to buy, a restaurant broker can connect you with reputable and affordable professionals to help you make it through the transaction with minimal stress.
Looking for more restaurateur resources? We’ve carved up some helpful tips for starting your restaurant on our blog. Check it out.
- The Essential Restaurant Start-up Checklist
- 5 Must-read Books For Aspiring Restaurateurs
- What to Look For When Choosing a Restaurant Space
Have Your Finances Prepared
Opening a business of any kind requires some pretty significant financial planning to say the least. Toronto is one of the most exciting cities in the world to bring your culinary goals to life, but real estate in the big smoke can come with a fairly sizable price tag. You’ll have options for financing your restaurant, but it’s important to get certain elements settled before you hit the streets in search of your dream eatery.
Being able to cover your startup costs is a huge part of any restaurant purchase, and it requires doing your due diligence. Your two main options for financing will be either a traditional small business loan or a line of credit. Both have their unique advantages and drawbacks, but you’ll first need to determine which route will work best for you. Having your financial plan set will be an essential facet of the buying process as it shows sellers that you’re qualified and determined.
Ready to find the perfect space for your Toronto restaurant? As local restaurant real estate agents – we can help! Give us a ring.
