When I see a ‘For Lease’ sign hanging on the window of buildings in my targeted neighborhoods, I get excited. I have to keep reminding myself to find out more behind the ‘For Lease’ sign. There are many factors to consider as there you may uncover more information about that space and whether it is good or bad.

In the last several months, I have been scouting locations, and learning more about the neighborhoods. I have seen some restaurants that went out of business in these areas. Some have advised me to consider purchasing an existing, or closed, restaurant instead of leasing space directly from the landlord. One realtor said it may be difficult to find bare space available for lease in specific location. This has been on the back of my mind for a while. I’ve been going back and forth as to which way to go.

I have learned the term – “TURNKEY RESTAURANT” – this is a complete restaurant for sale, including equipment is in excellent condition, that is ready to go. If the “turnkey restaurant” is a pizzeria restaurant, it would be perfect. Although I may need to remove the pizza oven and install a wood burning oven, the rest of equipment would already be designed and in place for a pizzeria restaurant. This would save me trips to restaurant supply stores as well as saving money.

If it is “retail space”, I could still convert the space into a restaurant. There are some disadvantages, however, such as having to get the City’s approval which can take prolonged periods of time and involve more paperwork to transform the retail space into a restaurant.

If the space is already set up as a restaurant, it could potentially be much easier. There could still be complications in taking over and getting the space ready to run as a pizzeria restaurant.

Bare Space

Pros

Cons

• My own design • No need to remove any equipment • In some neighborhoods, may offer tax break • May be cheaper than purchasing a restaurant business

• I have no previous restaurant experience; May not know where to place equipment in proper places • Longer wait to open restaurant • Many permits and more complications or obstacles to overcome • Expensive to build out • Involve hiring an interior designer which may be expensive because of the need to come up with a complete design • Does not come with ABC license; longer waiting period to apply and receive type 41 wine and beer license

Fully Furnished

Pros	Cons
• If pizzeria restaurant, may involve minimal renovation • Already include ABC type 41 beer and wine license • Can launch Mozzeria in shorter time	• If non-pizzeria restaurant, may need to replace equipment • Have to budget for other costs in addition to asking price • Asking price for restaurant in great location may be much higher

As you can see, this is a difficult decision to make. I need to continue research and explore various options.