Tips On Buying and Operating a Restaurant in Singapore
Written By Business Takeover Nov 16, 2020
Singapore has been the most popular cosmopolitan and business-friendly in several ways and offers huge opportunities to run a restaurant successfully. Though, running a restaurant is a tough task since it includes extensive working hours, weekend works, and cutthroat competition. Additionally, what makes it tougher is the high lease expense and a recruitment crisis introduced by stringent restrictions on foreign labor.
So, if you are planning to buy a business and run a restaurant in Singapore, then this article will help you sail your ship through. Look at the amazing tips we have got just for you.
Significance Of Experience
To deliver the exact experience, you can talk to a business partner or even raise quite good capital to recruit a first-class chef along with the highly knowledgeable hotel management team. If you are looking for investors then business consultants can help you with that. So, consult them and get a compatible business partner who can accompany you through your dream journey of running a restaurant in Singapore.
Remember that having a well-qualified staff at the front desk as well as in the kitchen is equally important for the success of the restaurant business.
Selecting The Perfect Restaurant
Before you start searching to buy restaurants in Singapore, you are required to understand and have good knowledge of your budget and of the most essential things of running a restaurant in Singapore. These most important elements encompass the following-
- Knowledge of the local competition
(Pricing and Service Standards)
- Restaurant premises condition
- Any car parking facilities?
- An estimated expense for refurbishing the restaurant as per your vision
- Look for a struggling restaurant since it would have a lower price tag for take over. Meanwhile. Also, explore restaurants which are relatively well maintained and won't take off much of your budget.
Stunning Location And Footfall
If you are seeking an existing restaurant or business for takeover then it is suggested that you consider location-like shopping malls that are highly attractive and have greater footfall. Also, experts suggest that budding or new restaurants can use an old trick of relying on other people’s research. You can anyway choose a location that would be nearer to PizzaHut or McDonald’s, etc.
About Lease and Rental
At present, the core central region CCR would be typically between S$12-18 per sq. foot, however, RCR i.e. Rest of Central Region ranges between S$10-12 per sq. foot, and OCR i.e Outside of Central Region from S$6 per sq. foot.
Usually, the security deposit for a lease extends to six months and is typically carried out with 1 to 2 months’ rent.
License And Permits
There are a number of licenses and permits required to run a restaurant in Singapore as required by different authorities,
- Food Shop License
- Certification of Food Hygiene Course
- Import License (if importing food is very important)
- Halal License (In the case you would be offering halal food)
- Employment Pass and Work Permit (if the case that you are hiring foreign employees)
So, with these tips, are you ready to buy and run a restaurant? If you are looking for investment in Singapore then Business Takeover would be the best choice for you. Consult us now or visit our website!