How Much Money Do I Need to Start a Restaurant?
Opening an Indian restaurant in BC entails a unique set of financial considerations. Remember that the average cost of opening a restaurant varies depending on its size, location, and the range of options you’ll have when it comes to the finer points.
Launching a sandwich shop, pop-up restaurant, or another form of takeaway restaurant, for example, will be significantly less expensive than opening a 200-seat diner in an elite neighborhood. Before constructing a full-fledged restaurant, some restaurant startup owners might want to test their concept as a pop-up restaurant.
It’s a good idea to divide the costs into two groups at first:
- One-time costs
- Recurring cost
Lease Security Deposit/Loan Down Payment
The cost of a lease security deposit/loan down payment varies greatly, depending on the size and location of your business. A security deposit for a lease might range from $2,000 to $12,000. You’ll need at least 10% of the buying price as a down payment if you’re planning to get a loan to buy a building.
City licensing fees, liquor licenses, and compliance permits such as health and safety are all examples of business licenses and permits. Because prices vary, you’ll need to figure out what local permissions are required and how much they cost in your area. Individual permits could cost anywhere around $100 to $300.
Setting up a new business involves a lot of paperwork and even more legalities. As a result, you’ll need the assistance of an expert lawyer to ensure that your business is lawful. You should expect to pay somewhere between $500 and $2,000 to have a lawyer analyze documents on your behalf. When it comes to signing contracts, an attorney can be extremely useful.
Always check your county’s Public Records to see if there have been any multiple transfers of ownership. Before signing any contract, share this information with your legal team to see whether you can save money in the long run.
This is more relevant to building owners, although remodeling costs are frequently required to get your area ready for your specific demands. The cost of remodeling a restaurant, including the kitchen, can range from $250,000 to $350,000.
Starting from the ground up, kitchen and cooking equipment can cost as low as $50,000 for a small-scale enterprise or as much as $150,000 for a larger operation. You’ll need sufficient refrigeration and professional dishwashing in addition to your cooking equipment such as stoves, industrial mixers, griddle, etc. When it comes to purchasing equipment, it can be an expensive affair.
However, looking for used equipment is one way to save money. To recoup costs, several eateries that have just gone out of business offer their items online. Looking for high-quality, used equipment in good functioning order can help you save money.
The price of Furniture may vary depending on the quality and number of items you pick. Overall, tables, chairs, decor, and other items might cost up to $80,000 on an average.
Moreover, if you want to increase your business efficiency, save time, and reduce costs, then the POS (Point of Sale) System will do the job for you!
Among recurring costs include:
- Employee salaries
- Ingredient costs
So if you are looking for an Indian restaurant Franchise in BC? reach out to Veerji Fish ‘n’ Grill at (604) 746-1818, BC Based Family Run Restaurant Inviting Other Families to Run their Restaurant Under VEERJI Brand. With decades of experience in the food and restaurant industry, we have figured out what it takes to make and run a successful restaurant business in BC