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  • #966893
    Tossed
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    • Total posts: 3
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    As of last week I am truly flying Solo with the dream of one day soon opening a Salad Bar called Toss’d in the Melbourne CBD. I am a 27 year old from Melbourne and have been working in the fine dinning restaurants around Melbourne for the last 6 years, starting as a bar back (i.e. glass wear, polishing every cutlery and glass wear) to ending up as a restaurant manager. But after 6 long years working nights and weekends, and of course for someone else’s business I have hit the wall and are looking to bring my experience to the healthy fast food market.

    I have started my business plan and would like to attain some help from this forum.
    – I am looking at leasing an empty shell in the city of about 100m2 is there someone to contact to get the best estimated pricings.
    – I have no idea where to turn to get figures on shop fit outs and the cost of refrigerators, and basically setting up a shop from scratch.
    – Also branding and signage?
    In my head the figure I have is around $350,000, is this reasonable at all? If anyone has setup a cafe or restaurant or just know there small business around town any help would be much appreciated.

    Kind Regards
    Jimi

    #1021714
    James Millar
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    • Total posts: 1,739
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    Hi Jimi

    You obviously have plenty of experience in the industry but by your own comments, not so much in the small business world. Have you considered taking on a franchise with someone like sumosalad http://www.sumosalad.com/franchising.html or maybe even some other food based franchise. You won’t be able to add your custom feel to it but its a far more simple “turn key” foray into the business world. It would probably fit within your budget and include full fitout etc.

    100sm in the CBD would be a reasonable overhead commitment. We have a client that just started a franchise food store in the CBD with 67sm and the lease $110k pa (not sure if it included outgoings but you can assume 15% for those). The problem is that this type of business needs high foot traffic so opening in a low rent area is not really an option. Go for a short initial lease term (with longer options) with something that big. If you pull the pin after 18months and have a 3 to 5 year lease that has subletting issues then its a big potential liability.

    My advice is to seriously consider something like sumo salad or another food franchise. Its fantastic to follow your passion (and i wouldn’t want to discourage that), but as you first foray into this market the safer option may be to go with a tested format to begin with. You can always sell a successful major brand franchise pretty easily.

    We also have experience with salsa’s and pieface franchises and they fit within your budget (or around that mark). In addition, some of these franchises are pre approved for around 50% finance with a few preferred lenders (major banks) as well.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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