Vancouver is not listed as one of the most livable cities in the world for nothing. It has a diverse economy and is teeming with employment and business opportunities in every corner. While you may be tempted to put up a business in this city from the ground up, buying an existing one can be a more lucrative option.

Restaurants are among the most profitable investments in Vancouver. The recent explosion of sushi restaurants, for example, proves just how Vancouver residents love to dine out and have a taste of different delicacies. You might want to take advantage of this sustainable demand by opening your own restaurant right at the heart of the city. Before you do, here are some things About Money contributor Lorri Mealey wants to point out.

Obviously, if you start a restaurant from scratch, you’d have to face many challenges before you could establish a reputation or settle your financial obligations. Aside from creating and marketing a name for your new restaurant, you’d have to come up with an efficient business model. You also need to find a good location and hire a team of expert cooks and F&B service representatives. Buying a restaurant for sale in Vancouver which has an established name and operation eliminates all those hassles.

Mealey says buying an existing restaurant, especially one that has a stellar reputation, has the primary benefits of instant name recognition and a built-in customer base. While she’s right about having instant loyal customers, when it comes to the name, you have a choice whether to retain or change it. Decide early on if you want to purchase the copyright for the restaurant’s name, menu and logo or if you simply want to buy the space and equipment.

If you retain the business name, it will continue to be recognized by current and previous patrons and you don’t need much effort to attract new customers. This also saves you from having to renovate the place and implement elaborate advertising.

If you wish to change the name, you have to adjust the interiors, the logo, and the materials. You also have to inform the Canada Revenue Agency. Still, even when you do renovate, you can expect to save more than when you start from scratch.

Buying one of the existing restaurants for sale in Vancouver through companies like Restaurant Business Broker gives you a better chance of success in the restaurant industry. Restaurant brokers can help you find a place that’s to your liking, and can even assist in negotiations to ensure a smooth transaction. Brokers can also help prepare financing, assess the property, and close the deal.

(Source: Should You Buy an Existing Restaurant?, About.com)