Things to Consider When Buying an Existing Restaurant Business for Sale
Buying a business can be difficult; the buyer needs to consider innumerable factors that decide if the business is worth buying or not. But when you try to buy a restaurant business, the decision is much simpler. The food industry is one of those industries that will never go out of business and will always have a dedicated customer base. That solves the most important issue of a business selling-buying scenario – loss of customers.Take for instance – Chami’s Restaurant and Caterers, it’s a small but well-established restaurant. This business was established about 3 years ago and provides home cooked style food to its customers. The restaurant currently attracts about 40 dine-in customers in addition to 20-25 customers daily who order tiffin. With a dedicated customer base of these many customers, the business makes a turnover of more than Rs.2.25 lacs per month. When this business is sold, the new owner inherits the customers, staff and equipment and will also have the turnover right from the start. Buying a business doesn’t get simpler than this.Of course, buying doesn’t simply mean taking up the first restaurant that is up for sale. There are quite a few factors to be considered here as well. As mentioned before, a dedicated customer base solves quite a lot of issues, but definitely not all of them. Location, Rental or lease agreement, staff, equipment and renovations – if any, cleanliness, reputation and previous year’s sales – all of these are just as important factors. Health and food department regulations and compliance also stand as a key factor to be considered.What matters is the priority of these factors for the buyer. When you buy an existing business, you are picking up the work of someone else. It may not necessarily be of your own liking. So, would you, as a prospective buyer, want to spend a lot of money for renovation, or area expansion, or staff upgrading or even getting new equipment? Even after spending money on the above-mentioned points, what is the guarantee that you would be able to improve the sales over previous years? If you do not consider these factors before buying a restaurant, you could end up buying a business that can take you years to get back to the break-even point. Or worse – you may end up in permanent loss. That being said, as long as the buyer is sure about where they stand on each factor, the buying process goes smoothly.Once you buy a business, the most important element for the growth of business is the customer satisfaction. Websites like Zomato and Burrp are places where customers review a restaurant and the news travels very quickly on the web. If the restaurant provides good service with good food and a good feel, the reviews on these websites can work wonders to increase the customer base for the restaurant. Then, it is just a matter of maintaining the overall quality of the restaurant and the repeat customers will increase.In the end, if you decide to buy an existing restaurant for sale, make sure you have a good understanding of the financial aspect of the business for sale. If you are investing into a profitable business, how much profit is the restaurant actually making, which will give you an idea about how much to pay. Also, if it’s a loss making and you have decided to buy considering its other aspects, you should only pay for its assets after getting the valuation done professionally.The restaurant business is one of the easiest businesses to buy and should you ever consider buying a restaurant, maintain your priority about factors like location, money, staff and equipment. Without prioritizing these factors, you stand to lose more than you can get. Above all, as read in a book, “Running a restaurant business is like getting your daughter married every day as per Captain Gopinath in his book SIMPLY FLY. From his experiences, running a restaurant means that you make all goodies with the care that you would accord to preparing dishes for your daughter’s wedding because the customer does not care if it is three days you have been running the business or three years that you have been running the business! He wants the best each time he visits your restaurant!”
Automotive Attorney to Repair Your Problems
Automotive industry has a great effect on the world economy. There are many production and service industries which support this industry. There has been a major increase in the number of automobiles in the past decade. Therefore, the repair shops have also increased. Many issues can arise during repair and thus there is a need for an automotive attorney.IssuesSome of the major issues can include protection of intellectual property and safety concerns. The clients for an automotive defense attorney can include suppliers of component parts, domestic and foreign companies, original equipment manufacturers, automotive trade associations, and consulting firms. Whether the clients are facing regulation, litigation, prevention and counseling, or legislation there is a lawyer to help them.These lawyers are well-versed with different case scenarios and have vast experience in representing clients who are dealers, suppliers, or trade groups. A defense lawyer will be able to serve the interests of all the repair facilities and technicians. Clients prefer attorneys who have a familiarity and understanding of the common issues that repair shops and technicians usually have to deal with.What Does the Law Say?According to the Automotive Repair Act, there are certain rights for the consumers. It is advisable that the repair shops and technicians should know and understand these laws first before they approach a Bureau of Automotive Repair attorney. The Required Disclosures law says that the repair shops must furnish the client with a written estimate. The estimate should include price charged for parts, diagnostic test, and labor. It should also include details like date, duration, and odometer reading. The price should be charged according to used or new parts used. A statement should be there to show if the repair is actually needed or whether it is only recommended.The repair shops and technicians should know that the consumers have a right to a written estimate. It can either be an itemized or a non-itemized estimate. However, an automotive attorney can tell the client that sometimes the consumers may not want an estimate. They can just ask the shop to do the repairs but the total cost should not exceed the amount set by them. In that case, the technician can get this written and signed from the consumer in case of any issues that may arise later. A customer also has a right to a copy of invoice. The invoice is an itemized list of the price of parts and labor, total price, warranties, and the odometer reading.The technicians should know that they are prohibited from asserting lien charges for any unauthorized repairs. Consumers have the right to pick up a vehicle from the facility if they pay according to the charges disclosed to them before repairs. Auto repair shops have to, by law, post consumer rights at a place where they are easily visible. The post should tell the consumers that they are liable to a face-to-face contact, a written estimate for repairs costing over $100.There are many other laws which prohibit the repair shops to perform unlawful practices. An automotive attorney can guide the technicians and repair shops about other laws. These include guiding them about laws relating to non-business hours and unforeseen repairs.
Crypto Currency Vs Fiat Currency
Crypto currency vs. Fiat currency
Are you aware of the fiat currencies and the crypto currencies? They both are currencies in one form or the other and are open for public use across the world. But they are both different and distinct in their own ways. There is always one group that favors the use of cryptos, while the other has a soft corner for the fiat currencies.
In cashless society- crypto money play a huge role
If you have a look at the market of the 1970s and 1980s, you will find that the cash played the dominant role. But, with the change in the technology, electronic transactions have become the usual norm. Today, more and more people are influenced in becoming the cashless society. With the progress towards the cashless society, cryptocurrencies have a big role to play.
Crypto currency and fiat currency are always at loggerheads
Cryptocurrency and fiat currency are popular types of digital currency, especially when it is about an online transaction. They both are currencies currently in use in the market but have some differences in them. There is a hell lot of hypes that you will hear on a daily basis comparing the crypto money and the fiat money. This article will highlight the difference between the two in a more comprehensive and clear manner.
Differentiating in what the currencies stand for
Before going for the difference between the two, you must understand what do they stand for and how are they are defined.
The fiat currency is a legal tender that has the support of the central government, and it operates in the physical form. For instance, US dollars, British Pounds, Euro etc. On the other hand, the crypto currency is a non-legal tender, and doesn’t have any backup from the central government or bank.
Hence, the difference between crypto currency and fiat currency is noted as follows:
• Crypto-currencies are decentralized and global in nature. There are no one entity or government that controls the currency with their laws and regulations. The Fiat currency is centralized, under the control of the laws and regulations of the banks and government.
• Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence.
• There is a limited supply of crypto-currencies with a maximum set of them getting supplied in the market. Whereas, the fiat money has an unlimited supply as the government and bank are entitled to produce coins and paper money whenever the situation is required.
• The Bitcoin and other crypto type currencies are created by the computers, while the fiat currencies are issued by the local government and the banks.
• Cryptocurrencies are presented as the public and private code pieces. On the other hand, the fiat currencies are presented in the form of coins and paper money.
• The value of the crypto currencies is not recognized by the supply and demand of the market. Whereas, the fiat currency value is determined by the market regulations of supply and demand.
The different types of crypto and fiat currencies
In the last one decade, the popularity of crypto type currencies has emerged as a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of crypto currencies have emerged. Starting from Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there is a plethora of them. On the other hand, the fiat currency has a rich and ancient roots, with the Great British Pound, that dates back to 775 AD. It is considered as the oldest currency in the world that is still in use.
The differences in the anonymity between the two currencies
When you are using the fiat currencies, you need to undergo a user identification or verification process. You are asked to upload a recent picture of yourself and some of the required documents to be issued as per the public authorities. You don’t need to undergo any of the required processes with the crypto currencies. Though your personal information and confidential details don’t get public, but all your transactions are recorded and tracked in both the fiat and the crypto currencies.
Fiat currency vs crypto currency: transparency level
• The transparency level with the crypto type currencies are considered to be more. This is because the revenue streams are displayed in a public chain. Everyone can witness their own and others’ transactions.
• The fiat or govt. currencies are not transparent, as there are not public chains to see the revenue streams of the people.
A comparative historical roots
If you compare the crypto money with that of its counterpart, fiat or government currency, you will find that their existence and creation brings the difference. The Fiat or government currency, dates back its existence as early as 775 AD with the introduction of the Great British Pound. This is why fiat type currency is easily accepted by the people all over.
On the other hand, the crypto coin was perhaps first introduced only a decade ago, with the introduction of Bitcoin in 2009. The challenge that the Bitcoin and other crypto currencies face is catching up with the immense popularity and increasing fan base of the fiat currency. Crypto currency, is no doubt gaining importance and popularity in the economic market, but it has still not been accepted widely in the society as the fiat currency.
A comparative history of the two currencies:
• It was in the 11th century, when the Chinese Song dynasty was perhaps the first one to issue the paper money. It was not allowed to exchange with valuables like gold and silver or silk.
• There were Tally sticks that were introduced as a fiat or government currency. 1100 Tally sticks were introduced as a combat for the shortages in gold.
• 1971, was the year, when the fiat currency received a worldwide recognition. President Nixon introduced it in order to eliminate the dollar pegging system to gold.
• It was in 1998, when the idea of an anonymous electronic cash system emerged by Wei Dai. Bitgold-the very first crypto currency was created by Nick Szabo, but it didn’t receive as much attention as Bitcoin.
• In 2009, Bitcoin was introduced in the market, that became the first crypto currency that was accepted across the globe. In 2011 and after, a series of several other crypto currencies were introduced. Some of the popular ones include, Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.
The traits of both the currencies
The potential of the crypto type currencies and fiat currencies, accessing their traits is important. You will find that in some of the criteria, Bitcoin and other crypto currency is superior than the fiat or government currency, and in some cases, the latter surpasses. It is absolutely your call to choose the type of currency (crypto type currency or fiat type currency) based on your personal needs and requirements.
Let us compare their traits with respect to certain factors.
• Both the crypto coins and fiat type currencies are interchangeable in nature.
• As per the portability is concerned both the currencies secure more or less the same position.
• With respect to the non consumable criteria, crypto currency and fiat type currency have the equal status.
• Crypto type currencies have high durability as compared to the fiat-currencies that have moderate level of durability.
• Both the crypto or virtual currencies and the fiat or government currencies ensure secure and safeguarded transactions and exchange.
• Crypto or digital currencies are highly divisible in nature. On the other hand, the fiat type currencies are moderately divisible.
• In terms of the transaction process, the crypto currencies are easy and hassle free. Whereas, on the other hand, the traction process associated with the fiat currencies are easy, but not like the cryptos.
• The crypto based currencies are decentralized and global in nature, unlike the fiat currencies that are centralized and functions under the laws and regulations of the government.
• The crypto based currencies have high scarcity, where as, the fiat currencies are unlimited as the government can issue coins and paper money whenever there is a need.
• The crypto based currencies are based on mathematical algorithms, and are programmable. The fiat currencies are not at all programmable.
• The fiat currencies are sovereign in nature, while the crypto currencies are not.
The process of the functioning of the currencies
You can find the significant differences between the crypto or digital currencies and the fiat currencies with the way they both operate and the transaction process that take place. They are contrasting in nature. The transfer of money using the Bitcoin is very quick, and you absolutely don’t need any third party association.
On the other hand, if you are involved with the money exchange using Fiat type currency, a mobile wallet is in use. You can exchange an amount of e-money that gets transferred into the equal e-value amount. Both the fiat and the crypto currencies enable you to purchase everything that you desire. But the processes involved are absolutely distinct from each other.
Depending on the things you purchase, you will find that one currency form is better than the other. This is absolutely your choice.
Is Bitcoin, a crypto currency better than the fiat-currency?
The long term benefits and the capability of the Bitcoins is still not established. But it has been predicted by the crypto currency gurus and experts, that they will go a long way, especially revolutionizing the way the online transactions are done. In the current market, the Bitcoin is mainly included in the online casinos and the gambling, but it is not limited to it.
Furthermore, when you compare the fiat currencies, the Bitcoin allows you to seize the power and authority from the banks and the government since it is not controlled. The cryptography based currency has the capability to create or come up with the free market capitals. Fiat currencies are affected by the inflation and the changes in the market, unlike the crypto based currencies. Such aspects make individuals believe that cryptograph based currencies will soon take over the mainstream currencies and bring a transformation in the way the money is used.
Why is Bitcoins considered to be a better aspect than the fiat type currencies?
• Bitcoin gives you the opportunity to re-create a free market capitalism.
• The power of controlling the money is absolutely with the individuals, and not with the banks like the fiat type currencies.
• When there is an inflation, the Bitcoin is not affected. But the Fiat type currency will be easier to lose and get affected by it.
• The Bitcoin currency is easy easier to exchange and transfer as compared to the fiat or government currencies.
• The transaction fees involved with the Bitcoin are way cheaper and easily affordable.
Crypto currencies seem to be a favorable option among the people
The fiat type currencies are the centralized and legal way of exchanging money. But, the crypto currencies have acquired immense popularity in the past few years. There will never be anyone who would act as a middle man, like the case with the banks. Moreover, the cryptos are way cheaper and less expensive that the conventional fiat currencies.
Send money anywhere directly without waiting for the bank’s approval
You can send money to anyone in the world directly, and it is super fast. The money gets cleared within a few minutes time. You don’t have to wait for the traditional clearing and verification processes of the banking systems, which might take up to several days to get a clearance. Since it is decentralized and doesn’t come under the law and regulations of the government, nobody has any power to do anything with your account.
The blockchain technology has a very big role to play
Thanks to the crypto currencies, that gives us the power and the authority to become our very own bank, and take control over our finances. It is because of the blockchain technology that offers a higher level of sophistication while dealing with the finances. In fact, there are some mainstream financial industries that have started incorporating the idea of the technology.