Should I buy an existing bistro or open a new one?

Neither route is simply better. A bistro you buy comes with a history, good and otherwise, while a new one starts without any. What matters is how closely the existing place matches the restaurant you want to run. The points below are the trade-offs to weigh, and your accountant and lawyer can help you test them against your own plans. A similar comparison for another cuisine is in buying an existing sushi restaurant or opening a new one.

What you inherit

An existing bistro usually brings a built-out kitchen, a dining room, a lease, a licence to apply for transfer, suppliers and a staff who know the room. You also inherit its quirks: a layout you might not have chosen, equipment of uncertain age and obligations from the lease. Ask what is included and what the landlord has to say before you assume any of it carries over.

Reputation and the menu

A known name can bring guests from the first night. It can also tie you to a menu and a style you did not create. If the chef leaves, the reputation may leave too. Changing a known menu can unsettle regulars, so decide in advance how much you would keep and how fast you would change it. Ask how much of the cooking you want to be your own.

Building from scratch

Opening new lets you choose the neighbourhood, the layout, the equipment and the team. It also means finding a space, negotiating a lease, designing and building the room, obtaining the permits and licences and earning a following one table at a time. Allow for delay at each step, and ask the people who have done it what they did not expect.

Questions to settle first

• How much of the current concept, menu and team would you keep?
• Who will cook, and what happens if that person leaves?
• How long can you carry the costs before the room finds its feet?
• What does the lease allow, and what would a new one ask?