In 2018, the average cost to open a restaurant was around $375,000. This number has only increased since then.

If you don’t have that kind of money in your bank account at the moment, you’ll be happy to know that there are ways that you can lower the cost. Instead of paying full price for your oven and commercial refrigerator, take part in a restaurant equipment auction.

This will allow you to get everything you need to run your kitchen without paying full price. Continue reading to learn more about how an auction works and find out everything you need to know before you participate.

What Is a Restaurant Auction?

Restaurant Auction

You can attend an auction bidding either online or in person. Both options will give you the chance to find the catering equipment you need and buy it for a fraction of the price you would normally.

Keep in mind that online auctions aren’t absolute auctions. That means if you bid $200 for a stove, you might not get it because the seller doesn’t want to give it away for anything less than $600.

If you don’t have a lot of money in your pocket, you may want to go the live route. Since these auctions are absolute, you could end up bringing home high-quality equipment for a dollar.

Set a Budget

It’s easy to get carried away at an auction if you don’t set a budget before you participate.

If that refrigerator you want is a little out of your price range, bid on a different piece of equipment. Remember that the point of the auction is to save money. Impulse buying until you drain your wallet sort of defeats the purpose.

Assess Your Needs

That oven you have your eye on might look beautiful, but if it exceeds your voltage capacity, you won’t be able to use it.

Restaurant Auction

Before you head to the auction, walk around your kitchen to assess your needs.Β Write down a list of your must-haves and your nice-to-haves.

Understand How the Auction Works

Before you go to and start bidding on the cost of restaurant equipment, it helps to know how an auction works.

Doing your research will give you a good idea of how others at the auction may bid so you can prepare with bids of your own.

Beware of Crowds

If the auction isn’t crowded, you have a good chance of winning the equipment you need.

Restaurant Auction

If the bidding speeds up, or a bunch of people walk in, it might be a good idea for you to step aside. If you don’t, you may overspend in an attempt to keep up.

Get What You Need From a Restaurant Equipment Auction

Starting an eatery can be costly. Take some of the financial stress off by going to a restaurant equipment auction.

Here you’ll be able to get everything you need to run your business for a fraction of the price. Place your bids today!

For more tips that will help you get your restaurant off the ground, visit the Entrepreneur section of our blog.

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