For the savvy entrepreneur, the competitive foodie landscape presents great opportunities. The inventory is cost effective, the rent is low, and people continue to dine. All of that is a great recipe for success. However, it is necessary to note that not all available space is ideal for a restaurant. In fact, if you are looking to launch your new restaurant business before carrying thorough research on space that could destroy it before it gets off the ground. Never let the lure of an attractive rent tempt you into an unreasonable deal. At the same time, a higher rent should not scare you. If the space offers prime walk-ins, traffic, and is easily accessible by your customers, it is worth your investment. Rather than just choosing your space by price, here are critical factors to consider as far as space is concerned.
Most restaurant owners tend to secure spaces along busy roads which is convenient for motorists. Others move their restaurants close to a high-density area flooded by businesses. These areas are exposed to high foot traffic during lunch time. However, most owners overlook a major issue, which is the road traffic system. Is the restaurant located on a two-way road easily accessible? Accessibility should also touch on the safety of the location. Ensure that the restaurant is adaptable to suit disabled customers. The first step in choosing your space is finding out if it is up to code. Be sure there is enough parking space. If that is not possible, find a space that is close to a parking area near accessible public transport. Are there fire alarms, proper wiring, restrooms, and handicap-accessible doors?
Understand that the restaurant industry is highly competitive. In fact, you may have trouble standing out in the crowd. For you to gain a competitive edge you need to get a detailed analysis of the area’s demographics. What is the nature of the restaurant competition? After gauging the level of the existing competition, adopt a success strategy from the competitors. However, keep in mind that competing with rooted rivals directly is a bad idea for a beginner. Chances are; the location you choose will have several competitors in need of the same consumers. What you need is a location with few competitors serving foods similar to yours. After analyzing your competitors, focus on delivering services they can’t match. Try offering something new and unique.
Visibility and Size
The venue of a new restaurant must be visible for you to gain customers. Setting up your restaurant in a location with a high customer base is ideal. Putting up a restaurant sign visible to the public is more of free advertising. A good sign must be legible from a mile for the people driving to see. Go a little deeper than just the neighborhoods, addresses and corners. One side of the street may have good foot traffic, while the other may not. Don’t just stroll along a block and make hurried decisions. Look hard at the foot traffic of the location and be sure it’s what you want. Is the traffic you see ready to cross the path of your restaurant? Also, remember that size is a key component. Even the smallest coffee shop needs an adequate kitchen space, a small office for paperwork, and more basic details. You will need enough space for a wait-station and walk-ins.
Just like it is with other businesses, restaurants are not easy to start. They call for high responsibilities, from generating a strategic marketing plan, creating a menu, negotiating with suppliers, to finding an ideal location, all of which can be overwhelming. Before creating a business plan or dreaming up a theme, it advisable to think critically about the location of your restaurant.