5 Things to Consider before Looking for a Space for Downtown Restaurant
So you are about to open a restaurant of your dream. You have all the required investment, a team of professional staff and expert chefs, bought all the necessary lighting and furniture, etc. Now comes the step when you have to actually go out and start looking for a restaurant space. Finding a nice looking and potential place to start your cooking is not easy task and requires intense study of locations, and especially if you are looking to open a downtown restaurant. Let’s go through some important pointers you need to take care of before making the move.
1. An open mind
You have envisioned in which place and street you are going to locate your restaurant. Sounds like getting the dream location as you have always desired. But we have to be careful to not bind ourselves with our choices. There are times when we are not familiar enough with some places that have better rent and locations around than what we have planned for our restaurant. Keeping an open mind helps in a way that you may come across a place you have never thought about. But if it fairs well for your business, then that is it!
2. City traffic patterns
Location is the most important factor without a doubt. It is not always about neighborhood and streets, but try to go deeper into the map, for e.g., streets and corners. One side of a street has around 100 people passing through in a minute, while a bigger street may have a much lower count. It is not about size of the place but likelihood where people moves most and have easy access to your restaurant.
3. Due diligence
You are opening a downtown restaurant and want more and more people to walk in. But don’t expect a babysitter with a child passing by your restaurant will stop by. Knowing the type of people who will walk the street of your restaurant is very important. Conduct a thorough research about major customer sources in any downtown like office parks, apartment complexes, hotels, etc. The whole point is to choose a place where you can get maximum customers and how easily accessible they see your place.
4. Study other restaurants
Try to learn about other restaurants and benefit from the findings like what were the success or failure factors. If a restaurant has been working fine at a place for a decade then we can conclude that that place offers a nice foodie target market. But if that restaurant has turned over some times, carefully watch out if the location a role to play in its failure.
5. Is the space affordable enough?
Great restaurant business are able to make up their rent within a day’s sales. It is absolutely critical to understand whether you will be able to cover a moderate if not major savings after paying off all the expenses. You may be tempted by a brilliant space, but if the rent is ridiculously high then it is time to reconsider your options or even better to walk away.