06 Aug LOCATION, LOCATION AND LOCATION
Deciding on the location of your restaurant is paramount.
The suburb, street and even the district you choose for your business can have a substantial influence on its potential success. So it’s imperative to find out what’s happening in the area you’ve chosen because it needs to support your new restaurant for the years to come.
Here are five key points you should consider before selecting your new restaurant or café location:
1: Local Knowledge
Find out as much as you can about the area. Is it growing or declining? What are the demographics of the population, young or old? What’s the average disposable income for the people in the area? After all, there’s no point opening a five star restaurant if none of the locals can afford to eat there.
2: Council plans
Talk to the local council about the area you’re looking at. Does the council have any developments or upgrades in the pipeline? Are there any planned property developments that could benefit your business, or any major road works that might deter people from coming to your restaurant? How many new homes do they expect to be built in the next few years?
3: The Locals
Do some research on what other businesses are doing in the area. Are there any major industries or significant businesses coming to the area? Is the area’s main industry (e.g. mining) on the decline? What developments are taking place now, or in the future? Are there any major commercial projects that could draw business away from the area?
4: Who else is around?
Learn about your potential competitors. Will they complement your business by bringing patrons to the area or are there already too many cafes and restaurants in the area you’d have to compete with that will drive profits down? There’s no point opening an Italian cafe if the area already has three within close proximity.
5: Ant Trails
Find somewhere to sit, and just observe what goes on in the area. How much foot traffic is there? Which area are people more drawn to? Is there ample parking nearby? Is it noisy during the hours you want to be open? Would there be enough room for outdoor seating? If you are planning out door seating check for wind tunnels, uneven footpaths, etc
Selecting the correct location for your restaurant or café is a serious decision, and one you shouldn’t take lightly. Get it incorrect, and it could end up costing you, whether it’s relocation expenses, lost revenue or closing the business.
But if you get it right, you’ll soon be drinking and counting the dollars to your success.
Artisan Food Brokers & Consultants provides innovative, efficient, practical and cost-effective solutions to all areas of the restaurant and food service industry. We work closely with our clients to ensure that they are profitable, commercially viable, scalable and successful. View our website for further details
© Artisan Food Brokers, June 2016