“The other night I ate at a real nice family restaurant. Every table had an argument going on.”
In my last post, I discussed how important your menu is in the success of your restaurant. The survey indicated forty-nine percent of a thousand people selected the menu. Can I say the menu is an important factor in choosing a restaurant?
There are other factors that come into play.
Location, Location, Location
The question is what makes a good restaurant location? What are the contributors necessary for a location to be successful?
Just because you have patronized a location doesn’t mean it is a good location for you. Even if it failed doesn’t mean anything. Having a dream to open up a restaurant of your dreams, doesn’t make it a good location.
You Can’t Always Judge A Book By It’s Cover
Just because a location has been successful in the past doesn’t mean it will be again. Most people would think concept and location go together. Are they right?
It was once said “Life is a comedy to those who think, a tragedy to those who feel” Think it through!
Thinking It Though
Feasibility Study’s have several elements can help identify the right concept.
Where are you going to put your restaurant? Where do we find potential customers? What is your trade area? Do you have geographic limits?
Who are potential your customers, will your population be around in so many years. Growing with your community or will the community stunt yours.
The local economy is important. Evaluation of economic health can either grow your bottom line or bottom out.
Checking out the competition is healthy. Just because you will the only concept in a neighborhood doesn’t mean it is the right. They may be a reason, and it is your job to find out.
Local business can tell you allot about the kind of industry in the area. Will the workforce be a good market?
Being a restaurant with allot of tourism is a major draw for you. Finding out what draws the traveling public is to your advantage.
Local Real Estate
What kind of shape is the local real estate? Recessions. Foreclosures tell you discretionary money may be tight. Real Estate buying and rentals may tell you people have funds to have fun.
If this is your passion and your dream, take the time to do it right.