Before you make a business model or create a menu or go to the bank to apply for a loan, you must first decide where exactly your restaurant is going to be located. This is because selecting a location for your restaurant will come first in the to-dos of opening a new restaurant.
Right location influence’s many parts of your restaurant, including the menu. If you already have a certain restaurant location in mind, don’t get too attached to it until you are sure it has all the right requirements for bringing success to your restaurant.
There are four crucial elements to consider when looking at a potential restaurant location:
Population base: Is there enough foot-fold in the area to support your business? For example, is the restaurant location in the heart of a city shopping centre or along a busy lane? It has to be an area where there are enough people or at least have population passing through the area on a regular basis to keep you busy. Most people looking at their first restaurant don’t have enough money in their budget for a professional survey. A less expensive method to determine the population base of certain areas is to use a circle graph. You can even ask the local chamber of commerce and district office for more information.
Parking: Will there be enough parking to accommodate all the seats in your new restaurant? Ideally, a new restaurant location should have its own parking lot. If that isn’t an option, look for public parking near the restaurant location.
Accessibility: There’s a reason why major restaurant chains are often located near the most populated areas: It makes them accessible for customers and most people can reach the restaurant without fighting traffic or driving out of their way. Most successful restaurant locations (but not all) are easy to find.
Visibility: This goes along with accessibility and is very important for new restaurant locations. People have to know that your restaurant is there. This is why property prices in populated areas are higher than other areas. They offer a level of visibility that can bring in a great deal of walk-in business.
So when you draft your business model, keep these things in mind. By understanding these elements in detail, you can choose the right location for your new restaurant.