How to Pick a Restaurant Location?
When selecting new locations there are a few key aspects to looks for.
- Size – Maybe the most crucial step, learn more here.
- Rent – We like to look at the cost per square foot.
- Equipment – What is included in the building? What equipment do you need to purchase? MAIN EQUIPMENT TO LOOK FOR – Hood System and Refrigeration.
- Foot Traffic – How many people are walking by the restaurant (A good practice is to sit outside the property in question and count how many people walk by at lunch and dinner. Try this on weekdays and weekends).
- Car Traffic – How many people are driving by the restaurant. Use the same tip mentioned above for foot traffic.
- Demographics – Be sure to check out the most recent census. Does this town look like it’s growing or shrinking? Do your menu items fit in the average person’s price point?
- Cannibalizing – How far away are you from your other restaurants? You want to make sure that you’re not pulling sales away from other locations.