The restaurant industry is one of the most rewarding, and challenging, areas of business. It takes a great deal of time, money, and work to get a restaurant open and running.
However, restaurant owners and operators can find a great deal of success, and enjoyment, working for themselves. Quick-paced and fast moving businesses are energizing and inspirational, and when everything is running the right way, there’s a huge sense of satisfaction.
Marketing a restaurant doesn’t have to be difficult – social media and other low-cost apps are excellent ways to market your business. As word of mouth spreads, you’ll be amazed at the positive results, and when you add in a positive review, the rate of growth speeds up immensely.
Before you open the doors of your restaurant and serve your first meal, you have to choose the right space. There are multiple aspects to look for – location being one of the most important. Like any project, research can play an important role, and just as vital is having a plan before you begin.
Commercial real estate firms have a great deal of knowledge about the local area – like what properties are up for sale, which neighborhoods are a good fit for your business, and recommendations for lenders and mortgage brokers. Realtors can also schedule times for you to visit possible locations.
As you visit different potential locations, take note of other businesses in the area – especially those who sell food and beverages. Study the foot traffic and the types of people in that area. Young? Old? Male? Female?
Here are several factors to consider when you’re deciding on location:
In addition to figuring out overhead, employee wages, food and beverage costs, and a host of other factors, you’ll also need to include the cost of owning the space. This includes taxes, utilities, maintenance, and anything else specified in the contract you sign with the landlord and your lenders.
A quick word about budgets and finances – if you can afford it, hire a professional CPA or financial advisor. Their services bring a great deal of value and focus to opening a new business.
Remember that you may need extra space in the future. This could be due to expansion – adding on more table space, new equipment, storage, and other necessities. Take a close look at the site’s survey and local ordinances and laws in regard to construction and the necessary permit – these expenses can add up quickly.
Schedule some time to speak with business owners in the immediate area. They can be a wealth of knowledge, and share their experiences with you. Talk about the local area’s popularity and parking access. You might also want to inquire about crime and the safety of the immediate area. Ask if there’s a local business owners association or group and plan on attending one of their meetings.
Murphy Business has been working with local and national clients for years, and we have an extensive list of current businesses for sale. Our experts can also direct you to a variety of resources and contacts that can help with your search for the right commercial space.
Contact us today!