So what is the importance of a good location for your restaurant? It doesn’t matter what you are serving in your restaurant, the restaurant location is the real deal here.
The biggest reason why restaurants fail is not the food served, you guessed it right, it is the location of the restaurant.
Even before we delve deep into restaurant locations, let us look at what makes a restaurant location bad:
1. Poor visibility – Forget that location if your restaurant isn’t visible from the streets.
2. No parking – Trust me if you don’t have parking ample parking space, your restaurant has a higher chance of failing.
3. Security – If your restaurant is located in an area with a high crime rate, diners won’t be comfortable.
4. Your competitors are not doing too well – Look around and see how other restaurants in the locality are doing. If they aren’t doing too good, then that is a bad location.
Now that we know what makes a bad restaurant location, let’s look at the other side of the coin. So what makes for a perfect restaurant location?
If you ever though that it’s a coincidence that most major chains are located on highways, you are wrong. Locating your restaurant off a busy highway will be a plus for you. This is because diners prefer restaurants which are accessible.
2. Easy parking
Needless to say, your new restaurants need to have its’ own parking space. Why do I say this? We have become lazy and walking is not part of our daily routine.
Determine how many people you expect in a seating. After this make arrangements to accommodate them.
3. Competitors analysis
Before settling in a given location, do a competitors’ analysis. Actually it’s safe to settle next to your biggest competitor. That is if you are confident about the quality of your products. Geolocalisation Portable has some of the finest quality products we’ve seen on the market as of lately.
Apart from you benefitting from an overflow of traffic, when diners have a wider choice, they tend to increase in numbers in that particular location.
Alternatively, you can choose the exact opposite. Find a location with little or no restaurants at all. What this means is that you will not share your clients with any one.
But before doing this, ask yourself why no one has ever thought of that location before? It is a perfect risk if you understand your client well.
4. Target market
Of course I am assuming you have done a research on your target market. After you have done your research identify if the population base in that location can sustain your restaurant.
It is a wise business decision to have your restaurant where your target market works, lives or loves to hang around. You need to consider the following things about the population base as you decide about your restaurant location:
– Can the people around afford to dine in your restaurant?
– Rate of crime. A location with a high crime rate is not very advisable. This can be a turnoff to would-be-clients.
– Age of the population.
– The number of people in the locality.
5. Affordability of the space
Consider the cost of leasing in that location. If it’s costly to lease space in that location, you might have to look for an alternative location. This is because it’s risky when rent takes a big chunk of your profit.
Also you will need to consider the length of the lease. Ask yourself if the rent might go up when renewing your lease. This might be caused by rising rents in the location.
What determines if your restaurant will survive or not is the location you choose. For this reason, before you hire the world’s best chefs, look for a perfect location for your restaurant.
Get to learn and understand your target market before you open shop. Who are they? How old are they? What are their spending habits? Where do they live or work?…