Location is everything when it comes to any type of real estate, including your new restaurant. This Frog remembers a particular restaurant building that is doomed to fail. In the past 10 years, 6 different restaurants have opened in that beginning, with each quickly failing. Each restaurant and pub had a different theme, different menu, and different price range. Each failed. Was the food any good? We have no idea. One Fat Frog has never been there and doesn’t know anyone who has and that’s the problem.
Having recently moved to our brand new 100,000 square-foot warehouse, One Fat Frog knows a thing or two when it comes to scouting locations. If you’re a new restaurant entrepreneur who is going to open a restaurant, you need to be sure it’s in the right place. Here are some tips:
Research locations for popular and unpopular restaurants. There are exceptions to the rule that a restaurant needs to be in a good location, but not many. Scout the locations of popular restaurants. Do they have anything in common in terms of location? Then scout locations of unpopular restaurants. Does the same problem keep coming up?
Check real estate prices. The biggest expense for your restaurant location will be your rent or mortgage, so spend that money wisely. Paying more for a better location can be worth it, but just because a lot costs more doesn’t mean it’s better. As with homes, restaurant lots can be overpriced or underpriced based on their potential value. Some research can determine that.
How busy is the potential restaurant location? Are there other businesses nearby that will draw customers? Anyone who walks or drives by your restaurant startup is a potential customer. Seeing your restaurant as they pass by is the best advertising you’ll ever get.
How close is your competition. There’s a fine line between how much competition in your area is a good thing. If you’re near some other restaurants, people will be used to heading in your direction when they’re hungry. If you’re the only restaurant around, you may draw everyone from that small area, but you’ll get few outsiders. Too much competition, however, can be a bad thing, particularly if the other restaurants offer a similar menu. One Fat Frog recommends finding that happy medium.
Research the location’s history. Remember what the Frog told you about the building that had failed restaurant after failed restaurant? It’s hard to put a finger on what is wrong with that location, but it’s clear that it’s not a good place to open a restaurant. Research your potential restaurant location, including the lot and surrounding area, to find out of it has a history as a successful restaurant location or an unsuccessful one.
As a new restaurant entrepreneur, you need to make sure your business is in the right place. Just like you need to buy your restaurant equipment at the right place. Hint: It’s at One Fat Frog, of course.
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