If you have made up your mind to start a restaurant, you might be pondering about a location to start your place, among other factors like funding. I had talked about concerns people have while starting a new restaurant, and provided a brief guideline to the same in a previous article. This article shall elaborate on one of those aspects — how to determine an ideal location to start your new restaurant, or a location to expand your existing brand.
Step 1: Figure it out
Before actually starting to find a location, figure out if you want to go through the process yourself or hire someone to do it. Companies like SelectDine have a location customization team who will find a location for you that will work for you. They compile a list of best locations in town and get back to you, so that you have a plethora of options to choose from. Another potential option is to do the work yourself, which is totally fine; if you feel that you do not have the time to do the work, then you should look for consultants like SelectDine.
Step 2: Make a list of requirements
Whether you are hiring a consultant or doing it yourself, you should have a requirement list. You should have a target audience, and review restaurants in nearby locations. For example, if you are looking to start a fine dining restaurant and all restaurants in Area X are of the same type, it is probably not a great idea to open another fine dining restaurant in a fine dining restaurant. That is what I meant by reviewing restaurants in nearby locations.
Step 3: Tap your network or find a broker
The ideal way to find a location at the most reasonable price would be to look into your personal network and see if anyone can do something for you. This way you can avoid brokerage costs. If not, you can find brokers online to find a location for you. Else, you can just visit online websites, and find people advertising commercial spaces.
Step 4: Finalize
Your consultant will ideally give you a list of locations to choose from, or should have a list by yourself. Finalize your location and you should be good to start!