One of the most challenging parts of opening a restaurant is finding the right space. Here are three tips on how to handle the challenge:
- Demographics and neighborhoods. Figure out who your target audience is, based on the type of restaurant you’re opening. Then, look for a space in the neighborhoods where your ideal customer is likely to be. Another thing to keep in mind is how the location and zoning will affect your business legally.
- Foot traffic and transportation. Think about how much effort it will take for people to get to your restaurant. Is it easy to park? Is there public transportation that makes it easy to get to? Is there foot traffic that will drive walk-ins?
- Value for your money. When you’re considering a space, think about how cost-effective it will be. Is it already outfitted to be a restaurant? Will you have to remodel? If there are floors above, you will have to install an exhaust system, which can be a costly renovation.