Picking a Successful Location for Your Restaurant

Location plays an extremely instrumental part of the restaurant process. There are many locations and businesses available through websites like loopnet or bizbuysell. These websites give you so many options especially if you are looking to purchase a business that is already operational.

However, what I have found from buying currently operational businesses is that you are buying the present owners mistakes and the customer base. You have to stitch up those problems before trying to make a transition. I actually prefer empty shells. You can start fresh with your own ideas and develop your own customer base that will be more devoted to your business practices.

You have 2 options when leasing or buying a location in a strip center that’s new or old.

The Pros of finding a location in a new commercial center is that the owner of the complex may be willing to provide you with a build-out. They will actually put in the flooring, the walls, the fixtures, etc to get you in as quickly as possible. This, of course, eliminates the need for contractors, permits, and other rising costs. The Con being once they have all of this completed, will you actually know what to do with it?

There are also Pros and Cons of being next to Anchor stores in a commercial center. The Pro being that those stores will drive traffic to themselves, as well as to you. The Con being, other big name corporate restaurants will be there to, so how will you set yourself apart. Residing in an older commercial strip will place you next to stores that have been there for years that have built up their reputation. However, there may be an older anchor store that is not producing as well as it used to, right next to you.

Picking a free standing building will be very costly however; you can also find these locations to rent as well. The best free standing buildings have all of the same qualities in mind. These locations are easily accessible; they are in high traffic areas; they are highly visible; they stand out; there is an abundance of parking; they are clean and well maintained; the building fits or matches the demographic.

The resources are endless but will you know what needs to be done when you obtain that building.

Use your time wisely.

While you are waiting to open your restaurant you will be visiting the Business and Professional Regulation Board many times, getting Serv Safe certified as a Manager, getting your Sales tax number, FEIN, Structuring your business(INC, LLC, I.E.), filing for a fictitious name, writing plan reviews, buying equipment, hiring employees, and menu planning.
There are so many factors that will influence the success of your location. If you have any further questions, please leave comments and will answer them as soon as I can.
I have been around the business since I was 5 years old. My uncle owns and operated dozens of different types of restaurants. And I worked with him. I have a Culinary Degree, a Hospitality Management Degree, an Accredited Executive Chef certificate, and I just won First and Second Place at the Taste of Mount Dora.

Trust me; this information is a labor of love. Good Luck to all of you.