6 Restaurant Location Factors That Every Successful Restaurant Proprietor Won't Explain In Details Not every space available is right for a restaurant. In fact, a good location for a restaurant may be harder to find that most people think. What looked like a good location to start your new restaurant--say a busy pedestrian street in the middle of town-might turn out to be just a dud. But sometimes the very spot that never seemed ideal for setting up a restaurant would be the exact location that your new eatery needs in order to attract customers. And of course, food and great service is vital in the success of every restaurant. However, location can be just as important as what you are offering your customers, especially when the business is still young. That said, there are lots of factors that come into play when opening up a restaurant, and you should know them, if at all, you want to achieve success in your new business.
Now, how do you pick the best location for your restaurant?
1 The demographics
It might sound like hard work to do a comprehensive research about the local demographics. The more you choose to ignore it, the higher the likelihood that you won't do well. If you have a specific area in mind, then running a background research on the characteristics of people living in that area is imperative. Demographics may include; age group, population, income and education level, among others.
-When it comes to considering age group, keep in mind that different people are interested in different things. A small child might love candy or chocolates, but that's not the same case with adults. Considering an age group that's most predominant is therefore very crucial. Once you determine the age group, you'll know how to tailor your services towards them.
-Researching on population will help you estimate the size of the market. Some eateries will do well in small towns whereas others won't.
-You must determine their income level to know how much they are willing to spend. After all, this is what will guide you when setting up your prices.
-There education level tend to affect your new establishment. People who are like-minded tend to share a common interest and concept, and this will affect their decision to frequent your restaurant.
2 Know your competitor
When looking for a good restaurant location, know your competitor. Ask yourself who else is selling the same services. Are there many restaurants in the same locality that are having similar concept as yours? Is the location busy or full or empty stores? It's a tendency that successful businesses only attract successful businesses.
High foot traffic is very important. launching your restaurant in a busy location and clearly marking it is like taking advantage of free advertising. When people walk past your establishment, they should be able to see the sign to remind them that they should stop for a sumptuous meal.
4 Understanding the curse
Even though it has not been scientifically proven, it has some merit to it. Some locations don't really go well with businesses, they house failed businesses, one after the other. What follows is that people will develop a negative attitude towards the space. They'll associate it with poor service, bad food or lackluster ambiance.
5 Crime rate
Not all businesses perform well in crime prone areas. However, it appears that some restaurants, especially those with bars perform well in downtown areas. Downtown areas or places with high population are more susceptible to crime than uptown or low populated areas. Speaking in terms of business, the larger population, of which is more prone to crime, tends to be more profitable. So you may want to set up your restaurant in such a place.
Some businesses perform better when planted in an offbeat location. However, setting up a restaurant in a far away location may not be very wise because your customers will only visit you when they feel compelled to do so. And those days are often far apart, so you'll be losing out a great deal.
The 6 factors above, plus those that have not been mention are crucial when looking for a location to plant a restaurant. Some people will tell you about them but they won't tell you how to get the job done. They'll talk about crime rate, visibility, or any other factor. But they won't tell you how those factors are affecting your new business and what should be done. What you've read should therefore help you map out your ideal location for your start-up business.