"Location, location, location", this is a mantra that they used to apply in the real estate industry because actually, that does matter, and in the restaurant business, the decision to choose for the best location is indeed very critical.
Are you intending to start your own restaurant very soon? Or are you looking into opening your next location?
Before you do that, why don't you ponder on these few things that can lead you to find the best location for your restaurant?
Here are 3 facts to consider when you are deciding on your location:
1. Choosing the right location can make or break your business, it’s a permanent decision.
And here’s the thing, in choosing the right location for your restaurant, it literally can make you or break you.
It’s a fact, it’s a permanent decision. Any other decisions in this adventure, you’re going to be making a lot of decisions, the location is one decision that is kind of permanent.
Once you’ve made it and you signed those papers, it’s kinda done.
2. This decision can make or lose you hundreds of thousands of dollars.
This decision as we talk about can make you or lose you hundreds of thousands of dollars.
I don’t know about where you are located but where we're at, I get to see a lot of restaurants go out of business.
There was just this Mediterranean restaurant that went out of business, they had TV’s in their patio and all that and my husband were like, they probably spent 2 million dollars in building it out and it did not last 68 months or so, they had to close. And it’s a shame.
You can lose thousands of dollars, so it is a very critical decision that you must spend extensive time making.
You need to assess different things to know if it is a good location or not.
3. Here’s a secret to remember: Effective marketing is MORE important than your location.
The reason what makes a marketing strategy effective is that it is actually not going to be the same for all the locations.
So your marketing strategy is going to SHIFT based on your location. We found success in our restaurant because we were able to shift our marketing strategy, based on the community where we're located.
And that is definitely what you can do in your own restaurant, no matter what kind of location you get.
What I’m saying is that there is no such thing as a perfect location.
This decision will not be black and white in fact, it’s going to be really gray and you have to discern. You got to look at the pros and cons, you need to look at different factors that you need to consider because this will not be an easy decision.
Making a thorough restaurant analysis can definitely help you make a wise decision.
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