When a businessman is contemplating venturing into the restaurant business, he will need suitable premises to set it up. He could either purchase a vacant space and convert it into a restaurant or purchase an already existing one and renovate it. But for a start-up, purchasing implies a heavy initial investment. Since he is starting a new business, there is a chance that if he is unsuccessful, he may need to close it down. In such a case, the restaurant premises will become a liability. Therefore, leasing a space is a better option than purchasing it. While leasing, his initial investment is low. Leasing also allows the flexibility to move out in the case of expansion or if he intends closing it down.
For a restaurant, its location is very important for its growth and success. The restaurant owner should consider certain factors before deciding on its location. They are:
Parking facilities in the vicinity:
When people visit a restaurant for dining, they are looking for a relaxed outing. They do not want to have the stress of wasting time looking for a parking. Or parking far away and having to walk to the restaurant.
The location of the restaurant should be such that it is clearly visible to people visiting the area. It helps to have bright signboard with the name.
The restaurant should have sufficient seating. It should not look cramped. A spacious neat restaurant has a greater appeal. Also, the kitchen should be spacious enough to carry out its activities in a smooth manner.
It helps to know the business activities of the other businesses in the vicinity:
It is a good idea to understand the activities of others in the area for planning the strategy. For instance, if there are a number of restaurants in the preferred location, the businessman should think how he can differentiate his services.
Clientele to be catered:
The location of the restaurant should be such that it is easily accessible to the clients they are catering to. For example, if the intention is to provide the service to office-goers, it is better to locate it in a business area.
While leasing a restaurant space, its monthly rental is the key factor for the final decision.
Once the businessman has decided on the type of space, he may wonder how to find it. These spaces are available on various space listing websites. If you own a space which can be used as a restaurant, then you can easily look to earn a regular income in the form of lease from it. You may think that, finding a tenant for your space will be a tedious task. But not anymore, the internet has solved this problem. There are space listing websites where you can list your valuable space. Space seekers browse through these sites. The more you list, the more your space will be viewed. This can be done by multiple listing on different websites. You will have the option of multiple tenants seeking your space. You can select your tenant and negotiate the rental.