Opening a restaurant? Then you must start by choosing the right property for your venture. It is no secret that when it comes to hospitality business, the theme and type of property holds paramount importance. No matter how spectacular your restaurant is, it needs suitable property to bring in guests.
Here are some tips that will help you in making the right choice for your dream restaurant:
Before scouting for properties, do market research to understand the preferences and expectations of your target guests. It is also advisable to find areas where there is either latent or high demand for restaurants. Opening a restaurant at a location which is already saturated with competition or presents no viable business will yield no revenues. Market research will also guide you in deciding the theme, cuisine, design etc. for your restaurant.
Start with deciding on the size of the restaurant regarding seating capacity, amenities, kitchen etc. This will give you an idea of the size of property that you need. For instance, if you plan to open a fast food restaurant, the table turnaround time is likely to be quicker. So you can serve more guests in lesser time. However, if you are offering fine dining, then you may want a larger space as guests are likely to be seated for at least an hour – you don’t want other customers to wait outside in a queue and risk them going away!
A place that is easily located and can be reached conveniently by public or private transport can pull crowds instantly. A well-known address oozes reputation and quality, both of which are virtues needed for marketing a restaurant. On the other hand, if the restaurant is located in an obscure or notorious neighbourhood, it would probably not do well and attract the wrong crowd.
Restaurants need reliable infrastructure to support them. You must ensure that your property has seamless water supply, electricity, good wiring, and generator for back up and structure that allows you to modify interiors. The lack of these basic requirements will only cause trouble in future.
These days parking is a major challenge in most of the tier I and tier II cities. Having a parking lot is definitely an added advantage that will work in favour of a restaurant. The guests can dine without worrying about finding safe parking of their vehicles.
If your restaurant is visible from a distance, then half of your advertising is done. You must choose a property that is in front of a building and further beautify it by using colours and design that is easily noticed.
Last but not the least; the budget is the driving force behind the final purchase of property for your restaurant. A great location comes with a premium and in case of metropolitan and tier I cities, this premium can be unaffordable. Therefore it is important to strike a balance in order to score a good property at a price that is within your reach.
These tips should help you in finding a great property for your dream venture. Make sure you research well and identify your expectations before selecting a place to build your restaurant. Many prefer to have restaurant for rent in Mumbai, so the above tips can be considered for both the options. Jagaha.com is one of the best real estate website where one can find best options to have restaurants and office space in Mumbai for rent or sale.