Hi if you'd like to know how to assist the pros and cons of different locations
for your new restaurant or food business stay tuned because we're going to take
you through the step-by-step guide to restaurant location analysis so that you
can choose the perfect location for your new business venture. Now if you'd like
tips and tricks on a weekly basis of how you can start your own cafe or food
business or restaurant make sure you hit the bell and press subscribe and every
week you'll be notified when we drop a new video. Hi I'm Rowena from Food
Marketing I'm based in Sydney Australia and I'm a food consultant who has worked
with hundreds of food based businesses over the years we help businesses start
a dream business or help them to grow sales and an existing business. So stay
tuned and we're going to tell you all about the tips and tricks of choosing
the right location for your new business venture. Okay so before we take you
through the steps to analyzing or assessing the pros and cons of different
locations what you really need to determine is what is the right location
for your business and the number one way to choose the perfect location is to
know where your target market either resides or works so you need to know who
your target market is you need to know where they're located because to use a
pun you need to be located in a location where your target market exists so that
you have a hungry market for your food business when you open those doors. So
step number one is defining your target market. Now let's take it down to a
really basic level if you are developing a concept which is a family-friendly say
for example quick service or fast-food food outlet or restaurant casual diner
then you need to be located where the local population is full of families
there is absolutely no point in being located where the demographics of the
local area are older and there's not a lot of local families because if there
is one thing for sure families are driven by convenience so you need to be
located right near where they live your target market in your particular
city or original area so then you need to stop focusing on actual sites and
locations in those areas and what you need to determine is what elements in
each location is really important for you to be ideally able to run your
business most effectively. So what you're going to create step number two is
creating a location wish list now what a location wish list is is all the
elements of a site or location there are absolutely ideal for you. So best-case
scenario you would like to choose the location that had as many of these
attributes as possible right and down for example it might be outdoor space it
might be able space for seating the places north or south depending on where
you are in the world it might be air conditioning or heating it might be it
might continue what will be on your location wish list do you want space to
create a drive-through concept would you like outdoor dining what elements or
attributes of location would be absolutely ideal for you. Pop them in the
comments below and let's see what people are looking for for their locations. Okay
step number three is actually really simple all you're doing is creating your
wish list and you are putting them in order all of those attributes from most
important to least important rank them down the list. Now step number four is to
look at your list and work out what are your non-negotiables. So let's use the
example that you're going to be a lean startup and you don't have a lot of
capital to invest in equipment so one of your non-negotiable may be that you need
to find a space that already has a fitted out commercial kitchen in some
form it might not have all the pieces of equipment that you
but you basically need a functioning kitchen and that might be the absolute
top of your wish list now here's the thing if you've already ranked them in
order of importance then logic dictates that the top of your wish list will have
your non-negotiables now they're going to be elements of the site that you
absolutely need to have and there is no getting away away from it or around it
no matter how cheap the rent is on a space you cannot operate there. Ok we
have your location with wish list but now that we have ordered those
attributes in our level of importance and we're also mark the non-negotiables
what you really have created now is what we call a location assessment tool now
what you can do is take this list create a simple spreadsheet makes it very easy
and when you go around looking at potential sites mark them off as to the
attributes that they contain and they don't and then now what you are able to
do is very quickly at a glance you can look at the pros and cons of different
locations and compare and contrast between the two now if you're buying a
premises or you're going to lease it and say for example the price or the lease
cost is very simple this tool will enable you to quite clearly see which
location is better over the other if you'd like to access our assessment tool
look at the in the comments below and click on the DOWNLOADABLE tool and what
you can use is our assessment tool as even a starting basis for your own
because remember every concept will be different what is on your walk wishlist
which ultimately becomes your assessment tool will be different to everyone else
depending on the actual food concept but by all means use ours as a great
starting point yet if you would like weekly tips and tricks when you're
starting out and creating your own new food concept. Make sure you press
subscribe and you'll be notified every time we drop a new video