Restaurants are a staple in most cultures and countries. Across the world, family, friends, and co-workers sit down and enjoy meals together in these businesses. Although it can be difficult to stay open at times, as long as you have great food and a great location, you will likely see success. If you want to be a restaurant owner, you probably already have the amazing recipes down. But, what about the fantastic location? If you don’t know what to look for in a restaurant space, don’t worry. In this blog post, we are going to cover five qualities to consider when purchasing restaurant space, so you can serve food in a fantastic building.
What to Consider When Purchasing Restaurant Space
The building you purchase will have a large impact on how your guests feel. If the place is dark, dingy, and characterless, they may not feel compelled to visit your restaurant again. And, as you likely know, repeat customers are what makes a business thrive. So, when purchasing a restaurant space, you will want to be very considerate of your selection. Take a look at the factors below before signing off on a property, so you are more likely to succeed with your restaurant.
1. The Size of the Space
An incredibly important factor is the size of the building you are considering to purchase. The size of a building will determine how many people you can serve at once and how many staff members it can hold. If the space is too small, people may not come if they want to avoid a long wait. On the other hand, if a space is too big, it may be wasted square footage. However, if you find the perfect building and the finances work, you can always turn extra square footage into a party room that people can rent out or for large groups to enjoy. But, do avoid getting too small of a space, so your guests and employees don’t feel cramped.
2. The Feel of the Building
One of the most important aspects to consider is the architecture of a building. Some restaurants were built with a specific cuisine in mind, so the architecture suits a certain style. For example, you have likely seen Mexican restaurants that have a classic Mexican architecture look. Purchasing restaurant space that matches the architecture of your cuisine is a great idea. When it does match, it will give customers a better experience when they dine with you.
To choose a building with the right feel, consider the types of dishes you will be serving. Will it be Italian food? If so, choose a modern building with lots of greenery to suit your menu. Once the space is yours, you can hang Italian art or even have an Italy-inspired mural painted. On the other hand, if you are going to be serving American dishes, consider a classic building with bright colors and a simple design. Then, you can decorate it with pictures from the 80s to give it a classic American diner feel.
3. The Location of the Restaurant Space
Something else to consider when purchasing restaurant space is the location of the building. For one, an easy to access building is very important. When your customers can’t find the building, or they don’t see it regularly, they will lose the incentive to stop by for a meal. If your customers have to drive far away to visit your restaurant, you may see less foot traffic. So, pick a place that is close to your target market and that is easy to find.
Yet another factor when it comes to location is the density of restaurants in the area. If there is a missing cuisine that you can fulfill, then it is a great spot. However, if there are already three other successful restaurants with the same cuisine, it may not be a smart decision to try to compete with them. The perfect location will be an area with other restaurants, but missing your cuisine style. Or, it will be an area near residential areas or shopping, with minimal restaurant options.
4. The Monthly Cost of the Building
One of the primary reasons restaurants fail is because their finances just don’t work. It can be incredibly difficult to predict which dishes will do best, how to price them, and how to make enough profit to afford the monthly payments. So, it is best to keep the monthly cost of a building as low as possible. Some ways to keep costs low is to ensure the building is in a ZIP code with a low cost per square footage. Also, if you can find a building that just needs a few cosmetic upgrades, this can be a great way to save money.
5. The Parking Options For Guests
Another factor to remember, and one that many people forget to consider, is parking options. Parking is crucial to ensure as many guests as possible can visit your restaurant. How many times have you decided to go somewhere else because there was no parking available? Chances are, you have several times. So, try to find a location with great parking options for guests. Remember, the whole parking lot doesn’t have to be standard parking options with marked spaces. A grass or gravel lot behind the restaurant will do the trick as well, or you can get this paved later on. As long as your guests can park safely, it’s a great choice!
Purchasing Restaurant Space in Salt Lake City
We hope this list helps you when purchasing restaurant space! Our team is so excited for you to start your own business and give your community amazing food. If you need help in the Salt Lake City, Utah area, feel free to contact our team. Our expert brokers can help you find the restaurant space of your dreams. We can also help you know what to look for and will keep you informed on what you need out of your space.