Choosing the Right Location for Your Next Restaurant in Florida. The food industry in Florida provides a lucrative business opportunity for investors. According to the National Restaurant Association website, the restaurants in the Sunshine State generated $50.1 billion in estimated sales in 2018. It shows that restaurants are a driving force in Florida’s economy.
At The Business Exchange of Florida, we specialize in small to multi-million-dollar businesses and commercial real estate investments. We’re a successful real estate brokerage firm that has helped thousands of entrepreneurs and investors buy and sell businesses in the Sunshine State. To learn more about our services, drop us an email or call us now to set an appointment. If you want a piece of this billion-dollar industry, you need to find a perfect location to start your venture. The Sunshine State has plenty of places to offer, but you need to choose a spot that’ll resonate the vibe of your eatery.
Here’s a brief guide to choose the right location for your next restaurant in Florida so you can earn a healthy return on investment:
How to Choose the Best Location for Your Next Restaurant in Florida
When scouting locations, make sure you choose a spot that’s easily accessible to customers. An area with lots of foot traffic will attract more customers to your restaurant. Moreover, if the location is near the famous tourist spots, like Miami Beach or SeaWorld Orlando, you can further maximize your sales.
A significant portion of your customer will visit your restaurant in their own cars; you must provide them with a parking space or risk losing a large portion of your revenue. Unless you’re choosing a location like a city center, where everyone walks, you should look for a place that has parking available.
Learn about the other restaurants in the area and evaluate their performance. Whether other eateries are thriving or not is a good indicator for determining the viability of a site. Just make sure you evaluate restaurants that share the same concept and customer base for a fair comparison.
Once you evaluate other established restaurants and see they’re performing well, it’s time to decide whether you can handle the competition. Successful businesses indeed attract other successful businesses, but at the same time, you’d want to avoid areas saturated with direct competitors.
What are the best cities to open a restaurant in Florida?
While every city in Florida offers excellent prospects for restaurants, Orlando and Miami are among our top picks. Located in the heart of Florida, The Theme Park Capital of the World draws millions of tourists every year. Similarly, the Magic City has incredible A-list beaches, posh nightclubs, and perfect foodie scene.
Boca Raton, Tampa, and West Palm Beach are also great places to start your restaurant business. Boca Raton is a culturally rich location with museums, golf courses, and eateries. Tampa is home to nightspots and entertainment venues. West Palm Beach is known for wealthy neighborhoods with rich people, serving as an ideal spot for a classy restaurant.
Before you finalize a location for your restaurant, you should carry out a location analysis as well as business analysis to make sure you pick the perfect spot. You can also buy a running restaurant business to get up and running quickly. Work with an experienced business partner to ensure you have access to the best deals available in the town.
Choosing the Right Location for Your Next Restaurant in Florida is important!