- March 1, 2021
- Posted by: Morgan Ayres
Our comprehensive feasibility studies tie into a detailed and comprehensive business plan. Let us partner with you and your team and help build this plan and vet your business against the competition. The majority of new restaurants opened by first-time operators fail within the first year. Even established chain restaurant companies sometimes open new locations that fail. The basic tool for determining the market potential of a proposed restaurant is a thorough feasibility study, also known as a market study.
The benefits of partnering with us:
- A Restaurant Feasibility Study is an invaluable tool in evaluating the probability of success and risks associated with your restaurant project.
- Determine the target guest profile and depth of guest profile within the primary trade area
- Determine the size of the targeted groups
- The restaurant feasibility study will also review the competition for pricing and market share
- Determine over-served and under-served concepts and categories to identify the holes in the market
- Establish other popular restaurant concepts in the market for comparison, opportunity, and missing concepts with a full SWOT analysis and report
- Evaluate sales performance of local restaurants vs. national averages
- Review and identify all possible traffic and location barriers for the current site
- Present estimated annualized sales projections for the new restaurant concept based upon our findings
Our food industry consultants will travel to your location and compare your concept’s unique features with your specific site attributes and then present you with a financial forecast of your business. The site visit will inspect nuances of your location, the local community, and competitive set. We will then analyze the dominant demographic and lifestyle groups in your trade area to identify your target customers and the size of your market.