Our detailed 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 and cafes opened by first-time operators unfortunately fail within the first year. Even established chain businesses sometimes open new locations that fail (enter Starbucks.) The basic tool for determining the market potential of a proposed business is a thorough feasibility study, also known as a market study.
The benefits of partnering with us:
- A Feasibility Study is an invaluable tool in evaluating the probability of success and risks associated with your restaurant, café or new business project
- Determine the target guest profile and depth of guest profile within the primary trade area
- Determine the size of the targeted clientele
- The 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 concepts in the market for comparison, opportunity, and missing concepts with a full SWOT analysis and report
- Evaluate sales performance of local businesses vs. national chain 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 asses 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.