How to Choose the Best Location to Open a Bagel Shop
When done right, opening a fast casual restaurant such as a bagel shop can be a lucrative business venture. One of the most important things you will have to figure out early on in the process is where to open your shop. The right location can help your business be successful, but choosing the wrong site can cause it to fail. Here are some tips to help you select the right location for your restaurant.
Figure out Who Your Target Customers Are
The first thing you need to do is to figure out who your prospective customers are. Do you want to draw in people on their lunch breaks, families with children, people who are shopping in the area, or all of the above? You need to choose a location where those people will be in large numbers on a regular basis so your business can be successful. Look at the demographics of different areas, including population density and income, to choose a location that includes your target customers.
Choose a Location That Will Be Filled with People
Sometimes people are willing to travel to a restaurant, and other times they just want to go to someplace nearby. With a fast casual restaurant, you can expect to attract customers from a radius of about three miles. This means you will want to choose a location for your restaurant that has a lot of people in that radius during the times when you will be open. If you want to draw in people for breakfast and lunch, you can set up your bagel shop in a location that has several nearby businesses that are open during the day. This can allow you to capture customers looking for breakfast on their way to work as well as people on their lunch break.
Consider the Characteristics of the Area
Look at the physical layout of the surrounding area. Consider the locations of highways and main roads, the number of lanes, traffic and congestion patterns, other businesses, public transportation, and any long-term construction projects that are planned. All of these can affect traffic in the area, which can have a direct impact on your sales.
The location you choose for your bagel shop should be easily accessible by car. If a site you are considering is on a main road, it should be in an area where it is easy for people to change lanes and pull into the parking lot. Look for a location with good visibility. It should be in an area where a sign can be clearly seen from a distance.
Make Sure You Have Enough Room for Parking
Estimate how many customers you can reasonably expect to have in your restaurant at any time and make sure you have enough parking. If you also want to have a drive-thru window, make sure you will have enough room for that, as well as adequate parking for customers who want to sit down in the restaurant.
Consider Other Businesses Located Nearby
Look for a location with other businesses nearby that will not be direct competitors. You do not want to set up a bagel shop across the street from a similar business, but you may want to choose a location near a mall or shopping center, hotel, or public transportation. Those areas will most likely be filled with people looking for a quick bite to eat.
Study your competition. Look at other businesses in the area and see which are successful and which are having trouble attracting customers. If a restaurant is in a location that is hard to get to or is not a fit for the demographics in the area, it may struggle to succeed.
Figure out What You Can Afford to Pay for Rent
Think about how much income you can reasonably expect to generate in sales. Estimate your costs, including supplies and labor, and figure out how much you can afford to pay for rent while still making a profit. If you expect your sales to vary depending on the season, take that into account.
Do Your Homework
A real estate agent may tell you an area is “hot” and is the perfect location for a casual restaurant. Take what a realtor says with a grain of salt and do your own research. An area may be a popular choice for other types of businesses, but that doesn’t necessarily mean it is right for yours.
Consider Opening a Between Rounds Bagel Franchise
When set up in the right location, a bagel shop can be a successful business venture. It can attract customers who are looking for a quick meal before work or on their lunch break or a relaxing cup of coffee.
Between Rounds is an established bagel franchise with locations all over Connecticut. We have a proven business model and a successful track record. If you are interested in opening your own Between Rounds location, contact us today to learn more about franchise opportunities.