We’ve been open over eight years now and I would like to prepare to open up my second store. I have a location picked out that allows us the space we really need, but I need to determine its feasibility in regard to what it would cost to purchase (leasing is also an option), design, and build out. I am preparing a business plan now.
Since I’ve never done this before–out current location was a failed pizzeria–what steps would you recommend to minimize surprises down the road. Should I hire a restaurant lawyer first to help guide me? Would it make more sense to talk to developers or should I talk to designers first? How would or did you proceed? Anything I need to be especially aware of? When would you talk to a bank or lender in the process?
Thanks, as always. I have learned more from you fine people than all the books, articles and videos I’ve viewed since opening.
Just my opinion. Laywers and designers are all necessary, but anybody can get those. I would spend a ton of time considering what fruit the location itself can bear, as in, what are the area demographics and psychographics of the surrounding area and how much competition will there be. I’ve seen some people make great money by choosing what I would call a “gap spot”, where there aren’t too many people to attract too much competition, yet there is plenty of potential business and competition is spaced further out. Also, don’t forget ample parking. Seems like common sense but I’ve seen that mistake happen with a lot of places.
Why would you need to waste money on a lawyer for a 2nd pizza place
Thanks PizzaSoft. All that is done. The location I’ve chosen is perfect.
I may need a lawyer to review documents before signing and if they have experience with this kind of thing–to help guide me through the process without losing my investment to a shady developer. I am not casting aspersions on developers but I have seen bad things happen in the past.