Thursday, 24 October 2013

Will a first floor not really work out? !!!

Will a first floor location for my restaurant business not really work out? I keep getting asked this question often.

The answer is simple & straight-forward: "No, It won't work out - Don't do it". The sooner you accept this the easier your decision making process will become. It is not worth the Risk, especially for a first generation entrepreneur with a new business concept. Wait till you find a place that meets your needs and your budget. Be prepared to make some compromises such as taking a smaller space in a ground floor prominent location.

There is a huge-huge difference between a ground floor and the first floor. It is a case of minimizing your chances of failure and maximizing your chances of success.

Check out for yourself how many successful restaurants are in the first floor - pick 100 and I will bet that over 95 will be on the ground floor. There is obviously a very specific business reason for this - every business would love the lower rentals of a first floor, but they still don't do it - How many McDonald's, Dominos or Coffee Days have you seen on a first floor?

Am I saying that there is no way you can be successful by opening a restaurant on the first floor? I am sure you can invest in a penny stock and become a billionaire - it is just a question of the probability of success and failure.

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