01 Preliminary Market Analysis
This is a critical stage in conducting a feasibility study. Gathering key information from your targeted market, including the demographics, competitor research, and obtaining substantial feedback from different significant figures in the community will help you address any gaps or problems that you may encounter when establishing your business
02 Leveraging Your Market Potential
The information gathered during the preliminary research is used to analyze your market potential. We then take advantage of this knowledge to come up with solutions and ideas that help make your restaurant become a relevant part of your community. This can be achieved by providing solutions that will meet your needs. Ultimately, this leads to creating your business model.
03 Forecasting Your Financials
At this stage, we work with you to project the costs you’ll be spending on implementing your business model- including overhead costs and marketing expenses. This also includes your projected ROI or return of investment. External market conditions are also considered. Overall, forecasting your restaurant’s finances will provide you with an outlook to what’s expected of your business’ finances moving forward.
04 Evaluation And Consideration
Once every single detail of the feasibility study is conducted, it’s now time to review, consider, and decide. This stage perhaps is the most critical as the decision will ultimately determine the next course of action. Restaurant consultants offer a seasoned perception and a different angle in reviewing data. The insights that consultants provide allows business owners to make sound decisions based on data gathered from the feasibility study.