So you have an idea for a new restaurant or bar – fantastic! But will it have long-term sustainability, or will it just become another failing statistic in 12 to 18 months? Is it a restaurant you want to open because it’s been your dream… or is it equally a restaurant your market both wants and needs?
A feasibility study is an essential component of your start-up’s success, but it’s a process many new restaurateurs skip out on, leading to wasted time and a quick loss of investment. A feasibility study must be conducted in order to determine the potential success rate of the restaurant, and to minimize the risks related to the start-up.