Opening your own business is a day of great joy. There are several factors that have an impact on your business' success. One of these is the location where you operate the business. If your business is a restaurant, location is one of the most important factors.
You might think that you have the perfect location for a restaurant, and you just might. Before you make plans to sign the commercial lease, think about these very important points.
Parking and accessibility
This is a huge consideration in New York. You want a location that is easily accessible to anyone who might enjoy your menu. You also need to think about where people will park if they opt to drive. Proximity to the subway and other public transit options is also important. The more ways that you can give potential guests to get to your establishment, the more likely that your restaurant will have paying customers.
Suitability of the building
Not all spaces will work for a restaurant. If the building is going to require extensive renovations, you have to find out if you are responsible for the entirety of costs or if the owner will cover some aspects. You also have to find out how long it will take to make the necessary changes. Often, it is a much better idea to find a space that needs minimal, if any, renovations. On top of the layout, you also need to think about the stability of the infrastructure.
Permits, ordinances and legalities
You want your restaurant to be legal. You need to make sure that the space you are considering is zoned properly. You also need to find out if there are any restrictions on the usage of the space. If there are any issues present, find out if there is a way to rectify the issue before you sign a lease.
The terms of the lease are a priority when you are trying to find a space for your restaurant. Of course, the monthly payment is important, but you have to look beyond that. Some restaurant leases require that you pay a portion of the restaurant's revenue to the property owner. This could eat away at your profits. You also have to find out who is responsible for maintenance costs, property taxes, repairs and similar costs. Take a few minutes to find out the historical cost of utilities so that you can make sure that paying those bills until your business starts to thrive won't break you.