Spencer has run a successful restaurant for more than five years, but is now reaching a crossroad. He wants a bigger space for his business to grow, but he can’t afford the prices in his current neighborhood. Should he relocate?
It depends, but know that sometimes bigger isn’t better. While moving is risky business for many companies, it can be especially damaging for restaurants who depend on an often-local crowd of regulars. Spencer should talk to customers about possible move and ask if they frequent restaurants in other neighborhoods. This piece of information means more than a promise to follow him.
If he changes neighborhoods, understanding how far customers will travel for his food will contribute to his success or failure. Before making the decision to move, he should also learn if his kitchen staff and servers will follow.
If Spencer decides to move, he will need to pick the right time of year to make the transition, and update phone and address information on his website and other marketing materials. If he really likes the new spot, he may want to negotiate a longer lease. Moving can be traumatic, but comprehensive planning can make it work.
Client Profile is based on a hypothetical situation. The solutions discussed here may or may not be appropriate for you.