Florida is known as the “Sunshine State,” the fourth most populated state in the country. According to the National Restaurant Association, there are over 40,000 eating and drinking establishments serving Floridians, generating $42 billion in revenue in the process.
If you plan to grab a piece of that $42-billion pie by opening your own restaurant in Florida, go for it!
Planning is key when it comes to opening a restaurant, so we’ve compiled this comprehensive guide to help you get started and make you successful.
It’s exciting to find and prepare the physical space for your restaurant, and to start the real work that will transform your dream into a reality. As exciting as it is to get into the nitty-gritty details, you still need to take your time and make sure you do everything right.
Start a virtual restaurant and sell food online from home. … Establish a pop-up restaurant first. … Start a food truck. … Become a partner of a restaurant service provider. … Begin in a restaurant incubator. … Apply for a business loan. … Apply for business grants. … Consider applying for a loan from non-bank lenders.
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Start a virtual restaurant and sell food online from home. …
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Establish a pop-up restaurant first. …
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Start a food truck. …
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Become a partner of a restaurant service provider. …
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Begin in a restaurant incubator. …
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Apply for a business loan. …
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Apply for business grants. …
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Consider applying for a loan from non-bank lenders.
Choosing a Location for Your Florida Restaurant
When it comes to choosing a location for your Florida restaurant, there are a lot of options. So, how do you make the right choice? At this point, you should have a good idea of what type of restaurant you want to open and who your target audience is. With those details in mind, think about which locations will fit the vibe you’re trying to cultivate and what kind of area can financially support your vision.
Here are some specific questions you can ask yourself as you start thinking about the best location in Florida to open your restaurant:
- Is this city/neighborhood a good fit for my concept and vision?
- What is the population base and main demographic for this area?
- What are the residents in this area looking for in a restaurant?
- What is the average net worth and disposable income of residents?
- What kind of buildings and restaurant spaces are available in this area?
Answering these questions will help narrow down your search to a city, or perhaps even a specific neighborhood in Florida. Before you set your heart on any one location, however, you should perform a location analysis to see whether the numbers line up. A location analysis takes a closer look at details such as the number of customers you’ll need to keep your restaurant profitable, the neighborhood’s density of your target market, and important research on local competition.
For more information about analyzing and choosing the right location, click here.
If you’re still not sure where to look for restaurant space that will suit your concept, consider the distinct characteristics of the most popular cities in Florida:
Orlando – Located in the heart of Florida, Orlando is the “Theme Park Capital of the World,” drawing over 55 million visitors each year. It’s also been rated one of the country’s best places to live.
Miami – Nicknamed the “Magic City,” Miami is filled with A-list beaches, swanky nightclubs, an amazing foodie scene, and, of course, the 90,000 beautiful people who frequent these locations.
Tampa – Located along the west coast, Tampa is an up-and-coming scene for young professionals, home to nightspots, professional sports, great entertainment options, and wonderful restaurants.
West Palm Beach – There is no shortage of wealthy neighborhoods in this area, not to mention yachts and ocean-front mansions. The population is a little older, but there is no doubt that the residents have plenty of disposable income.
Boca Raton – Located along the southeastern coast of Florida, Boca Raton is known for its golf courses, parks, and, of course, its beaches. You’ll also find plenty of culture ranging from museums to concert venues, nightlife, restaurants, and more.
Building a Florida Expert Restaurant Team
Taking your dream and turning it into a reality is a big undertaking and not one you should attempt to do alone. Building a team of Florida restaurant experts will help ensure that you do things correctly, and that those things happen within a reasonable time frame. With the right team of experts at your back, the whole process of opening a restaurant in Florida will be easier.
Here are some of the people you’ll want to include in your team:
- Restaurant Consultants
- Restaurant Insurance Broker
- Restaurant Real Estate Broker
- Restaurant Accountant
- Restaurant Attorney
- Restaurant Construction and Remodeling
Let’s take a closer look at the role each of these experts plays, and list some of the best in Florida.
Your restaurant consultant will assist you in any task associated with opening a restaurant including developing your business plan, creating and pricing your menu, selecting a location, implementing systems and procedures, designing your kitchen, and training your staff. The hourly rate for a restaurant consultant generally ranges from $99 to $350 per hour.
Here are some of the top restaurant consultants in Florida:
How To Start A Restaurant With NO Experience | Restaurant Management 2022
FAQ
Is $10 000 enough to open a restaurant?
How much money should you have to open a small restaurant?