Selecting the right site for your hospitality venture is one of the most important decisions to get right. Get it wrong, and it could cost your business dearly.
Through our experience helping first-time hospitality venturers, we have identified what you need to know before you sign on the dotted line.
Top 10 tips
Ensure the site lease & its conditions suit your business plan.
Know what’s possible on the site. Are there any restrictions in place that might affect what you can build and how long it may take?
Be aware of the planning requirements for your site. This can have a significant impact your project timeline and costs.
Be aware of your legal requirements.
Understand what permits are required for your project. Obtaining the correct permits will have an impact on time and cost, which could make or break your business. If the correct permits are not sought, significant fines will apply, or worse, you may not be able to trade.
Understand how building code regulations affect design outcomes. There may be limits or opportunities you are not aware of. For example, what is the minimum number of toilets required? And where must they be located? What is the flow-on effect?
Be aware of the spatial requirements for a functional business. Will your business & equipment fit in the space? Will the space allow for ease of day to day trading?
Establish the extent of building works that may be required. For example,understanding the structure of an existing building, could significantly impact the extent of works required and flow on effects on costs and time.
Understand the process you should follow to achieve a successful project.
Understand your timeline – time is money!