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2.1 Target area analysis

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The goal of your feasibility study is to assess the local competition and begin to understand your marketplace in terms of its demographics. To do this, you must first establish the boundaries of the area in which you wish to locate your restaurant. The area under consideration should then be described and mapped in terms of access via private vehicle using major highways and routes, public transit, and rail. Research the major communities located within the target area so that you can provide background descriptions on them in your feasibility study, giving emphasis to sectors of those communities that will affect demand for your services. History of the economic development in your target area can be obtained from municipal or town economic development offices. If you are not native to the area, this part of your study will be very valuable in helping you to understand your marketplace. Future development in the target area should be considered here: try to imagine how any new developments will affect your restaurant.

Start & Run a Restaurant Business

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