OK. You have sent landlord LOI. The next thing is lease negotiations. Get ready. You are going to receive a document that looks like a book. I will try to cover each section in different post. Lets start with Terms. The original lease term landlord is going to want is at least five years and probably ten is preferred. You want to also have some options for renewal with predetermined values. The other important term is when rent starts verses when term starts. You are going to need some development time prior to paying rent . You need to consider the amount of time required for Architecture, Design, Permitting, Bidding and Construction prior to rent starting. Your consultants can give you a time line to follow. Stay Tuned !!
Monthly Archives: May 2017
Money,Money,Money
All the wheels are in motion. Time to figure out a budget. It is hard to build a budget without a design. Talk with your Architects and Designers and target a square footage charge. In the meantime while they are working on plans research cost associated with Permits, Plans, POS Systems, Audio/Video, Security/Cameras, Kitchen Equipment, Small wares, Tableware, Glassware , Advertising/Public Relations, Employee training, opening inventories . There are many other areas of cost. This is really a great time to start comparing and pricing all of theses services. There are good companies that specialize in the Hospitality business and understand your needs clearly. I suggest you work with them.
THE FUN STARTS
So you have an LOI in on a space. Now you need to have a plan. You need to hire an Architect/Designer/Foodservice planner. You can hire many great companies that do all three functions or you can source individually. Look at restaurants you like and ask them who did there design work. Depending on the concept you need to determine your foodservice needs. I always recommend working with a foodservice designer first and getting the basic floorplan in place then start on the complete package. So what you will need is a copy of Landlords construction guidelines. The cities Health Code requirements. Your menu and anything special equipment you feel you would need like a certain type of smoker or ovens. The more you share with your designers the better the project will be. Remember: Do your research, communicate with your team and think about it over and over. Stay Tuned!
THE FUN STARTS
So you have an LOI in on a space. Now you need to have a plan. You need to hire an Architect/Designer/Foodservice planner. You can hire many great companies that do all three functions or you can source individually. Look at restaurants you like and ask them who did there design work. Depending on the concept you need to determine your foodservice needs. I always recommend working with a foodservice designer first and getting the basic floorplan in place then start on the complete package. So what you will need is a copy of Landlords construction guidelines. The cities Health Code requirements. Your menu and anything special equipment you feel you would need like a certain type of smoker or ovens. The more you share with your designers the better the project will be. Remember: Do your research, communicate with your team and think about it over and over. Stay Tuned!