Advice on preparing to seek retail lease (Restaurant)
Hello all,
I'm new to this site, but so wonderful to find so much great information here.
I am one year away from my goal of leaving the corporate world behind to open a fast casual restaurant concept. I just wanted to run some of my information here and see if I could get some insight on where I stand in making this goal a reality or if I need to re-evaluate my timeline.
Basic Background information
Business Degree from respected university
Roughly 10 years of professional work experience with several fortune 500 companies
Currently working PT for large restaurant group in Metro ATL
looking to open brand new start-up concept in metro Atlanta or Charlotte areas
Popular food concept is sweeping across the country in large popularity, but still not a true presence in these locations.
Concept requires minimum cooking so no need for the expensive kitchen requirements (hoods, grease traps, etc)
Looking for a high traffic area with national anchors with a young affluent demographic anywhere from 1,000-1,800 sqft.
I would also be open to an up and coming trendy part of town visited heavily by young professionals or a food popular food market stall.
Have $135k in Personal Savings
Another $25-$75 in business loans and/or angel investing
Solid credit Low 700's with extremely minimal outstanding overhead expenses
So what I would like to know is how feasible is it for me to get the kind of space i'm looking for and what should I be doing to strengthen my credibility over the next year?
What kind of deal should I be looking for that allows me to keep the most capital?
BTW - For this concept I would guess I could bootstrap a 1,200 sqft white box for around $50,000 to my liking. Maybe less if a second generation location. Is this realistic say for a sandwich or ice cream type location?
Thanks in advance!