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Do You Need a Feasibility Study?

By Lloyd M. Gordon, President
GEC Consultants, Inc.
Skokie, IL 60076

There is an ongoing debate among restaurant professionals as to which comes first the concept or the site. This means do you find a location and then swiftly develop a concept to fill it, or do you first develop the concept and then search out the best location to exploit your ideas?

Many fine restaurants have been developed from concepts rushed into shape after the operator discovered a "truly great location". An equal number can be said to have had the concept gathering dust in some closet of the mind until one day the "perfect site" for the idea was located.

For the uninitiated, the development of the concept is going to take more time and greater mental effort than that of finding a place to develop it. Therefore, your time had best be spent refining your imaginary restaurant or catering place so that when that "once in a lifetime" piece of real estate is discovered you're ready to speed the deal through.

When you find the site, you are ready for a feasibility study.

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