Phase I Topics

Phase I Topics

Concept Deck

Search Criteria

You might be thinking…

I want to start, grow, or relocate my business and want to find an ideal location — where do I start?

Be ready to tell your story and carefully think about the physical needs of your business, like kitchen space or storage, and the kind of space you will need. Organization and communication are critical in your real estate search.

Terms to familiarize yourself with

A presentation (ideally done in PowerPoint or PDF format) of your project and its goals. The concept deck provides background information, a general vision of your idea, and supporting information that will help bring your project to life.

The Small Business Administration/SBA supports small businesses in guaranteeing loans. It sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions.

A document (usually a spreadsheet with two columns) that details where the project budget funds are coming from (owner equity, investors, bank debt) and how the funds will be spent (hard costs, soft costs, etc.).

Preparing Your Concept Deck

A concept deck is a written presentation document that provides potential landlords or investors with an overview of your business, your experience, your team, and a vision of your company’s future.

A concept deck is a written presentation document that provides potential landlords or investors with an overview of your business, your experience, your team, and a vision of your company’s future.

Suggested Sections to Include in Your Concept Deck

  • Company name/logo
  • Your name and contact information
  • A quality, high-resolution photo that represents your business

  • What motivated you to start or grow your business?
  • About you: What is your relevant background/experience?

Share some key events or moments that have been important in the history of your business and have shaped its growth:

  • This could be the date the business was founded or when your first location opened, when you hit a certain sales or revenue target, or any other achievements you are proud of or feel are important to understanding the business’ strengths.
  • If this is a new business, provide relevant experience, passion, or drive behind the business.
  • If this is an existing business, include images of your business or the work you are doing (i.e. if you are selling from a farmer’s market, running private tours, etc.).

  • Why does your business exist?
  • What makes it different from other similar businesses?
  • What are your core values you want customers and partners to take away from visiting your business?

Provide further information about your business based on the specific business type it is. See suggestions for restaurant, service, and retail business types below:

Restaurant/Café/Etc.

  • Type of restaurant
  • Service model (quick-service/take-away, full-service/sit-down, etc.)
  • Sample menu
  • Operating hours
  • What separates you from other businesses with similar offerings
  • Target demographic

Services

  • Services offered
  • Describe customer experience
  • Access to your services (membership versus pay-per-visit)
  • Operating hours
  • Target demographic

Retail

  • Products or goods sold
  • Describe customer experience
  • Describe the shopping environment
  • Operating hours
  • Target demographic

  • Briefly describe the look and feel of your next space — e.g., size, atmosphere, decor, lighting, etc.
  • Include images of other businesses or spaces that inspire you if you don’t have an existing location or your existing location is not a representation of where you are headed with the business.

Much of this is covered in the “Search Criteria + Considerations” section to come, but it is also important to include in your concept deck.

  • Detail space requirements — i.e., approximate square feet.
  • Be sure to include the space you need for back-of-house functions such as kitchen, storage, bathroom, office, etc. — not just where customers will be.
  • List the neighborhoods where you are interested in opening your business.
  • Share location requirements such as high foot traffic, good visibility, or near public transit.
  • Share what condition you would like the space to be in (new construction versus previously used/occupied).
  • Note any special requirements, such as venting for kitchen exhaust or loading needs.

  • List the key members of the businesses team (ownership or management) and their respective roles, such as operations, finance/accounting, head chef, etc.
  • Share the team members’ background and relevant experience.
  • Tip: include headshots of team members to help personalize the story.

  • Include name(s) of main contact person, phone number, and email.

Additional Resources

We’ve included a sample Concept Deck as part of our Resources section of this Tool Kit. See how a real business in Boston (Las Palmas) presented themselves to potential landlords.

Search Criteria + Considerations

Before reaching out to landlords and brokers to tour spaces, define the following key items. Remember, your time is valuable, so be strategic, targeted, and disciplined with your real estate search.

Where do you want to open your business?

  • What are your top three neighborhoods?
  • Be prepared to talk about why you are interested in those locations.

How much space will you need? Note the approximate square footage (“sf”) you need

If opening a restaurant, do you require venting for kitchen exhaust?

Do you want outdoor space for patio seating, planters, and more?

Does your business need high foot traffic or is it more of a destination spot that can be a discoverable/off the beaten path?

Describe the character of your ideal physical space/building:

  • Classic “brick and beam” (spaces with old industrial brick walls and heavy wood beams throughout)
  • New construction building of steel and glass
  • Retail-only building (likely single story)
  • Mixed-use building (other non-retail uses in the building, typically on the upper floors)

Are you looking for a space that was previously occupied by another business (restaurant, retail shop, etc.), or would you consider a space in a new building that requires design and construction from scratch?

Start thinking now about who is on your team and how they can support you throughout the entire process, but especially through the due diligence, negotiations and opening.

Members of your team may include:

  • Advisors from business incubators or accelerator programs
  • Other seasoned business owners who serve as mentors
  • Paid consultants (restaurant consultants, designers, contractors, attorneys, etc.)
  • Tenant brokers

Much of this work should be done before your search begins; all of it can be refined and adjusted once you find your new space.

  • Prepare a project budget and sales projections for your new location (a sample project budget is provided in Phase IV and in our resources section).
  • Evaluate your own personal assets and if you have sufficient savings to tap into or leverage.
  • While raising investment funds from friends and family is a common way to obtain money for a new business, it can also bring personal challenges — be clear about the terms and expectations that those closest to you should have when investing in your business.
  • If you have an existing relationship with a banker, reach out to them to start a conversation. If you don’t, call the bank you currently use and ask to set up a meeting about a small business loan. You will likely learn quite a bit from even a short intro conversation.
  • The U.S. Small Business Administration (SBA) offers support, resources, and guidance to new and existing business owners. It also guarantees small business loans and has grant programs.
  • If needed, seek other non-traditional lenders, investors, and public agencies (see our sample Sources and Uses of Funds).

Additional Resources

We’ve included a sample Capital Budget and Sources & Uses of Funds as part of our Resources section of this Tool Kit.

A realistic schedule for identifying and opening a restaurant or retail space in new construction may range between 12-24 months depending on the pace of each step in the process shown below and respective overlap of phases. Below is an estimate of how long each phase of the process typically takes for new construction restaurant or retail space (also known as “first-generation space”). The process may be faster for a space previously occupied by a similar retail use (“second generation space”), or if both the tenant and the landlord are motivated to move quickly. Using this as a guide, and considering your own Phase I status, write out a target timeline for your own opening process.

3-6 Months

Identify a space

2-4 Months

Letter of Intent (LOI) and lease negotiations

2-4 Months

Architecture and Engineering (“A&E”)

1-2 Months

Permitting

2-6 Months

Construction

1-2 Months

Pre-Opening Activities (Staffing, Training, Soft Opening, etc.)

Next Section

Phase II: Real Estate Search »