Opportunity Report for Mexican Restaurants in Miami, Florida

Overview

The content of this page is currently restricted. This report contains an opportunity score as well as key market data to help you assess whether or not opening Mexican Restaurants in Miami, Florida is a good idea. (unlock this report)

Walk

Trends

Regulation

Competition

Scores › Walkability

Brickell in Miami is a poorly walkable neighborhood. Most errands require a car, which translates into low pedestrian traffic.

Recommendations: What this means for your business is that you may have both pedestrians and drivers coming to your business. You may rent to have a retail space that has street parking or a dedicated parking lot to welcome some of your customers. In your area lack of parking could ruin your business. We strongly recommend maximizing your business potential by managing your parking spaces just like you would manager seating for your customers.

Scores › Area Search Trends

The current trends score is 65. This means that there only some people who search for Mexican Restaurants. Currently, there are 2232 searches for the term in the year 2019, which is up from 1847 searches in 2018. It looks like it is trending upward and the year 2020 this search term may cross the 2600 search mark.

Recommendations: From a business perspective 'Mexican Restaurants' search trends are positive for your business because they indicate increasing demand.You may want to use our Industry Comparison tool to determine the interest for this industry in this area compared to other industries.

Scores › Regulation

The Restaurant industry in California is regulated by the California Department of Public Health. California law requires anyone who prepares, stores, or serves food in a restaurant to obtain a California Food Handler Card. The card is issued only after mandatory training and assessment. You can obtain the card from one of a list of state-certified organizations.

Recommendations: Rather than jumping into your first steps towards compliance, start with where you want to end up and work your way back. In some cases, this could be a specific law or regulation you must comply with to operate as a business. In other cases, it might be a specific compliance area that is costing you, such as a certain fine or violation you want to reduce.

Scores › Competition

Competition for your niche in Brickell is somewhat competitive. We found 10 competitors in a 3-mile radius. Given the population of 84000 in Miami, this represents 8400 people per store in the area. This is the list of competitors with their pricing and current online reviews.

Recommendations: We recommend you to determine what your competitors are doing to differentiate themselves. You don't want to position yourself as something somebody is already doing. You offer flavor innovation and meal customization to set yourself apart. This means that your customers see price as a primary indicator of your product's value. Therefore you cannot price your items too low but you may want to be competitive.

Strategy › Opportunity Zones

Store opportunities in Brickell seem to be located near Grand Avenue. There is on average a distance of 1.2 mile(s) between each restaurant in this area.

Recommendations: We identified an opportunity zone for you in which you could set up your business and drew traffic. In your case, you should look for any retail space available in the area we've outlined for you. You can open the map to see these incredible retail locations.

Strategy › Market Segmentation & Offer

The gender distribution in Sunnyvale is 44 for males and 66 for females. When segmenting your customers acknowledging gender is important in your marketing strategy. Recent surveys^[1] showed for instance that men are 30% more likely than women to order late-night whereas women were more likely to place breakfast orders between the hours of 8 am and 11 am. At the same time, women were more likely to order salads and sushi whereas men were more likely to order wings and chicken parmesan.

Recommendations: We'd recommend you to make sure you have a breakfast menu ready for your female audience and a takeout menu for your male audience.

The age distribution is also very important when segmenting your clients. Recent studies found that millennials tend to outspend other age groups when it comes to eating out. They allocate no less than 30% of their income to food. Therefore, it is important to consider targeting this age group when building out your marketing strategy.

Recommendations: We recommend you to target millennials when advertising by showing a younger audience in your ads. This would appeal to these segments of your clientele.

Expenses › Retail

The average cost for retail space in Brickell is $45 per square feet per year. The lowest price 33 per square feet per year and the highest is 51 sq per year. These numbers have been calculated across 5 properties currently listed.

Recommendations: You should add a margin of 25 to 35% on top of what the item you sell costs you.

Expenses › Start-Up Cost

The start-up cost for opening a single Mexican Restaurant in Miami, FL is $375,000. Here is the breakdown of your upcoming expenses:

Initial Lease: $20,000
Interior Finishes: $30,000
Pre-Op Expenses: $25,000
Marketing: $5,000
Capital: $10,000

Exterior Finishes: $4,000
Operational Costs: $7,000
Professional Services: $13,000
Technology: $8,000

Recommendations: You should add a margin of 25 to 35% on top of what the item you sell costs you.

Business Checklist

The following list represents the list of items we recommend you to complete before opening your store. Each item has a help page to help you successfully achieve this milestone.

Check Opportunity Score
Find Business Name
Determine Offer
Incorporate
Find Retail Space
Create Retail Interior

Hire Employees
Create Marketing Presence
Open Store
Grand Opening