 Hello friends welcome back to module two lesson number one the golden trifecta to pick your winning restaurant concept in this lesson you're going to learn how to find your perfect restaurant concept with the golden trifecta now some of you might be asking what is the golden trifecta it is a framework that I have created over years of being in business they have three different components there's a restaurant location and customers and when all three of these guys overlap you're going to see the golden trifecta in the middle and when this exists you're going to have the highest chance for success in your restaurant business now why is it important like I was saying when a lot of restaurant tours they create a business they create a business because they think that they have this amazing idea that they see from out of town and they want to bring it back locally in where they live to be able to have and share with their community because they see it being really really popular in the place that they travel to or they have this really really good idea that they found on instagram and they want to bring it to the community and make it work or they just have this beautiful location in mind and they see it they know for a fact that anything they do there is going to be successful because that's the prime location oftentimes this leaves to confirmation bias now what is confirmation bias it is just finding facts that supports your idea that this is the perfect location and ignoring everything else you're ignoring the fact that this location there's no one walking by there's no walk by traffic you're also ignoring the fact that this location is probably 20 higher than market rate in terms of rent wise so you're ignoring all those but because you fall in love with the location you're finding everything that you can to support the idea that it is the perfect location for you now if you want to be able to build a profitable restaurant then you must have all three of these components overlap to find this golden tri-fecta and once you are able to identify this that's when you have the highest chances of success in your restaurant concept now let's look at what happens when you only have two of these okay so first up the concept and customers when you have a great food concept and you have identified who is it that you're selling to that loves your food concept but you lack the convenient location and your restaurant is very very far away from your customer avatar now i'll give you an example there's this really really great chinese food that is all the way out and Langley 45 minutes from where majority of the chinese people live and that's not really out of the way from where we live but they sell one of the most delicious peaking duck out there as much as we love it probably would take a trek out there maybe once a year but if they were more they were closer they were more convenient we would go probably once a month okay so that's the reason why there would be a lack of frequency in return customers if they don't have a good location now next up customers and location you have the right customer avatar you know exactly who you're serving and they hang around your desired location for your food restaurant but your food concept just doesn't align with what customers are looking for at that specific time what's going to happen that's going to lead to a lack of traction and a lack of demand for your restaurant so excuse me for example selling fish and chips to people in downtown core area during office hours so with fish and chips it's oily it's messy and it's soggy and so not a lot of people are looking for that type of food during their work time and that's the reason why it's going to have a lack of traction and demand whereas if it's like a chipotle bowl for office downtown people it is much more of a receptive concept because first of all it's convenient it's healthy and it is also not messy that's the reason why having the right concept in the right location with your customers in mind is so so important next up we have location and concept having the prime location and a killer food concept guys but you'll lack the understanding of your customers and where they hang out so for example you're selling the best fine dining greek food out there in prime downtown area okay when that happens what's gonna what's gonna happen that means that there's gonna be a lack of customers because of the high rent and even if there are customers there are just not enough demand to sustain your business because fine greek food is probably more receptive to people that are greek and that's probably in greek town so that's the reason why you probably don't want to have it in downtown core area where the people are not hanging out so what happens when you find the golden trifecta guys you would have a great food concept at a prime location where your ideal customers are hanging out and this is a formula for you to have lineups out the doors when these three components overlap and that's how something how we're able to have concept our concept do really really well in multiple different cities that we have explored so for example like i was saying chipotle serves fast quality food for office workers in prime downtown location and that's the reason why you see that they're so popular and they always have lineups out the doors every time you walk by a chipotle now does your turn identify your golden trifecta and make sure each of the three components overlap so then you choose that concept that works with when all three of these guys overlap okay in the resource sheet but down down below download it and you can actually go and start creating your golden trifecta in the next lesson you're going to be learning the four money-making restaurant concept to choose from and their pros and cons i'll see you guys in the next lesson