How do you plan to make money from it?
Monetisation will come primarily from providing analytics to restaurants. Because of the way the app works, we can go to a restaurant and give them info like "x number of people were interested in going to your restaurant, but they went across the road to your competitor instead". In addition to analytics, we planned to do the usual promoted results and coupons etc.
Now think about Foursquare and how even they have not been successful in offering something similar to local companies.
I'd quit before I'd waste any time on this venture.
Unless you view this as a learning experience or side project.
Like I said though, it costs us practically nothing to run and it's been a great learning experience so far - I don't see any reason to give up just yet.