You have designed a great product, you have a business license and all your ducks are in a row. Besides your online store, you need to get a retail space to store inventory as well as sell your product. Before you make that move to rent a retail space, there is a lot to know. Commercial real estate will help you find the location that will best sell your products and make you a greater profit.
Before You Open up Your Retail Space- Do Your Homework
Before you sign the dotted line on just any retail space, make sure you do your homework or better yet, hire someone to do the homework for you! Think realistically, if you over-commit, you could be in over your head before you even open the doors.
• Make a list. What size space do you think you will need to start with currently?
• How much space will you need in the future? What is your business’s projected growth?
Think About Retail Space Location
Many people say that location is everything. Before you settle on one particular location make sure you research each retail space you are thinking about. Here are a few things to look for:
• What is amount of car and foot traffic in front of each retail space?
• Find out who the previous renter was, did they do any unseen damage to the place? Why did they leave?
• Does the rent match up with other retail spaces in the area?
• Where is your closest competitor? If they are going to be a neighbor, perhaps it’s not the ideal location
Think About Your Audience- Where are They Located?
• Does your location get local area traffic or just tourists or both? Depending on your product, you may want to be in a neighborhood or near a busy tourist destination.
Depending on Your Product, Could Your Share Space?
• If you have large furniture to sell, you won’t likely want to share your space with anyone else, but if you are looking to sell your handmade scarves, you may want to look into a smaller retail space, like a kiosk or a shared space with someone else who is looking to share.
Research Restrictions Before it’s Too Late
Some retail spaces say what you can and cannot do in regards to signs, flower boxes and other décor. Be sure and find out what types of restrictions come with the retail space. Other things to consider:
• Is there ample parking? Or bus service near your business?
• Are you allowed to have a large sign above your business?
• What is the maximum occupancy?
If all this seems like way to much to think about, while you are trying to work on other aspects of your business, you can hire a commercial real estate agent who helps small businesses find what they are looking for in regards to retail space. Hiring a professional to help you find a retail space could save you money in the long run- they know where to look, what to avoid and how to talk terms. Plus, with someone who knows about commercial property, once you have decided on a place, you’ll have a connection to painters, movers and handy men once you close on a deal- and what is not to like about that?
About the author: Jason Ausmus is a web content producer for Innuity. For more information regardingretail space or commercial real estatego to Royal Commercial
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.