Things To Know When Choosing A Business Location

Small retail space for rent

One of the biggest factors of a business’s success or failure is how they use their space. If you’re looking at a commercial space for rent, location can be incredibly important for a new business, even if it’s part of a larger national chain. When choosing a commercial space for rent, you should be looking at the demographics of the area–will the people who live near your business be the kind to spend money there? For example, opening a designer brand store in a poorer area won’t get much traffic, while opening something more crucial to the area (a discounted grocery store or a pharmacy might be more successful. You’ll also want to look at competition that already exists in the area, getting a feel for your supply chain, and having a working knowledge of state and local taxes that might affect your budget.
How To Be Smart When Signing A Commercial Space for Lease Agreement
A commercial space for rent may have different requirements and guidelines depending on the area, the landlord, or state regulations. You should always, always read the fine print. Hidden costs and additional responsibilities of the leaser are often squirreled away in that fine print. For example, they may ask you to pay maintenance fees, property upkeep, and systems repair, like air conditioning, plumbing, heating, and more. If you share facilities with another tenant of the building, you may also be required to pay upkeep for that as well; something called Common Area Maintenance. Even though the basic rent might seem inexpensive, you’ll want to make sure that the cost you see is the actual cost you’ll pay.
What Sorts of Things To Look For In A Retail Space For Rent
You’ll want to choose location very carefully, as it can have a major impact on your business, as mentioned before. Retail stores may want to be located near other business or retail stores, for convenience. If your store is next to another popular store, customers may pass from one right into the next. However, if you have a quirkier store that’s less mainstream, you may want a different, more unique vibe that will attract customers to your business.
Safety is tied into your location as well. Since you’ll be employing individuals who may arrive at the workplace earlier and leave later than customers, you want to ensure their safety as well. If employees feel like they’re working in an unsafe environment, the chances are pretty good that they won’t want to work for you. Make sure it’s a good area where people can walk to their vehicles or transit stations safely. Customers will also know if it’s a bad area and stay far away.
Having your business in a public location is also a good idea. If it’s near public transit and with lots of parking spaces available, people are more likely to stop in. If your business is known for its cheerful atmosphere (be sure to hire a good landscaper and interior designer) and welcoming attitude, more and more customers will spread that through word of mouth.
When choosing a commercial space for rent, remember: location, location, location.