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Location is one of, if not the most important, consideration when you are running a store. A good location brings in walk-in traffic. Without walk-in traffic, your store will suffer with lost sales. This is not your only consideration with location; you also need to look at how much the store is going to cost you and how that cost affects your bottom-line.
Be in High Traffic Areas
Your store must be visible as well as accessible, but it must also be in a location that draws people in. High traffic locations can do this. While they do cost more, the extra money that the store will bring in will be well worth it. A great location and price balance is also important since you don't want to pay too much for a location, even if it has high traffic.
Having a street-front location with good traffic going past it is a good idea because this will draw customers in. Customers want convenience, not a painful time trying to park their vehicle. Having your store near restaurants, offices and service businesses can bring in a lot of walk in traffic for you.
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Negotiate a Good Lease
The lease is important. Pay too much on it and you limit your net profits. Pay too little on it and you need to wonder why the store lease is so cheap (bad location, high crime, etc).
Long leases may seem like a good idea but you have to look to the future of your shop. Not all stores make it, so what do you do if you sign a five-year lease that you only use four years of? A better idea is to have a yearly lease that allows for a certain percentage increase in rent each year, usually five percent. Even if your store does not fail, you could find a long-term lease hurts business. If your store is doing great business, it may need a bigger shop, so what do you do if you are in a long-term lease in a store that has limited space?
Get Professional Help
It can be hard to decipher what lease agreements say. These documents are full of legal-speak, and if you feel you aren't understanding everything mentioned in the agreement, then you should have your attorney look over the lease. They will be able to tell you exactly what you are getting into, and what you should watch out for in the agreement.
You should also have an inspection done of the building by a licensed property inspector. The inspector will look at the air conditioning, heating, plumbing and electrical elements of the retail space.
Understand Future Costs
Utility costs can sink you if you are not prepared for them. Heat, water and electricity can really cut into your profits, so it is important that you talk to the landlord of the building and ask for a history of utility costs if possible. This will give you a clearer idea of what you may be paying each month.
The Importance of the Walk-through
Doing a walk-through before you take possession of a retail space allows you to list any defects you see in the building. By doing this, you won't be on the hook for those defects when your lease ends. Some landlords will try and get you to pay the costs to fix defects that were not your fault. By doing a walk-through and documenting the defects, you can prevent yourself from paying any unwanted costs.
Be in High Traffic Areas
Your store must be visible as well as accessible, but it must also be in a location that draws people in. High traffic locations can do this. While they do cost more, the extra money that the store will bring in will be well worth it. A great location and price balance is also important since you don't want to pay too much for a location, even if it has high traffic.
Having a street-front location with good traffic going past it is a good idea because this will draw customers in. Customers want convenience, not a painful time trying to park their vehicle. Having your store near restaurants, offices and service businesses can bring in a lot of walk in traffic for you.
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Negotiate a Good Lease
The lease is important. Pay too much on it and you limit your net profits. Pay too little on it and you need to wonder why the store lease is so cheap (bad location, high crime, etc).
Long leases may seem like a good idea but you have to look to the future of your shop. Not all stores make it, so what do you do if you sign a five-year lease that you only use four years of? A better idea is to have a yearly lease that allows for a certain percentage increase in rent each year, usually five percent. Even if your store does not fail, you could find a long-term lease hurts business. If your store is doing great business, it may need a bigger shop, so what do you do if you are in a long-term lease in a store that has limited space?
Get Professional Help
It can be hard to decipher what lease agreements say. These documents are full of legal-speak, and if you feel you aren't understanding everything mentioned in the agreement, then you should have your attorney look over the lease. They will be able to tell you exactly what you are getting into, and what you should watch out for in the agreement.
You should also have an inspection done of the building by a licensed property inspector. The inspector will look at the air conditioning, heating, plumbing and electrical elements of the retail space.
Understand Future Costs
Utility costs can sink you if you are not prepared for them. Heat, water and electricity can really cut into your profits, so it is important that you talk to the landlord of the building and ask for a history of utility costs if possible. This will give you a clearer idea of what you may be paying each month.
The Importance of the Walk-through
Doing a walk-through before you take possession of a retail space allows you to list any defects you see in the building. By doing this, you won't be on the hook for those defects when your lease ends. Some landlords will try and get you to pay the costs to fix defects that were not your fault. By doing a walk-through and documenting the defects, you can prevent yourself from paying any unwanted costs.
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