Choosing the best location for your new retail business requires careful planning, professional advice and curbed enthusiasm. It’s important to remember that you may occupy your new space for many years and spend a lot of money on rent payments, renovations and marketing.
When shopping for a storefront, be sure to:
- Finish that Business Plan. It’s so easy to get excited about a vacant storefront. Worried about missing a great opportunity, many entrepreneurs rush to sign the lease before completing a business plan. A properly prepared plan will point you to the right location for your new shop based on your market research.
- Scout the neighbourhood. Don’t rely on real estate agents and landlords to tell you about the area. Find out yourself who lives, works and shops there by talking to other merchants, collecting market data and conducting your own surveys.
- Hire a lawyer. You’ll be able to decipher a complicated commercial lease and perhaps negotiate a better deal by obtaining legal counsel. Most entrepreneurs try to save a few bucks by handling such matters themselves, only to pay a lawyer later to undo their mistakes. Be sure to hire a lawyer with real estate experience.
