You have the eye for business in retail. You have the training, the concept, and a clearly defined mission. As an ambitious, excited, and confident entrepreneur, there are few things that could deter you from moving forward with this business idea. But in order for your business to truly succeed, you are going to have to execute. It all starts with where you choose to put your store. It could be the single most important decision you make as a business owner. So choose wisely. From a retail property for lease Fairfield County networking, brokering, and consulting company that knows what it’s talking about, here’s the best advice the Rakow Group can give you on how to choose the right spot.
What’s The Parking Situation?
It’s not uncommon, especially in retail, for competitors to set up shot shop in close range with one another. This drives the price down until all but one go out of business. This will quite likely happen to you. And when it does, prices aside, you’re going to want to do whatever it takes to make your store preferable to theirs. That means ensuring that you have ample parking.
For example, if someone pulls up next to your store looking for a new pair of shorts, but has to pull into your competitor’s parking lot first, the chances are that he or she is going into your competitor’s store first. For this reason, so long as your budget permits, it’s always best to go the extra mile and spring for some parking spaces. Around five parking spaces per thousand feet is a standard to shoot for.
Is It Easy To Find?
What are the nearest main streets and how far away are they from the corner you want your store to be on? Could someone easily find this place from across town without needing MapQuest? If your store is in a far away pocket on a street that nobody’s heard of, that is going to hurt your business significantly. Don’t let the inexpensive rent lure you into making a commitment that you ultimately end up regretting. But also don’t spend your entire budget on rent if you can’t afford to keep those payments up. There’s a reason the highest turnover is in the most popular locations. Be mindful of that.
Do The Costs Match The Value?
This is the kind of question that is tricky to answer without the guidance of an expert. Determining the true value of commercial property, or any kind of real estate for that matter, requires an understanding of all the variables at play. What is the standard cost for rent, utilities, zoning, etc. and how does it compare to the number this property owner is giving you? You’ll have to determine whether it’s higher or lower and why. And in the event that you decide the asking price is not reasonable, you’ll need the skills and necessary background information to negotiate your point effectively.