Selecting your commercial space might actually be one of the most important choices for your business. Your actual retail location or commercial space might indeed affect the success of your business in a very profound way. If you want to make sure you don’t have to deal with regrets later along the line, it is critical to consider your option thoroughly, and if possible, to make some research before deciding on a final commercial space.
This article will give you some valuable tips concerning five important things to consider before you select a commercial space for your business. Read on to learn more
When considering a commercial space, it is very important to think about the traffic the location might expect. Say your business heavily relies on shop windows as a way to lure customers in and showcase your products. In this particular case, you will certainly benefit from a commercial space that enjoys a lot of pedestrian traffic. On the other hand, a location where people seldom walk by might damage your business exponentially, since you rely so much on appealing to people walking by.
Not all commercial spaces need to be in a prime location where people want to hang out. Some businesses may cater to wholesalers, distributors and other customers, so they don’t need to invest more in securing a commercial space that is located in a busy area, full of people walking by. It’s very important to evaluate your situation and determine whether you need a commercial space in a high-traffic location.
2) Size and layout
Although you can significantly customise the looks and functionality of your commercial space with shopfitting, it is important to determine whether the commercial space you are looking at might serve you well in terms of size and layout. How much product are you stocking? How many customers do you expect to walk in? What is the type of experience you want to give your customers?
Size is not just a matter of having a bigger store – it can also be used as a branding tool, to further shape the image of your business and appeal to people. To give you a few examples, a computer shop might benefit from a large, open and bright space, which gives people an idea of modernity and innovation. On the other hand, a small thrift shop selling vintage clothes might thrive in a smaller space, giving people the idea of a small artisanal boutique with a hip character. Once again, it is certainly a matter of understanding how to let the size and layout of a commercial space work in favor of your business/brand, in addition with clever shopfitting to suit your needs and style.
3) Staying within your budget
Although you might be tempted to go overboard for “that dream location,” remember that your business depends on clever budgeting. Before you commit to a particular space, it is important to know how much you can make. Can you afford the monthly rent? Are you going to have any room for emergency expenses, or are you barely going to get by? Renting any location is almost always pricier than you might expect, so make sure you are well aware of your budget restrictions.
4) Features and other amenities.
In order to operate at its best, your business might require specific features and amenities. For instance, food caterers and restaurants might require a kitchen space or bathrooms for their customers; a beauty parlor might require a few additional sinks, and shops of different types might require a lot of electrical outlets due to the nature of their displays, lighting and other special requirements. It’s important to plan ahead and get a very clear picture of what your business really needs in order to operate in the best possible way.
5) Lease agreements, contracts, and other expenses
If you finally think you found the location you have been dreaming of, it’s time to dive into the bureaucracy of it all. Make sure you fully understand the lease/contract before you commit to any space. Understand what kind of costs you will be facing, and don’t forget that a lease could be a huge long-term commitment, particularly if you are just starting out with your business.
If you need to get a long-term lease for your commercial space, it might be a wise idea to make sure you can sublet the space to a third party, just in case something happens.
There might be other costs that you should always be aware of. This might include insurance fees, common-area management in case of shopping malls and shared spaces, property management, and more.