3 Keys to Finding the Perfect Brick-and-Mortar
Many new businesses question whether they're ready to take the plunge into leasing a commercial space. Making smart choices for your business is crucial, and like any other decision, opening your first brick-and-mortar location isn't just luck. Forethought and planning go a long way. Here are 3 things to consider!
1) Make a business plan.
Business owners put a lot of work into planning their products and services, and renting a commercial space is no different. Have your business plan polished and ready, as it is an important first step for landing your location. Your potential landlords will want to see one before committing, and your attention to organization will show you're the real thing. Make sure your plan includes a clear description of your business, a branding and marketing plan, background on management, analysis of competition in the market, as well as financial projections and reserve funds available. Having information on construction costs and improvements to make the space work for your concept will show you're ready for next steps. Refining your business plan and gathering financial documents will make searching for a perfect commercial space a walk in the clover.
2) A solid location.
Large, online businesses dominate virtual space, which means a boutique business can struggle just to be noticed. However, finding the right brick-and-mortar location for your small business can generate just as much buzz as a website. Customers have the opportunity to see and feel products in-person, ask questions of knowledgeable staff, and develop relationships, all of which provide an elevated experience you just can't get online. However, the old adage of "location, location, location" isn't true for all businesses. You don't need to be on the most prominent corner in town to benefit, and there can be a huge financial advantage to be off the beaten path, especially if your business has a larger online presence. You also want to make sure the space is right for your business, a space too large can stretch your finances, whereas a space too small can be outgrown quickly. Plan ahead for where you want to be, and for how long, and you won't be caught without your suspenders.
3) Know your neighborhood.
You know your customer, why wouldn't you know your neighborhood? Knowing the ins and outs of your location, the neighborhood, and the building is critical for a successful brick-and-mortar. It's especially important to make sure your space can be used the way you intend. Having vital information about specific zoning codes and occupancy limits can go far in your search for a space. Commercial properties are zoned for certain uses, and have legal limitations on how they can be used. If you are opening a restaurant, your occupancy requirements will be different than if you are opening a retail shop. Checking with your city to see what a space allows is always smart. Be sure the space can be used in the way you imagine. Then you won't have to go over the rainbow to make your business dreams come true.
Your journey to finding a great commercial space begins with finding the right broker for you. We at DTRE understand that a well informed agent helps you easily navigate your path to a successful deal for your business.
You don't need to be Irish to know luck happens when preparation meets opportunity.
Prepare, and you won't be shocked when you find gold.