There are lots of things to think about when looking for the perfect retail space for your small business. Everything from the size and location of the building to the look and feel of the space will help to determine whether or not your new location is something that grows your business or shrinks it. To learn more about what you should consider when searching for a retail space for your small business, keep reading.
1) Know the Market When looking for your next business space for rent, it’s important to understand the state of the market. With the recent upswing in the economy, commercial space for lease is more and more in demand. For example, in the 3rd quarter of 2014, commercial real estate agents reported gains and sales increased by 7.4% year over year. While this is good news for the economy overall, it does mean that you may face some stuff competition in finding the right retail space for rent. Get to know an expert agent in your region so that you can stay on top of the most recent developments in the market.
2) Know Your Business It’s also important to consider the company image and brand of your business when thinking about commercial space for rent. You want to have the kind of space that makes sense for your business. If you specialize in lighting, you probably don’t want a dark space that feels small. If you sell crafts or have a retail space that works with several vendors, you’ll want to be sure you have the loading and unloading space you’ll need to accommodate deliveries.
3) Think Big Picture Just like it’s important to think about the current look, feel, and brand of your business, you should also think about the future. If you consider this space just a temporary stop and anticipate moving again within a few years, you may want to allow that to influence the amount of investment you make in your retail space and the upgrades or decorating you do. If you’re looking for a permanent home for your small business, consider where you hope your business will be in the next 5-10 years. Even if you don’t need certain capacities right now, if you reasonably think you will need them soon, it’s a good idea to prioritize them when looking for your new retail space.
4) Looks Matter Like it or not, when it comes to doing business, looks matter. You want to make sure that your new space will be an attractive and inviting one. You want your customers to want to come back over and over again and that won’t happen if people feel uncomfortable in your space. Make sure your business looks like a business you would want to patron yourself.
