What’s the most important quality all successful businesses share? While some would cite a strong marketing campaign or customer loyalty as the most important features (and they most certainly are important!), there exists a lesser known but no less valid aspect of making sure your business flourishes. Finding commercial property for rent can be an easily neglected feature on the road to greatness, combining a significant mixture of location and interior design that establishes a business’ first impression straight off the bat. Let’s look at the top five tips for finding the best retail space for rent, from renovation to safe habits to just knowing where to buy!
What Is Retail Space For Rent?
Some businesses aren’t quite sure where they’re going to end up in the next year or two. Renting a space is ideal for offering you a degree of flexibility when setting up your shop and many beautiful and accessible commercial properties for lease are available as a result of different demands and goals. Commercial real estate agents have noticed a significant economic upswing in the past few years, with commercial property sales rising a whopping 7% on a year-over-year basis. Accelerated investment activity is a double-edged sword –while you’ll have more options to choose from, it also means you’ll have more competition!
Where Do I Buy Retail Space?
First things first: what does your brand entail? Knowing your ideal demographics, including their preferences and dislikes, will go a long way in making sure you don’t waste your money or their time. Choosing the best business location means being close to the customers you want to serve — recent surveys have found customers more willing to revisit a shop if it’s within a few miles of where they live! Don’t forget to keep a close eye on your unique state’s laws and taxes, as well, since you may be qualified for tax breaks in the future.
How Do I Budget Appropriately?
So, you know where to establish your business according to your ideal customer demographics. Now how do you make the most out of your retail space? Keep an eye on the fine print, as you want the most flexibility possible while staying within your renter’s parameters. While some renters are more lenient, others may have strict rules you need to adhere to. You’ll have to consider furniture and electricity on top of basic business staples like marketing and production. Air conditioning is particularly important for both employees and customers alike, as nobody wants to be in a building that’s stuffy, dusty or muggy!
What Safety Measures Should I Take?
Employee and customer safety should be on the very top of your priority list. The best marketing campaign or prettiest building won’t mean much if you garner a poor reputation! Well-lit parking lots and proximity to other buildings will go a long way in ensuring customers feel secure in visiting your establishment, while taking additional measures through security cameras and state-of-the-art locks will help your business as a whole. Showing that you care about your customers for more than just their money will keep your brand successful and transparent. Now that you’ve got the basics covered you’re ready to get started on finding your retail space!
Where Should I Get Started?
Whether it’s a small retail space for rent or a large one, establishing the essential basics of location and budgeting will ensure your business space for rent is supported rather than diminished by your decision. Flipping through your local directory for commercial spaces for lease can help, but the superior option is physically visiting the neighborhood or city your business will be in. This way you’ll have the opportunity to look at the environment, see how accessible it is (make sure it complies with the country’s recently established ADA laws!) and judge accordingly. Now that you’re caught up on the do’s and don’ts, shop for your business’ future with confidence!