Top 5 Tips To Consider Before You Rent Retail Space
By Tara Roed, Community Home Brokerage
Top 5 Tips To Consider Before You Rent Retail Space. Lots of us dream of being our own boss. The idea of opening a storefront to sell those AMAZING cupcakes everyone loves, a coffee shop or yoga studio is appealing to so many of us. However, we all know there is a lot to consider. A frightening majority of small businesses fail. You need to plan and set yourself up for success.
Rent, insurance, parking, utilities, and maintenance are at the top of concerns. The list is long. A good business plan is vital to success. You need to crunch your numbers.
When you are ready to move forward one of the most important considerations is finding a Real Estate Agent savvy with Commercial Properties. Why? Location is a big factor in your success.
Here are the big 5 real estate considerations you should discuss with your broker:
Foot Traffic – Will you get a lot of people walking by that may pop in and check you out? If so, you may pick up new customers that don’t know how great you are. If you are hard to find only your past clients are going to look you up!
Parking – This is Staten Island. Parking in some neighborhoods is a real problem. Unless your potential customer really loves you will they circle the block to park? For example, New Dorp has historically been a great town to shop small businesses but as the population expands the parking options dwindle. Know your neighborhood!
Lease negotiation – It is your business to run, but it is your agent’s business to assist you in negotiating your terms. Communicate your financial needs and goals in order to find a space that won’t leave you reaching too far to come out in the black.
Zoning and regulations – Your agent leases and sells commercial space all of the time. They can be a great source for helping you navigate what the city allows. Also, that knowledge may help you get creative if you aren’t finding the perfect space. For instance, a lot of small gyms and Cross Fit facilities are located in traditional warehouse space. A smart agent may help you think outside the box!
Neighborhood demographics – Be sure to hire a professional that can help you find a space in the neighborhood that best suits your demographics. Staten Island has been witness to some great new restaurants flourishing in unlikely places. The right Agent can scout out the best place for YOUR business.
Most importantly, make sure to do your homework. For a more in-depth look into the many aspects to consider when planning your new business take a look at this QuickBooks article.