Your business is growing, and it soon won’t only be confined to the internet. You’re in that satisfying moment when there is enough public demand for your service that it’s time to open your doors – it’s time to start renting a property.
But hold your horses before you rush into a deal. Finding a shop for rent isn’t as simple as bunging a fistful of cash at the first property owner you meet and counting your profits. It takes time, expertise and the same level of entrepreneurial spirit that’s helping your business hit the stratosphere online.
With that in mind, we’ve put together a few tips on how you can find a shop for rent – that won’t put you in the red.
Location, location, location
Location is everything when you’re renting a shop. If you’re a pioneering tech firm, for instance, is it wise to place your company in an area dominated by car manufacturers and steelworks? Or if you’re a cafe, should your base of operations exist in the middle of nowhere?
At the same time, don’t veer in the opposite direction. If you’re looking at properties with a Starbucks, Costa and a Cafe Nero on the same street, will there be room for your coffee shop to thrive?
You’re entering a balancing act, indeed. So study every facet of the area you might be renting in and see how it could affect your profits.
Know the future
No one really knows how retail outlets will look in a decade’s time, but the forecast looks bright – in the right context.
Shop owners that have adjusted to smaller spaces and more convenient layouts look set to thrive within the retail sector, whereas those old, lumbering shops will struggle to compete with online giants like Amazon.
With the rise of the internet, there isn’t as much demand for shops as a decade ago, which is why you have to give customers a level of service that inherently impersonal websites can’t compete with.
Know your stuff
You might have suffered this fate in your younger days – you head into a property to view it, think it looks great and sign a contract on the spot.
It’s only when you’ve spent a week living there that you find the heating’s on the blink, the cupboards can barely hold two articles of clothing and mould lines your bathroom ceiling. You’re living in a nightmare and there’s still six months left on your lease.
When you’re renting a property, asking questions of your landlord and examining every facet of the building is vital.
Without a thorough knowledge of your property, any surprise could jump out at you. Or, even worse, it could jump out at your customers.