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Published On Jun 10, 2022
What advice does a new business owner need to hear when considering leasing retail space? Here's our list of questions that any retail business owner should ask themselves in preparation of finding the perfect retail space.
Questions to ask when you are looking to open a new retail business:
- Is your type of business missing in the area? Meaning, is there a need?
- Is your type of business missing in the shopping center?
- Who is your customer?
- Income level, ethnicity, gender, education level, etc.
- Does your customer live in the area?
- Does your customer shop at this grocery store?
- Is your type of business allowed in a retail zoning? If not, can you get a variance?
- What is the minimum size (square feet) you can take? Larger = more rent
- What do you need in a space?
- Plumbing/sinks, cabinets, walls, shelving, fixtures, special lighting, etc.
- How much will it cost to make the space work for your business?
- How long will construction take?
- Do you need permits?
- Do you need to order special equipment? How long will it take?
- Do you have enough money? Or financing (a loan)?
- 1 year of rent in the bank
- Money to build the space to your needs
- Permit fees
- Do you have a business plan?
- Projected sales for at least the next 3 years
- Projected expenses (rent, utilities, employees, franchise fees, advertising, merchandise, etc.)
- How will you get your customers? Advertising, local business organizations, etc.
- Do you have good credit? Better credit can mean a better rent deal
- If not, do you have a partner with good credit? Or can you put down additional security deposit?