Tips To Help You Navigate Renting Your First Store Front
Posted on: 28 December 2015
As a new business owner, one of the most important decisions you can make is where to locate your new store front. Here are a few tips that will help you navigate renting your first store front and really getting your business going.
Determine What You Need
Before you call up a real estate agent from a firm like Baddour And Associates Commerical Realtors to assist you in your search, you need to sit down and really think about what your business needs in its new store front. Here are a few questions you should know the answer to before you even start looking at leasing commercial real estate:
- Do you need to have a lot of storage space or will the majority of your products be displayed within your store?
- How much space do you need to set up your business?
- Do you need a kitchen space within your storefront?
- Do you need public restrooms for your customers?
- Do you need need dressing rooms?
- How much business do you expect to generate and how much parking space do you need outside of your business to accommodate your expected customers?
Knowing what you want out and need from the physical space you will be leasing will help the real estate agent you end up working with guide you to the right property for you needs.
Know Where You Want To Be Located
Once you determine what you need out of the building itself, you also need to determine what you need from the location where you end up renting. The location of your storefront will be instrumental to your success.
Do you want to be located right off a busy highway? Do you want to be located within the business district of your local downtown? Are you catering to customers who will drive by your store or are you focusing on attracting foot-traffic customers?
If your local city has different neighborhoods and districts that cater to different types of individuals, such as an art district or tech district, you need to think about what district or area will attract the type of customers that your business will need to succeed.
Understand All The Expenses
Finally, when you start to find properties that fit your physical and location needs, make sure that you understand all the expenses that come with the lease. Not all leases are created the same, and sometimes the cost you pay per square foot for your lease is just the starting point and other times it encompasses all your expenses.
Make sure you find out if the following expenses are covered in your base rent or if you will have to separately make these payments:
- Property Taxes
- Insurance
- Repairs
- Utilities
- Trash Collection
Understanding the true cost of the property will help you decide if the lease is right for you.
As you set out to rent your first store front and sign your first commercial lease, make sure you know what you want from a location, where you want to be located and what you can afford to pay. Knowing this information will make the leasing process go much smoother for you.
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