As a business owner who’s about to expand their company, you’re on the precipice of an exciting professional change. While there are many ways to grow your business in 2021 and beyond, one of the ways you might be exploring is transitioning into a retail space.
Just like picking the right office space can improve productivity, choosing the right retail space can greatly improve your company’s bottom line. However, it can be a tricky process to navigate, especially if you’re a small business owner doing it for the first time. If you’re feeling overwhelmed by the process, don’t stress – you’re not alone. Here are three tips to help teach you how to choose the right retail space for your business.
- Consider Your Customers and Their Needs
Think about your target market. Where do they live? What do they do for a living? How old are they? What do they do for fun? You’ll need to have the answers to these questions at the forefront of your mind when choosing a retail space for your business. After all, your brick-and-mortar location is designed to serve your customers, so you need to make sure it’s doing exactly that by putting yourself in your buyer’s shoes.
Consider this example cited on entrepreneur.com: let’s say that your target market is young mothers with babies and small children. This demographic is likely going to be pushing prams and strollers around with their children. As a result, if you want their business, you need to make sure you choose a space that’s accessible to them. Specifically, you need to ensure that your space is on the ground floor or in a building with an accessibility ramp or elevator. You’ll also need to make sure that your aisles are wide enough to provide sufficient space for strollers to pass.
- Think About Maintenance
When selecting a retail space, you need to think long-term. For instance, when considering the costs associated with leasing or purchasing a new retail space, you can’t just think about the cost of rent or of the mortgage. You need to think about the maintenance costs, particularly if you’re buying an older space that needs a bit of work or a little more upkeep. While it may be hard to account for all these smaller additional expenses, try your best to take a holistic approach when hunting for your perfect retail space.
- Use Online Tools to Streamline Your Search
When it comes to searching for a new retail space for your business, online tools are your friend. There are several platforms that help to optimize your real estate hunt by offering location-based search options. Whether you’re looking for a retail space in Los Angeles or New York City, you’ll find plenty of listings. They also typically allow you to view multiple properties listed side by side and on a map, so you can easily compare the offerings of each space.
Choosing the right retail space for your business’ complex needs can be a tough process, but it’s far from impossible. By following these handy, simple tips, you’ll not only facilitate your hunt, but you’ll also make it far more enjoyable.
