You may have started your business as a solely online store, but there might come a time when you’re looking out into your town, and thinking: is it time that I open up my own store? While there’s no “one size fits all” approach to figuring out whether this is the right approach or not, for some, it can bring the momentum that’s needed to take the business to the next level. But if you’ve never rented a commercial property before, then how do you go about finding the place that’s right for you? We take a look below.
Is the Location Right?
There’s not going to be every type of commercial property available, especially if you’re looking at an already popular area. Indeed, you might only have a handful of options available to you. But even if this is the case, it’s important that you don’t rush in and take the first place that might suit your needs. It takes a lot of money to open up a store, and, as such, you’ll need to ensure that you’ve made the right selection before continuing with the process. So be patient. If you need a place that gets a lot of foot traffic, wait for a site that gets a lot of foot traffic to become available!
You’re going to be spending a lot of hours at your shop, and, when you’re there, you’ll need to ensure that you’re alert and ready to hit the ground running. If it has taken you an hour to drive there, then you won’t have had the time in the morning to mentally and physically prepare yourself for the day. Pick a location that’s easily accessible by car or public transport; you’ll be grateful for it when it comes to driving home at the end of the day, and so will the staff that you hire.
Your Long-Term Goals
You’ll have taken a big step by deciding to open up a store, but if you’ve shown that ambition, then it’s unlikely that you’ll be happy to stop there. Before selecting a place, have a think about your future plans. There’ll be no point choosing a small site if you’re only going to expand in a year or so. The idea should be to find a space that caters to your current and future needs, but which also stays within budget.
And talking about your budget, you’re going to need to come up with one before you begin your search. This can be a little tricky to arrange, but as a starting point, you should be figuring out all of your expenses and your projected income. When you have those numbers in front of you, you’ll be able to have a better understanding of how much you’re able to spend on your rent. If a place seems to be on the upper end of your budget, it’ll be worthwhile looking elsewhere – the enjoyment of having your own store will be greatly compromised if you’re forever worrying about how much the site is costing you.
The Rental Agreement
You’re not going to be buying the premises outright, and, as such, there are going to be rules that are set by the landlord that you need to follow. This will all be outlined in your rental agreement, which both parties will have to sign before it becomes yours. It’s very important that you read through this agreement, and flag up anything that seems unusual. If you don’t know what a rental agreement looks like, take a look at https://www.rumah.com/panduan-dan-referensi/mengurus-sertifikat-tanah/cara-membuat-surat-perjanjian-sewa-menyewa-ruko. In your agreement, you should see a breakdown of costs and charges, and which party is responsible for the various parts of the building maintenance, among other things.
From Beginning to Opening
You’re not going to find a rental property that you can move straight in to. There’s going to be a period of ‘fitting’, which will transform the empty space into what will become known as “your shop.” This won’t necessarily take long, but it will require a lot of work, either by you or the experts that you bring it to help you. When you’re putting together your budget, make sure you’re accounting for this period of dead time, where you’ll be paying the rent but won’t be bringing in any revenue.
Remember the Extra Costs
There are going to be some other costs that you need to account for you in your budget, too. Electricity, for example, is unlikely to be included, so you’ll need to have at least a base understanding of how much you’re likely to use each month. Then there’s the matter of heating/cooling. If you live in an area with extreme temperatures, you’ll need to install systems to keep things cozy or cool for your customers, depending on the season.
Think About Security
You’d like to hope that no-one would do your shop any harm, but alas, this is the real world, and it does happen from time to time. You’ll want to have security cameras installed, and perhaps shutters so that no-one is capable of breaking and entering after you’ve left for the night. And before you get too deep into the process, make sure you’re getting the right kind of business insurance for your site; if something does go wrong, it’ll be a valuable safety net.
Whether It Feels Right
There’s no one thing you should be looking for when it comes to commercial properties. Indeed, you might not even have a list of criteria by which to judge potential options. So don’t underestimate the power of intuition. If you see a place and things just seem to click, then go with that option; sometimes, you don’t know what you’re looking until you find it!