When it comes to retail space, it's all about location, location, location. What makes location so important is that it's intertwined with traffic. Who cares about your great new product if people aren?t willing to go out of their way to get to your store? Retail hot spots can get a little pricey, but the right location brings in people, which means it has the potential to pay for itself. Consider traffic patterns, demographics and your competition. They can make all the difference in your business.
Traffic patterns don?t just refer to vehicle traffic; they also refer to foot traffic. Consider highways, roadways and walkways. Each is significant in it's own way. Being located near an exit off a major highway can bring loads of traffic to any business, but drivers usually need a good reason to exit the highway. Consider the presence of gas stations and restaurants in the area. Busy city streets are also big traffic generators, but you must make sure that parking in the area is plentiful, otherwise drivers will speed on by. Highly walkable areas seldom generate the immense amount of vehicle traffic that major highways and roadways do, but don't write off foot traffic just yet. People are often willing to drive greater distances just to spend some time walking around, shopping and enjoying an area.
You should also look at other major traffic generators in an area. Office buildings, hospitals, factories and universities all bring large amounts of traffic through a neighborhood.
Finding high-traffic areas will only get you so far, then demographics need to take over. If your location isn't bringing the RIGHT people through your door, then your product or service, regardless of how cool it may be, means nothing. It would be stupid to put a high-end clothing store in a rural area or a hardware store inside of a mall. Why? Because you are reaching the wrong clientele. Rural residents aren't going to flood through the doors of a high-end clothing store, just as hardware store frequenters aren't going to spend the afternoon at the mall.
Look at age, income, gender or anything else that might be a factor. This information is crucial in finding the right location. Whatever demographic determinants you consider, make sure they fit closely with the clientele you are looking for, and then make sure the location of your business caters to them.
If you're thinking that you don't want to be in close proximity to one of your competitors, think again. By setting up shop near competitors, you can capitalize off the time and money they spend marketing their businesses. If your competitors are flourishing in a particular area, then they are most likely located near the right demographic. They may have also spent their marketing efforts trying to drive even more traffic to the location. If you're confident that your product or service can compete, then why not use their efforts to your advantage.
Locating your business near competitors will also force competition, and competition is always a good thing. It makes both parties work harder and therefore generates more business.
Location may be the most important thing to consider when searching for retail space, but the particulars of the spaces themselves are important in office space searches. Though location can still be factored in to your decision, office spaces don't thrive off traffic the way retail spaces do. Instead the focus needs to be on meeting the needs of the business and the employees. Knowing exactly what you are getting always pays off in the end.
Don't sign anything until you fully understand every last part of your lease. Of course you are going to know how much the space costs, but what are the other terms of the lease? What kind of Internet connectivity does the space have, and is it included? What are the hours of use for the common areas of the building? What happens if you have to break the lease? Any number of problems can creep up on you if you don't read carefully and ask plenty of questions.
Another thing to remember is that when the landlord presents you with the written lease, consider it the starting point. If you like the space but are not completely happy with the terms of the lease, negotiate. You don't have to immediately accept the lease as is. Landlords are often willing to give a little to get their spaces rented.
The quality and quantity of the space itself is usually the deal maker or the deal breaker. For starters you're going to want to make sure that you have enough space for your employees. A good rule of thumb is to have at least 1,000 square feet for every five employees. You also want to make sure that the building has ample parking for your employees. If at all possible, try to avoid buildings with only reserved parking. If any unexpected visitors come to the lot, your employees may spend valuable time trying to find an unoccupied parking space.
Consider the other tenants in the building. If your building is also occupied by a media outlet, government agency or high-profile company, you may want to think about security. TV cameras and picket lines can disrupt anyone?s day. Though this may seem like a no brainer, being aware of the structural integrity of the building is also important. Make sure you know when the building was built and if it has had any renovations.
Occupying a building with quality building management can save you a ton of headaches during the duration of your stay. You don't want to have to worry about menial issues like office repairs. You have bigger things going on, like starting, growing or running your business. Ask existing tenants about the landlord?s response to maintenance requests. Find out if the service is adequate or if requests are constantly being ignored or repeated. If it seems like the landlord doesn?t invest time or energy into the day-to-day operations of the building, then maybe you should consider looking elsewhere.
