5 Tips for Renting Retail Space
As a new business owner, you’re inundated with decisions that will either make or break you. One of the biggest decisions you’ll have to make is where your business will be located. Although it may seem a bit daunting to find the perfect retail space for your small business, it doesn’t have to be. Here are five things that you should consider before you are renting retail space so you’ll be sure you’ve made the right choice.
1. Start Looking Early
A good rule of thumb to go by is to start scouting retail spaces for rent a good six months in advance of your planned move-in date. There are a some very good reasons for this strategy. First of all, it might take you a couple of months to actually find a space that is suitable. Secondly, negotiating terms of the lease and finalizing the documents can be a lengthy process in some cases. Finally, if there are renovations and upgrades that need to be done, you’ll want plenty of time to work with contractors.
2. Other Businesses
Chances are, you’ve got a good idea of the part of town or general area you want to be in. If you’re in a highly competitive industry and there are several other businesses doing similar things, you might not find the market you need. On the other hand, being close to complimentary businesses can have a positive effect on your success.
3. The Neighborhood
What looks like a great building in a prime location may, in fact, be the complete opposite. Of course you’ll want to inspect the space and to be sure it’s what you need, but don’t stop there. Be thorough and delve deeply into the neighborhood and surrounding areas. Talk to other business owners in the area and learn as much as you can about the traffic patterns, typical foot traffic, etc.
4. Negotiate Well
In most cases, you’ll be able to negotiate many aspects of the lease from the length to the rate and beyond. If you’re strapped for cash and the building needs work, ask for a couple of months free rent to get started. If the lease payment is too high for you, make an offer that’s more reasonable. If they say no, move on, you’re not obligated.
5. Don’t Be Too Eager
It might be tempting to jump on what sounds like a good opportunity right away, but it may not be in your best interest. The reason you’re going into business is to succeed so you’ve got to start out on the right foot. Making a hasty decision could literally be a death-blow to your business. Take your time, seek professional advice and choose wisely.
If you’re looking at renting retail space in Dallas or the Houston area, contact us. We have assisted many businesses like yours find the perfect place to set up shop and we welcome the opportunity to serve you as well. Our professional, caring staff is dedicated to helping businesses set down roots and grow. Not sure if you need retail or office space? Call us today to tour!