Its One Big Step For You and a Giant Step For Your Business

Written by Economic Development Jobs on July 27, 2016. Posted in Commercial property for lease new lenox, Retail space for lease, Retail space in westland mi

Large retail space for rent

Running your own business is hard, there always seems like there are a hundred and one little things to do during the day that will never be accomplished. If you are one of millions of Americans that run a business from their home than multiply that to do list by three. Luckily after more blood sweat and tears from you and your loved ones than you could possibly calculate, the day has finally come. You have outgrown your home operated business and are finally ready to start searching for a retail space for lease. While this is a big step for your business it is also important to keep some considerations in mind as you start your search for the right commercial space for rent. Below you will find some tips that will help you take your next big step without taking a couple of steps back.

Calculate Your Ideal Price Range When Looking for a Retail Space for Lease

This should go without saying, but you would be surprised how many people make it out of the basement only to sign the lease on that fancy brand spanking new business space for rent with all the amenities, only to end up back in the basement in under a year. Be realistic about your needs when searching for your first space. Many first timers put too much emphasis on the appearance of success without placing their concerns on financial viability which will lead to overall success. Remember, a bit of frugality now can have huge dividends later on down the road.

They Aren’t Lying When They Say Location, Location, Location

If you are selling ice cream than setting up shop in the North Pole is probably a bad idea. It might be a silly analogy, but the general principle is a solid one. You need to select an area that will guarantee you the most success. If your business is mostly phone or internet based than having a easily accessible location is not that important, but if you are expecting a fair bit of customer drop ins, it is important for your location to be accessible. Once again, by establishing your budget you can find a place that fits your price and location criteria with a little bit of compromise back and forth.

Large retail space for rent vs. Small Retail Space for rent

This step actually goes along a bit with deciding your price point, but it is something to keep in mind. It’s important to inventory what your absolute essentials are when you are choosing a retail space for lease. This will keep not only rental costs low, but also maintenance. If you sell small fine goods, then you probably won’t need a space that has a huge warehouse space. If your company is more tech based there are other considerations to keep in mind, namely employee relations and work flow. If you have a work force of 6 than it doesn’t make sense for each person to have their own individual office. Take a page from some of the biggest companions, they have actually designed their work spaces to increase contact between employees and thus increase cooperation, collaboration and imagination.

Some of the best advice in business and in life is to measure twice and cut once. In this case it means spend extra time doing your research. A good resource for finding a retail space for lease that fits your needs is connecting with your local business community especially in any of your prospective locations. Another good source for information is through word of mouth, you would be surprised how many leads are passed along these days through solid word of mouth. There is also the great all knowing world wide web. It might not seem like a common thing to do especially for business owners, but don’t forget to take time to reflect on where you started and where you are going and, if you have the energy for it, enjoy researching your next big step.

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