Buying a property is pretty darn stressful.
You’ve got to figure out every facet of your soon-to-be home, hope it’s as much of a fixer-upper as you assume, sign up for monthly mortgage repayments (your hand quivering as you sign) and spend hundreds of pounds searching for the perfect interior design choices.
But what about when you’re on the hunt for a premises you’ll stay in for far longer than your home? What about when your mini-business is booming and you need to find a retail premises to let?
Indeed, the stress of moving your company into the big leagues is far greater than setting up a home.
You’ll be in a precarious position – flush in profit but unsure if your online business will transfer effectively to the high street.
All this will leave you with a lot to consider before you head into retail. Don’t pull your hair out – follow this guide for top-notch advice.
Know your customers
Location, location, location – it’s not just an excuse to watch the will they/won’t they banter of Kirstie Allsop and Phil Spencer. The show’s title should be taken as a motto for anyone looking to set up an effective retail outlet.
For an extreme example, imagine establishing a vintage fashion shop in an industrial sector of your home town. Unless you happen upon some couture-loving mechanics, you’re not likely to reap the big bucks.
While it’s an extreme example, it does illustrate how important locations are for your business.
You might want to set up shop close to home, or somewhere that’ll get you on a convenient bus route, but you have to take yourself out of the equation. That old cliché still rings true – the customer is the most important aspect of your business.
Mix it up
As the internet supersedes the high street, there is less demand for retail stores. When it’s possible to sit at home, in your pants, and one-click order yourself a new dress, why should you head to the store?
Your retail premises, therefore, should be able to answer that question – and coax customers to put on their trousers and shop in your stores.
Bookshops have the right idea, with a large number combining their paperbacks with a place to sit down and buy a coffee.
We demand more from our shops nowadays – make sure your premises has the space to accommodate such pressures.
Know your budget – inside and out
Buying a home and renting a retail outlet have one thing in common – they’ll both strain under poor budgeting.
Your first port of call should be your bank manager. Discuss every facet of your budget with them and see how much cash you’ve got left to play with. And if you can’t afford a decent enough location, you’ll have to head back to the drawing board.