If you’re getting ready to expand your business with a brick and mortar location, this is an exciting step in growing your company and helping it reach new heights. However, before you can reap the benefits of broadening your business, you need to find the right commercial space to fit your needs. Whether you’re opening a new location of your restaurant chain or transitioning your online clothing business to a traditional retail store, picking the best retail space is vital in guaranteeing your success. Read on to discover our top three tips for finding the right retail space for your company.
1. Don’t Underestimate the Importance of Exposure
Advertising may not be the first thing you think of when trying to select the location of your new retail space. But it should be one of your top considerations. As noted by entrepreneur.com, a good location provides excellent exposure, which is effectively a form of advertising. The only difference is you don’t need to dip into your advertising budget for it.
When you select a retail space in a prime location, you’ll benefit from higher foot traffic, word-of-mouth, and a stronger sense of community, all of which can significantly help your company’s bottom line.
2. Find Flexibility Wherever You Can
When your business owner, especially a small business owner, flexibility is your best friend. You need to be flexible all the time to keep your business running. Maybe it’s hopping on service yourself when your bartender calls in sick. Maybe it’s adapting to a new payroll software system that will streamline your payment processes. There’s no shortage of ways flexibility comes into play when managing your company.
It only seems natural that flexibility is an integral component in finding the right retail space for your business. From flexibility in terms of lease dates to flexibility for future growth, keep this value at the forefront of your mind when hunting for your new space.
3. Forget Perfection and Focus on Practicality
You’ve heard it before, but it bears repeating: perfection does not exist. Rather than wasting your time searching for the perfect retail space, focus on the important practicalities.
Heed the advice of Jeremy Brandt, CEO of We Buy Houses and Fast Home Offer, in his interview with Forbes: “Make a list of what’s important to you and rate [the spaces] you are looking at against that. Be practical and don’t waste a lot of time trying to find perfection. Especially at the small business stage, I’ve seen companies waste a lot of money on ‘fancy’ [spaces] that hurt their profitability—and then moved out of them 12 months later as they grew.”
If you’re searching for San Francisco retail space, be sure to check out Storefront to view and cross-reference various retail spaces and find your best possible fit.
We completely understand that choosing the right retail space for your business is no easy feat. There are many criteria to consider, but by following these simple yet effective guidelines, you’ll not only simplify but optimize the process. Best of luck with your search!