Finding the Perfect Property for Your New Store

Finding the Perfect Property for Your New Store

on Dec 12, 2018 in Startups

Starting a business is tricky. Even taking a company from an online-only outlet, and adding a brick and mortar store comes with its challenges. One of your primary concerns should always be location, especially if you sell to the public. The wrong position can mean that you have trouble getting found, you don’t have the space to do what you need to, that your building is unsafe or uncomfortable and that your business just doesn’t have what it needs to grow. Here are some of the things that you need to consider when looking for the perfect property for your store.


Passing Trade

In days gone by, passing trade was massively important. Aside from advertising and word of mouth, it was the only way to get found. People walked passed your shop, looked in the window and decided whether or not they wanted to go in. Only the largest, most well-known brands that offered a shopping experience where able to succeed out of town.

 

While the internet, online advertising and online maps mean that your location might not be quite as crucial, it’s still one of your primary concerns and passing footfall is still essential to success. It’s also worth making sure you can be easily found. Being on Google maps isn’t much use if the navigation is difficult and you are easy to miss.

 

When finding the right location, you should also consider your commute to work, how your staff will get in, and how customers that don’t drive will reach you. Are you in a central town? Is there a public transport link? Could you fit a carpark into your land? The best way to judge these things is spending time in the area.

 

Local Competition

While you are in the area, it’s worth looking at your direct local competition. Some competition is a good thing. It means that your target market is already in the area. But, only if they are doing well and you genuinely think that you can compete.

 

Safety

Not all land is equal. You want your property to be safe and secure for a long time to come. Arrange for site inspections and ground water monitoring, as well as surveys of the drainage, heating, structure, and supplies. You should also consider the age of the building and state of repair. Is it a property that will cost you a lot in the coming years?

 

Size and Layout

Size and layout are other considerations. Think about what you need for your business. Do you need an office? A kitchen? Storage? A walk-in fridge and freezer? How much space do you need on the shop floor to be able to grow and display stock comfortably? Try to think of the future when looking around. You don’t want to have to move again shortly.

 

Budget

Of course, your budget will often be the deciding factor. The right property isn’t the right property if it’s way out of your price range. Try not to even look at anything that you can’t afford, and be realistic with what you can.

 

 

Image credit:  Unsplash.com

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