Starting a business in your home can seem like a great idea. Living and working in the same space offers some real advantages in terms of convenience, especially for businesses that are just starting out. As your company begins to see success, however, continuing to operate out of your home can become stressful and even limit your ability to expand. If you are considering moving your at-home business into a retail space, keep reading for five important tips about taking the leap to commercial property.
1) Rent or Buy When considering retail space, you have the options of commercial space for rent or purchasing your own building. Using a retail space for lease has some real advantages for smaller businesses. Securing a small retail space for rent can help limit the upfront cost and ease the transition a bit for business owners. Just keep in mind that just like with residential properties, there may be extra costs for upkeep and maintenance fees.
2) Stiff Competition The availability of commercial property for rent is expected to decrease in 2015. This means that if you have been considering moving into a retail space, the time is now to take the plunge. It will only become more difficult to find the perfect spot for your business and you don’t want to miss out on your dream property because you waited too long.
3) Location Matters When looking for your retail space, keep in mind that the location is one of the most important factors. Not only is it important for your business to be easy to get to, but you will also want to consider factors like safety and whether or not the location fits with your brand. You want to make sure your customers and employees feel safe and that the kind of business you want to have makes sense for the space you are in.
4) Think Safety In addition to making sure your retail space is in a safe location, do not forget about taking extra steps to insure your employees will be safe while they are on the job and customers can navigate your property easily. Keeping this in mind during planning is crucial to have a business that is as successful as possible.
5) Be Ready to Upgrade Even if you are renting your retail space, keep in mind that you will likely incur some costs to renovate the space and make it appropriate for your business. While it is important to stay financially savvy during this time, it will also pay off to not cut corners in making sure your space is safe and attractive.
Moving an at-home business to a retail space is a huge step. If you find the right location and invest in making it safe and functional, however, your retail space can help you grow you business far beyond what it could be from within your home.
