Deciding to open a business is great, but how do you know which location will ensure success? There are many factors that go into choosing a location for your business, which is why we have gathered some of the most beneficial information new business owners should read.
One of the first areas you should take into consideration when choosing the right retail space for your business are demographics. If you have a particular area that you are interested in, you should obtain a demographic overview of that area.
This will provide you with information as to the median age, income, and number of households in that area. When you have this information, you can then determine if the demographics of that particular area include your target market.
Choosing an area for retail space that does not include a large percentage of your target market will likely limit the number of customers that come through your doors. The next factor that you should take into consideration when choosing a retail space is where are your competitors located.
The businesses that are your primary competition have likely performed the recommended demographic research and have chosen their location based on those results.
Choosing a retail space near these businesses almost ensures that you will experience valuable foot traffic. You should not be afraid of the closeness to your competitors, rather you should embrace it. Your business can benefit greatly from shoppers looking at other options or better prices and products.
After you have performed the necessary research and found the perfect retail space for your business, you should also ensure that you are working with an experienced agent or attorney. They will be able to negotiate lease terms that are acceptable to you and do not contain any surprises.
An experienced commercial agent is also familiar with the proper types of questions that you should ask the landlord prior to signing any lease. Entering into a retail lease agreement is something that you should not take on alone.
It is highly recommended that you choose someone who is experienced in commercial real estate to work with. Contact McKenzie Properties for more information about retail space in Reno.