Hub You - Choosing The Right Retail Premises for Your Business, Part II

In Part I we focused on how to find desirable communities in which to locate your business. In Part II, we'll be looking at specifics as to how they relate to your actual storefront. Along with these considerations, you will want to develop a strong business plan in order to give your company the best chance for survival. A description of your desired storefront will be in that plan.

Location:

In determining the ultimate location for your retail business, take into consideration:

• The amount of daily foot traffic.
• Parking and local transportation.
• Other retail establishments-- those carrying similar products, ancillary items and distinctly different goods are all desirable.
• Average income of potential customers as it relates to your product.

Note: you'll want a storefront that has a solid amount of foot traffic. Parking difficulties or an inability to get to the store using public transportation will dissuade business. If you're opening a clothing store and there's another such store in the vicinity, that can actually help business. People tend to want to go to areas where they have two or three choices in relationship to the same general product. Competition, as long as you clearly define the differences between your offerings and there's, is good.

Building:

The building should be attractive and welcoming to the general public. People will judge your goods before they ever get into your establishment by your storefront— a well-maintained, clean fa?ade with a consistency of style in look is important. Here are some essentials:

• Size and potential attractiveness of the space.
• Signage. Developing a Marketing Funnel that Increases Sales and Works With You
  Every business owner to sales executive receives numerous sales leads each and every day from networking events to Internet opt-in lists. Tracking all these business sales leads becomes a burden and may result in duplicate efforts. However, no matter the challenge, the end result is that some sales leads tracking system must be developed or numerous opportunities may be lost forever.During the last 10 years, I have tried a variety of marketing and sales leads tracking systems. I first began with index cards as this was what I was using to before computers. (Yes, I amurvival. A description of your desired storefront will be in that plan.

  Location:

  In determining the ultimate location for your retail business, take into consideration:

  • The amount of daily foot traffic.
  • Parking and local transportation.
  • Other retail establishments-- those carrying similar products, ancillary items and distinctly different goods are all desirable.
  • Average income of potential customers as it relates to your product.

  Note: you'll want a storefront that has a solid amount of foot traffic. Parking difficulties or an inability to get to the store using public transportation will dissuade business. If you're opening a clothing store and there's another such store in the vicinity, that can actually help business. People tend to want to go to areas where they have two or three choices in relationship to the same general product. Competition, as long as you clearly define the differences between your offerings and there's, is good.

  Building:

  The building should be attractive and welcoming to the general public. People will judge your goods before they ever get into your establishment by your storefront— a well-maintained, clean fa?ade with a consistency of style in look is important. Here are some essentials:

  • Size and potential attractiveness of the space.
  • Signage. Customer Service at a Hair Cut Shop
    Giving great customer service at a low-cost hair cut place is not easy these days. Consider if you will the average family with unruly kids or Hispanic families with lots of kids and many with broken English. Consider the number of people with hair lice or who have questionable hygiene and all those with ADHD who will not sit still, while you are trying like heck to balance out their side burns or work around their cowlicks.It is just not easy these days dealing with the customers coming thru a low cut hair cut place. And then there are those folks who want a special der products, ancillary items and distinctly different goods are all desirable.
  • Average income of potential customers as it relates to your product.

  Note: you'll want a storefront that has a solid amount of foot traffic. Parking difficulties or an inability to get to the store using public transportation will dissuade business. If you're opening a clothing store and there's another such store in the vicinity, that can actually help business. People tend to want to go to areas where they have two or three choices in relationship to the same general product. Competition, as long as you clearly define the differences between your offerings and there's, is good.

  Building:

  The building should be attractive and welcoming to the general public. People will judge your goods before they ever get into your establishment by your storefront— a well-maintained, clean fa?ade with a consistency of style in look is important. Here are some essentials:

  • Size and potential attractiveness of the space.
  • Signage. Are You Derailing Your Business with Details?
    Details can kill your web business. And I'm not talking about details killing your business from the standpoint of being careless about them. While it's true that being careless can hurt your business, everybody knows that (even if they don't always put it into practice).The way I'm talking about that details can kill your business is if you focus too much on them.Say what?How on earth can focusing too much on details hurt your business?Ever tried to walk on a railroad track?When I was a kid, my aunt and uncle had a house right next to a railf you're opening a clothing store and there's another such store in the vicinity, that can actually help business. People tend to want to go to areas where they have two or three choices in relationship to the same general product. Competition, as long as you clearly define the differences between your offerings and there's, is good.

    Building:

    The building should be attractive and welcoming to the general public. People will judge your goods before they ever get into your establishment by your storefront— a well-maintained, clean fa?ade with a consistency of style in look is important. Here are some essentials:

    • Size and potential attractiveness of the space.
    • Signage. Avoid These Seven Deadly Dangers Of Outsourcing
      Here are seven dangers of outsourcing your software development. They become deadly if your career or entire company depends on the timely release of your software.Danger #1- Ignoring Outsourcing It may seem safer to ignore outsourcing and stick with what has worked well in the past -- hire employee programmers and work with them directly to get your software developed. There are situations where concerns about intellectual property or security make this the only choice. But if you do not have these constraints, then you are wasting money and time by hiring your own prThe building should be attractive and welcoming to the general public. People will judge your goods before they ever get into your establishment by your storefront— a well-maintained, clean fa?ade with a consistency of style in look is important. Here are some essentials:
      • Size and potential attractiveness of the space.
      • Signage.
      • Visibility and accessibility.
      • Age and durability of the premises.
      • Building code concerns.

      Future Growth:

      Most retailers have visions of their business expanding in terms of clientele and sales. Don't forget that a growth in business usually means a need for more retail and storage space. It may also translate into renovating the space for new services. If you're thinking that somewhere down the road along with selling upscale clothing, you'd like to add custom jewelry, it makes sense to find a space that you can easily convert when you're ready to expand.

      • How long is the lease?
      • Are you interested in purchasing the space at this time or at a future date?
      • Will utilities need to be upgraded if you decide to add a new service?
      • Are there any structural problems or concerns relating to renovation or expansion?

      Running Costs:

      Basic monthly running expenses need to be calculated along with the amount of sales you'll need to meet those costs. You must be realistic about all expenditures and income. Account for:

      • All utilities.
      • Employee costs.
      • Expenses related to any equipment rentals.
      • Costs for inventory.
      • Lease and mortgage payments.
      • Insurance costs.
      • Shipping, invoice, duty expenditures and other fees or payments.

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