Open Light Signs
Posted in Lighted Signs on 09/28/2000 10:27 pm by admin
It is very typical of the new entrepreneur to assume that the cost of the rent is the most important consideration of a location. And to a small degree, that is true.
Sometimes a would-be entrepreneur knows a neighbourhood well and already has a gut feeling that it would make a good location. But most of the time a potential business owner overlooks some key considerations of what makes the ideal location for a service or product.
Here is a list of eight tips or factors that should be considered before signing any lease:
Tip:
Make extra copies of the following questions or factors and make notes for each location that is visited. Compare and contrast the different locations. Always re-visit any location that you have decided to rent - that way, you can assess the space with an eye for making any necessary renovations to fit your business. If possible, take a contractor friend to accompany you to make any suggestions and estimate renovation costs before you even sign a lease.
1. Price (Rent): Does it include the use of a parking lot? Does it include utilities? If not, ask to see past invoices for heating, water and electricity costs for the past six months.
Is there a common area charge? Does that fee fluctuate or is it locked in?
Who is responsible for maintenance costs? The landlord? Tenant?
2. Is the neighbourhood thriving, or just surviving? Is your target market located nearby? Five miles? Ten miles? Does the neighbourhood "fit" your product or service? Are there neighbouring stores and businesses that complement your business? What is the reputation of the neighbourhood? Is the neighbourhood safe and secure? Is the parking lot well-lit or patrolled? Are the streets busy with lots of traffic and walk-bys?
3. Does the location have a "presence" and lots of storefront windows? Will your signage be visible from the street? Will the landlord allow you to paint the exterior? Will the landlord allow any improvements or renovations to the exterior of the store (or the interior of the store)? Are there any zoning restrictions to exterior signs? What about zoning restrictions to sidewalk sales, stand-alone signs, etc?
4. Parking? Is there plenty of on-street parking? When you have a huge, successful grand opening, will there be plenty of parking for your customers? Can you "borrow" parking from neighbouring merchants, if the need arises?
5. If the location is highly visible and in a highly desirable area, advertising costs can be lowered. Likewise, if the location is not so desirable or visible, advertising costs will need to be increased. What is the future trend for the location's neighbourhood? Does the future look bright? Or is the area neglected?
6. What is the landlord's reputation and credibility? Ensure that you do your homework and find out. If possible, contact the last tenant and ask for references. If there are any problems, find out before you sign on the dotted line. (Landlord disputes are often ugly and rarely go well for the tenant!)
7. It seems so obvious, but do ensure that the location fulfills your space requirements. Take a measuring tape with you. Don't take the agent's word when you ask about square footage. Measure! Check out the alley behind the store. Is there an area where you can store garbage and recyclables? Is there easy access for deliveries or pick-up? If you are in retail, there is a formula that you can calculate for determining the square footage that you will require according to your potential sales volume that you wish to generate: square footage required equals yearly sales volume divided by average sales per square foot.
8. Before signing a lease, hire a lawyer. You do not want any surprises. (Remember: Landlords usually benefit from a lease.)
So, price is not the number one consideration. What is more important? Location, location, location. Translation: Do your homework!
Marilyn Cahill has owned two children's clothing stores and a home-based gift basket business. An experienced, retired retailer, Marilyn wants to help you now achieve your dreams of owning your own store. Her ebook "How To Open a Children's Clothing Store or "How-To" Tips (and secrets) from a Children's Clothing Store Retailer" is available at the Lulu Marketplace.
Messages From The Light Part 11 (Open Lines)
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