Finding the Right Office or Retail Space For Your Business
by Carrie Hinkel on March 12th, 2008
Whether your business is expanding or just starting out, the space you choose, whether for retail or office work, can be crucial to your business’ success. Many business owners have learned that, regardless of price, certain compromises shouldn’t be made when it could negatively affect the business. When considering a location for your office or retail space, here are some of the most important things to consider:
Location - For many, a location can either make or break a business. If you are a retail store, you should keep your customers in mind. Find the area where your target market lives and make sure that your storefront is convenient. Don’t assume that your customers won’t mind driving an extra five miles for your “unique products”. The money you save on your lease won’t mean anything if customers aren’t walking through your door on a regular basis. For office space, keep your employees in mind. If your company services the technical industries, then having office space in the local metro tech area would be wise, as you’ll always have a ready flow of employees at your fingertips.
Space design - The flow of the interior space is important to both retail and office space. For a retail space, awkward entryways and small corner spaces may be hard to display products and keep customers from feeling crowded. With office space, if long hallways divide offices, you may find that employees discuss ideas less and play computer games more. Choose a work environment that promotes productivity and has additional rooms you may need, such as a conference room, training room, waiting room, kitchen, etc.
Parking - For both retail and office spaces, be sure that you are happy with the parking situation. If employees are fighting over metered parking on a daily basis, you may find that your employee retention rate is low as a result. For a retail store, parking is even more crucial. If customers have to circle the block three times to find a parking spot, you can bet they’ll think twice about returning or recommending your store to others.
Nearby restaurants - It’s important to consider what nearby eateries there are for your employees or customers. If the retail or office space is in a building that has a cafeteria or caf�, then great. If not, how far will your employees have to travel on their lunch break? If the nearest food stop is twenty miles away, then you can bet that a good number of your employees will be looking for a new place of employment. Remember, not everyone is happy brown bagging it every day. Also, many of your customers might like the idea of getting their shopping done at your store and then popping down the way for a bite to eat (or vice versa) - this convenience can increase your sales.
Whether you’re signing a lease or buying a building, the commitment is long term, and getting out sooner can be costly and full of headaches. To avoid the stress of buyer’s or renter’s remorse, take the time to consider all aspects of your business and how the office space you are considering fits into that. The less compromises you have to make, the happier you will be in the long run. A savings of a few hundred dollars a month will mean nothing if you end up losing thousands in sales or by constantly hiring new employees. Think carefully before you sign the lease or offer letter.