by Leeia Ladipoh on April 30th, 2008
When you think of opening a new business location, where do you start looking for your storefront? For many, the answer is to start at the hottest real estate spot in town and keep moving outward until they find something in their budget.
Have you ever thought about starting at the other end of the spectrum?
Whether it’s for trying to make a difference or trying to get an ‘in’ spot before it’s hot, many people are looking to rundown and overlooked areas to open up shop.
This could be a crime-ridden area of town that has been abandoned by... Read more »
by Larry Slusser on April 8th, 2008
Setting up shop in the inner city can have a lot of benefits including an accessible location, not to mention lower turnover of a workforce which is more diverse and underutilized than the national average. The real estate may be lower cost as well. However, before you set up shop, there are a few things to keep in mind.
First, ensure to tell the local city officials of your plans for moving into the neighborhood. One of the best places to start is the city or state department in charge of economic development. They can assist with applications and to... Read more »
by Carrie Hinkel on March 21st, 2008
In the world of brick and mortar retailing, there are a variety of spaces for a retailer to choose from. But, before you think that the process of picking a location is too overwhelming, it’s important to remember that each type of location really only caters to certain kinds of businesses. So, your store really may have only one or two types of “ideal” retail locations to choose from. Here are the six main types of retail locations as well as the types of businesses that tend to do best in each of them:
Malls – There are basically two... Read more »
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... Read more »
by Carrie Hinkel on November 12th, 2007
Many retail businesses struggle with the decision of whether to build their own store from the ground up, or buy an already existing store or rent space. Unlike homeownership, where it’s almost always advantageous to buy, for business it really depends on several factors. Each of those options could be the better choice, depending on a business’s situation.
Building Your Own Store
First, let’s talk about building your store. For a small business just starting out, this may not make the most sense. First, the down payment (as much as 20%) could certainly be put to better use for a... Read more »