Having a physical commercial space for your business may be a complex process, but it can also be one of the most exciting parts of your entrepreneurial journey. Imagine your shop filled with satisfied customers after they purchase your products. For a businesswoman like you, this can be a fulfilling experience!
Owning your brick-and-mortar store requires a proper and careful strategy because it entails a lot of time, effort, and cost. But if you plan to have one, here are some key considerations to keep in mind:
1. Location and size
Choosing the right location of your commercial space is a decision you need to think thoroughly. Consider factors like accessibility, visibility, proximity to your target market, and transportation options. Look for locations with high foot traffic, such as school campuses, busy streets, and shopping malls. Ensure that the commercial space is large enough to accommodate your operations, staff, equipment, and future expansion. Examine the layout as well and see if it aligns with your workflow. Getting the perfect location of your physical store can either make or break your business.
2. Terms and cost
Decide if you are going to rent or buy a space. Look at your resources and carefully review the terms for both options. It is also important to know all other additional fees such as maintenance, utilities, and taxes. Review and make sure that it is within your budget allocation to prevent you from compromising other important business costs. If you decide to rent, negotiate for favorable terms that suit your budget and long-term goals. Take your time to thoroughly research and visit multiple options before making your final decision. Finding a cost-effective commercial space can positively impact your daily operations and business growth.
3. Infrastructure and security
Make sure that your space has essential infrastructure in place for your business to run smoothly. These include reliable internet connectivity, proper ventilation, and adequate electrical outlets. Additionally, evaluate and assess other business facilities that you might need like an inventory, restrooms and meeting rooms. Ensure that the commercial space meets safety and security standards to prevent accidents from happening. Look for features like fire exits, security systems, and uncluttered common areas to provide a safe working environment for your employees. Remember that people will patronize your service and products if they feel relaxed and secured when they visit your store.
Know you can game plan your dream of opening your first brick-and-mortar store with AXA’s property insurance plan. Contact an AXA financial advisor today for more information.