The development of business models is flourishing in the current economy. Finding a shop to rent, compared to searching a house or a room to rent, is more difficult in terms of quality and price. Renting a shop for business is not an easy task, especially for those who are just starting to enter this field. In business, the selection of premises plays a leading role in long-term success and stability. This blog will provide some advice in case you are looking for a store to rent.
Clearly define business goals and plans
Each type of business has different requirements and criteria in choosing a store. Business goals are an important base for planning and deciding on a business site. Goals and plans influence factors related to choosing a store.
Finding the right location
The store location is a factor that has a great influence on operational efficiency. If choosing stores at inappropriate locations, it is easy to create risks that are difficult to overcome. The specific characteristics of the business line will determine which location to rent a store. For example, a coffee shop business or a restaurant should be placed in an easy-to-see place with beautiful view spots or having diverse customer composition in nearby areas, etc.
The majority of people tend to choose rental locations with cheap prices, but the experience of renting a store shows the opposite. Don’t rush in making renting decisions when you see good rental news. The price is an important factor but it is not the most important one, but the location does. The new location of the shophouse has a direct impact on business building, the ability to attract customers, and the effective promotion of the store. Different locations create a revenue gap for many stores with the same products.
Don’t make rental decisions lying outside of your financial ability. Reasonable store rental costs will help save input costs and expand profit potential. Shop owners will notice this in the early stages of the store operation when the revenue is not really positive. Therefore, calculating the costs is the most detailed way to consider your financial capacity, including store rental payment, electricity and water bills, and so on.
The security in the area
It would be a big mistake to ignore the security factor for the store that you intend to rent. Local security affects the safety of your property.
A good grasp of the security situation helps you be more proactive in planning for installing more security cameras or anti-theft doors. An insecure area can easily become a cause of customers’ hesitation to shop.
Determine a reasonable rental term
A store that wants to start recovering the investment capital needs to operate for at least 6 months after its official opening. In highly competitive markets, the recovery time can take more than that. Therefore, it is necessary to determine how long the rental period should last to ensure the capital.
Furthermore, if the tenant wants to rent for a long time, the landlord also has a basis to set conditions to manipulate the contract. Accordingly, you can sign a store rental contract in stages of 6 months or 1 year, and then re-sign for the next 3 years, 5 years if you see the potential to continue your business at that place.