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These days, many entrepreneurs launch businesses in the digital realm and
build a loyal customer base through online sales and social media. These
virtual relationships foster business growth that can turn into a brick and
mortar location.
If your business has reach this stage, then congratulations! It’s not easy
to make it this far. In terms of moving forward with your brick and mortar
opening, there are many factors to consider before launch.
We have compiled the essential decisions you’ll need to make to open your
brick and mortar store smoothly.
Lease or Buy?
The good thing about opening a physical location after building an online
presence is that you already know what you are looking to sell. You know what
products are successful and now you just need the right space to set up shop.
Before looking at spaces, you need to decide if you want to lease or buy a
space.
What level of commitment are you looking for in this location?
· Leasing gives you the flexibility to move
spaces or expand if necessary. A management company will maintain the building,
which alleviates some work on your part.
· Purchasing a property is definitely more
expensive and means you cannot walk away from the ownership. You would have to get
a loan to cover the mortgage. You will build equity in the building over the
years and have complete control over the space – including any modifications
you need to make.
Once you answer this question, you can move onto the next step.
Location, Location,
Location
Once you decide if you want to lease or buy, you need to find the support of
a local real estate agent. The location of your business can impact your level
of success… Read More
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