It seems like such a simple directive, doesn’t it? One would think that any business person, when out looking for commercial property for rent, would just naturally look for something perfect for their individual business.
You would think that business person would make a list of needs before looking at commercial real estate for lease.
You would think that business person would come prepared.
But, in most cases, you’d be wrong!
Especially in the case of small businesspersons who really have very little business experience, and that covers all of the millions of home businesses, in their minds any commercial property is pretty much the same as all commercial property.
Let’s look at a typical scenario. Mister Home Business (let’s say the guy repairs bicycles from his home garage) is looking to expand his business. He is finally making some good money, and his business has outgrown his home. He needs a work shop and retail front if he is going to give his business any chance at really making some serious money.
So Mister Home Business checks online, finds some listings based on his budget, and he spends a day looking at commercial, retail, and industrial property for lease. His main concern is his budget. In fact, that’s practically his only concern because, let’s face it, money is always a concern for small businesses. He looks at quite a few properties. Some are large, very large, some are small and cramped. Some have horrible visibility in a good area, and some have great visibility in a horrible area. Some are new public transportation and some are not. He has done no market research so he’s really not sure which area suits his business. He finally settles on price, which was his main criteria to begin with, and he lays down the money for the lease.
And he’s sorry he did two months down the road, but he’s now stuck in a one-year lease.
Unfortunately, this is a typical story of a typical small business, just one reason why so many small businesses fail before they get a chance to fully take growth.
Expansion is great! Being cost-conscious is great! But ignoring other criteria, criteria vital to the success of your business, is reckless.
Location, Location, Location! That cliché has been around the real estate business seemingly forever, but it is a cliché for a reason: it’s true! The retail space you settle on must not only meet your budget, it must also be in a location where prospective customers can find you, and it must also have the space you need to properly run your business.
Keep that in mind the next time you decide your business needs a new location.
Would you like to take a look at a new business park which is perfect, and we mean perfect, for small businesses in the Fort Worth area? Stop by online at Box Office Warehouse Suites and take a look at the future of commercial real estate. There you will find a business park made from shipping containers, affordable, flexible, eco-friendly, funky shipping containers, perfect for any small retail business, warehouse, or shop space for rent.