Taking your business to the next level by finding a brick and mortar location is both extremely exciting and a little bit daunting if it’s new to you! While now is a perfect time in many markets to secure your own commercial retail space, it’s important that you have a clear picture of what you are trying to create. This will help to eliminate any confusion or doubt that might arise as you move through the process of finding and opening the right physical location for your business!
Make it Legitimate
The first step in finding the right commercial retail space for your business is to make sure that you have a legitimate business in the first place. Having an idea is great, but it means nothing if you don’t have the paperwork to back it. Once you’ve decided on a business name and focus, you’ll need to take steps to legalize it. This means choosing what sort of legal structure your business will be (LLC, Corporation, etc) and filing the necessary paperwork with the US government, state, and county that will make you a legal business entity in the eyes of the rule makers. Without these steps taken, you won’t be able to make your brick and mortar business a reality.
Get Familiar With Local Laws
Even if you’ve been running your business for a few years out of your house, the local laws will impact how your business runs once you move into a commercial retail space. The best way for you to figure out how big or small this impact will be is to go to your local community or business center and set up a meeting with the ruling authorities in your area. They will be able to tell you if there are any restrictions or pertinent pieces of information that you need to know in order to run a legal and successful business in the industry you’ve chosen.
Making the leap into commercial retail space comes with its fair share of overhead. While it’s never too soon to start touring properties (you need to know what you’re looking for and how much you may need to spend), securing your funding should be done prior to committing to any leases. Startup costs associated with your business can range anywhere from $10K to well over $100K, depending on what type of business you are looking to start. You will want to account not only for the startup costs of securing a space (rent, utilities, insurance, et cetera), but also what sort of financing you will need available to purchase the necessary inventory that will get your business up and running.
Create a Marketing Plan
You won’t want to commit to a commercial retail space without having a firm marketing plan in place. This is what is going to drive new customers to your location, so it’s important to have an idea of what sort of marketing will work best for your particular industry in your area. Think about who you are trying to sell your product to, where they hang out, and what sort of publications they read or television programs they watch. These questions will help you to flesh out a marketing plan that can reach them.
Determine Your Perfect Location
When you understand the market you are trying to target very well, that will also help you to determine the best location for your commercial retail space. You will want to find a space that is within your budget, but also where your target market will be able to easily find you. You’ve heard it said a million times…real estate is all about location!
Give Yourself Some Wiggle Room
Once you’ve gone through all of the motions and you’re ready to pin down the right commercial retail space, you’ll want to make sure that you give yourself some time to figure out the business end of things. All new businesses experience some hiccups and snags, so let yourself make any necessary adjustments before the holiday season or your seasonal customers infiltrate your space! The whole process of finding and securing the right space can take up to 6 months depending on your local market, so take that into consideration too!
Looking for Commercial Retail Space in Hattiesburg or the Surrounding Areas?
If you’ve done all of the necessary footwork and you’re ready to make your brick and mortar dream a reality, our team at SVN | Southgate Realty, LLC is here to help you make it happen! Our skilled Advisors will help you to navigate the local market in a way that feels easy and effortless. We are confident that we can find the perfect home for your business! Take a look through our available properties today and contact us to set up some property tours!