As a budding entrepreneur you have decided to embark on the journey of starting your own business. Deciding to be a business owner is not an easy decision to make especially if you decide to take steps into the retail industry. Retail is a continually growing market and one of the decisions that need to be taken is what type of retail market do you need to target to make a success of your business. After that decision has been made, you need to make sure that your business will reach the right target market. Then the biggest choice of all – where should your business be located. Once all these factors have been taken into consideration, you are ready to look at commercial property leasing in your business area of choice.
It is better to lease property when you are starting out as the business market is very volatile and can change at the drop of a hat. Luckily the retail industry is a semi-secure market to start a business in as purchasing retail goods is what most people do best. Commercial property leasing will enable you, as a business owner, to decide how long you need to lease a property for. Most building owners will commit you to a minimum of a six month lease which is just enough time for you to see if your business is going to work for you or not.
One thing you need to be very careful of is supplying retail goods to a niche market. If you intend on doing that do your basic “homework” first. For example, is your business going to be seasonal, ie providing goods for holiday makers or is your intention to provide retail services throughout the year. A big mistake a lot of businesses make is that they start in the retail industry with the idea of selling retail goods throughout the year but due to location, find that their business lands up being seasonal only. If you are in a financial position to operate seasonally then it is a good sector to be in. Niche markets attract only a small percentage of the purchasing population but in the right location this can be a success. You will be able to find the right commercial property for your business no matter what target market you are going for in the retail industry.
As a future business owner, all factors need to be thought out carefully when entering into the retail industry, however exciting it may seem, it will require a lot of layout in terms of purchasing goods and paying rent. Make sure that the commercial property you are leasing does not land up costing you more than the future profits that your business might generate.
The world of retail, an exciting world to be in ….
If you are unsure of the ins and outs of commercial property leasing, speak to other business owners in the industry to get more of an idea of what you are getting yourself into. Big decisions need to be made and you need to make sure that you are well informed before making them!
Let The Property Partnership assist you with the leasing of your business property. The Property Partnership will be there to guide you every step of the way when taking your first steps into the world of commercial property leasing. From leasing to purchasing; to property valuations, The Property Partnership will help you make an informed decision. To find out more about how The Property Partnership can help you and your business, visit their website www.property-partnership.co.za