Whether you're kick-starting a fresh venture or seeking a location for your growing business, finding a new commercial property is as challenging as it is exciting. When it comes to choosing the perfect location to set up shop, there's a few things you need to consider before making the commitment.
One of the biggest decisions that you need to make when choosing a space for your retail business is whether to rent or purchase. This decision depends not only on your financial decision, but how established your business is. For smaller, newer businesses in particular, there often isn't a lot of extra capital on hand. Renting a commercial property can be the perfect starting point to get your company off the ground without the excess costs and maintenance of owning a space. This also means that you'll have help from landlords in caring for the property.
Another benefit of renting a commercial property is having the flexibility of growth. The ease of a lease means that, if you find a space isn't quite right for your needs, there's only a set period of time you need to stay there, giving you the opportunity to move on and try different locations.
For established businesses, however, purchasing a commercial property offers more security in that the space will be yours, and yours only. This means that landlords can't evict you from your retail location, which can be a highly disruptive experience for any operation.
Before you lock in an area to operate your business, do your research on your competitors. Think about neighbouring businesses, and identify the similarities. Getting a feel for the competition not only can help in determining whether a location is going to be feasible for operation, but to distinguish how to make your business stand out.
Store visibility has the potential to absolutely transform the success of a business. The more foot traffic an area has, the more likely your business will receive curious customers to browse your wares.
Depending on your target demographic, it's important to make sure that your store is easily accessible for everyone. Some factors to check are parking spaces, or whether the property is on a public transport route. Stairs and ramps are particularly important to consider, especially if your store aims to service the elderly or those who struggle with mobility.
If you're looking for a new Gold Coast commercial property for your business, get in touch with the team at Ray White Surfers Paradise for a friendly consultation.
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After working together for almost a decade, commercial real estate team Jared Doyle and Jack Gwyn have taken their business to the next level, opening RWC Gateway.