WANT TO OPEN YOUR FIRST BRICK-AND-MORTAR LOCATION?

HERE ARE SOME THINGS TO KEEP IN MIND

The decision to open your first location is a HUGE step in growing your business. Whether you are starting completely from scratch or expanding your current operations, there are some things to keep in mind when planning. When beginning your search, it’s best to connect with an experienced and knowledgeable commercial broker to help guide you through the process.

Here are some important things to consider when planning your location needs:

1. Make sure you have a well written business plan. If you are a new business, landlords will want to learn as much about your concept as possible and a business plan is a great way to express that.

2. Organize your personal and business financials. All leases will require a personal guarantee and the landlord will ask for the financial statements upon application for the site.

3. Have a solid understanding of the money needed to upfit your new space. What equipment does your business require? Ex. If you are a restaurant, do you need a grease trap and a range hood? Furniture, fixtures…

4. Have a solid budget to cover your expenses for at least 6 months while you are opening your new location. Set yourself up for success from the start.

5. Know your client demographics. This will be a part of your business plan and will also help you and your broker find the right location.

6. Does your business require visibility from the road? Is high spectator traffic a factor for your business location?

7. How much space does your business require? Do you need a delivery door? Dock high/ drive in door?

8. Working with the right Broker that understands your needs and will advocate for you is important.

MAK Real Estate Ventures is here to help find the perfect location to help your business continue thriving.