Monday, November 11, 2013
On the business path: Retail-5
Size will depend upon if you want to start small (recommended) and then scale up or you can start big but again it depends upon what is the available size in the area you are interested in. And the size of the store matters since the bigger the size, the more rent you will have to pay and also if the location is in a prime area with lots of traffic, then again you pay more for that location. As I have been emphasizing in my posts here, Location is the most important factor and it will determine whether your store is going to be a failure or a success. And since opening a store is not without full time commitment, you will have to be there during the duration of the shopping hours. Because nobody wants to patronize a store which is open at the convenience of the owner. Unless you are just going to do some part time work on the side during the weekends, you will have to be at the store most of time or hire somebody who can be there to attend to the store. So after reviewing what you want to do and have decided your location, then it comes to dealing with the landlord. For this you will have to think long term like in years not in months. You cannot go in there and say that I will do it for a few months and give it a try and if it works, then it is fine and if it does not, I will pack up shop and leave. Because even if your business does not plan out to be as you have planned, you will still have to pay the rent during the duration of the lease or have a clause in stating that you will leave after a certain period of time. But you will have to deal with the fact that even if you business fails and you want out, you will likely be in breach of the lease that you signed.