In 2022, 5,044,748 new businesses were started in the US. Small businesses help drive the US economy and are some of the largest employers across the country. 

Starting a retail business requires serious planning and fortitude if you want your business to beat the statistics for long-term survival. 

If you have a passion and an idea, you can turn it into a successful retail business with proper planning. So, what should you do if you’re ready to start your own business?

Read on to learn the things you should consider and do before you jump into business ownership.

Create a Business Plan

Before you ever consider physically starting a retail store, you need to do some planning. Learn from the wisdom of others who have walked that road before. It would greatly benefit you to research expert business tips. 

One of the first steps in opening a business should be to create a business plan. This step forces you to work out your plan and organize it on paper. 

Most banks and investors won’t do any financing for a business that doesn’t have a concrete business plan in place. 

The business plan should outline your business mission statement, goals, and specific steps you’ll use to achieve those business goals.

Consider Your Start-Up Costs

Any business needs money and funding sources to get started. Maybe you’ve been saving to get your business off the ground. Or perhaps you’ll seek a small business loan. 

Either way, as part of your business plan, you need specific anticipated costs to get the business going. Let’s take a closer look at what some of those costs will include.

Location

You know the adage, location, location, location. Building a successful retail space means finding a location that attracts customers.

You need to evaluate the commercial real estate market for both what’s available and what it will cost to rent or buy for your business. 

You may also run into some renovation costs to set up a location so it meets your business needs. 

Rent 

Once you’ve narrowed down the location, consider rental costs. If you opt not to buy a property, you’ll need to commit to a lease agreement. 

Part of your business plan should include what rent will potentially cost for the duration of a lease. You also want to anticipate how much business you need to generate to cover this expense and others. 

Insurance

All businesses have a variety of insurance needs. You’ll need business insurance and liability coverage to cover the property and the goods inside your business. 

If you don’t have another avenue to get it, as part of your plan, you must also account for the cost of health care coverage.

Utilities

Once you start to consider properties for your business, you should be able to get basic utility information for a property. You need to consider your costs for:

• Gas
• Electric
• Water and sewer
• Trash pick up

Your utilities, like gas and electricity, will vary greatly depending on the physical size of your location and the climate in which you live. In Southern California, for example, much of the year, you should anticipate needing air conditioning for comfort. 

Product and Display

Your need for product and merchandising will significantly depend on if your retail business is product or service-based. Even most service-based companies have some products to sell. 

You need to work with vendors and evaluate your start-up costs to stock your shelves. You also need to anticipate costs for displays for the product. 

Employees

Some small businesses opt to start as one-person operations where the owner handles the business until revenue is coming in. While this might work short-term, it won’t be sustainable long-term.

You need to anticipate your costs for employee coverage. How many employees will you need on the payroll? Do some number crunching to consider how much revenue potential additional employees are? Does this number outweigh the costs?

Technology

You’ll have to be prepared for some technology costs for your business. You will need phones, computers, and wifi to run the business. 

You need to have a method of payment system in place. A robust retail point-of-sale system not only gives you a means for collecting money, but it usually also provides data collection and customer information security.

Marketing

One cost that many businesses forget to plan for is marketing. They have the idea and are ready to get started. But marketing costs are essential so others can learn about your business and you can retain returning customers. 

You should anticipate marketing costs for:

• Logo design
• Business cards
• Website design and maintenance

You need to obviously also consider any marketing campaigns to get the customers coming through the door. It would be wise to consider your costs for marketing for the first year as part of your start-up costs.

Secure Funding

Now that you’ve planned start-up costs, you can see that running a company requires funding. Your business won’t last long if you don’t have a plan for managing the costs. 

If you have a solid business plan with all the data for anticipated start-up costs, you can begin to research funding. Will you need a small business loan to get started?

Look for options for new business financing with terms that will work within the framework of your revenue goals.

Find a Business Location

Once you have financing in place, you can begin the actual search for commercial properties that fit your needs. Know ahead of time what amenities are important to you and how much space you need. 

Remember, location is one of the most important factors determining whether a business can attract customers. Be particular about where you choose for your business. Look until you find the right property for you.

Ins and Outs of Starting a Retail Business

Before actually starting a retail business, you need to plan for starting a retail business. The more time you spend planning and anticipating your costs and needs, the better prepared you are when you open the doors. 

Once you’ve done all the planning, you’re ready for a great commercial property and a proper grand opening celebration. For help finding the best property, call (877) 775-9625 to start your commercial property search.

Nearly 50% of businesses fail within the first five years in the United States. However, there are measures you can implement to help avoid this.

Finding the right business space for your company is essential when it comes to ensuring your future success. However, medically understands what to look for when browsing through different options for their office.

The good news is that finding the right office space in Orange County, CA is a straightforward process that doesn’t have to be difficult. Let’s take a closer look at everything you need to keep in mind.

Does It Have Enough Space?

When it comes to office space, size matters.

Make sure the layout fits your needs and that you have enough room for all of your employees, clients, and business operations. This means that you should pay attention to the number of rooms, cubicles, or desks available.

You should also check for other amenities like parking spaces or conference rooms.

Is It Close to Your Target Market?

Location is an important factor to consider when looking for office space in Orange County. Does the area have a strong customer base that you can tap into? If you’re in a high-traffic area, chances are people will be more likely to visit your business and become potential customers.

It’s important to weigh the pros and cons of each potential location before deciding on one.

Can You Afford It?

The cost of office space will depend on a variety of factors, including the size, location, and amenities available. Make sure that your budget is aligned with what you’re looking for so that you don’t overspend.

Keep in mind that you may be able to find cheaper options if you’re willing to settle for a smaller space or an area that’s not as close to your target market.

This might be the best option for smaller businesses that don’t necessarily have the largest budget. More often than not, you will be able to establish a presence in your industry and then relocate in the future.

Do You Have the Necessary Permits?

You’ll need to make sure that all of your paperwork is in order before signing a lease or rental agreement.

This includes obtaining the necessary permits and licenses to operate your business in Orange County. Be sure to check with local authorities and other regulatory bodies to ensure that you’re compliant with all applicable laws and regulations.

Don’t Be Afraid to Negotiate

When it comes to negotiating the terms of your lease or rental agreement, don’t be afraid to ask questions and push for a better deal.

This is especially true when it comes to office space, as there is often plenty of competition between landlords and tenants. You may be able to get discounts on rent or other perks if you have the right leverage.

Work With the Right Professional

Working with a knowledgeable commercial real estate professional can make the process much smoother and ensure that you get the best deal possible.

They’ll be able to provide insights on local market trends, help you weigh all of your options, and negotiate on your behalf if necessary.

Always Read the Contract

Before signing a lease or rental agreement, it’s important to read through the contract and make sure that everything is in order.

Pay attention to all of the details — including any fine print — so that you understand exactly what you’re getting into. If there are any clauses or terms that don’t sit right with you, don’t be afraid to ask questions or negotiate.

Tour Multiple Properties

Before making a final decision, you should always tour multiple properties. This will give you an idea of the different office spaces available in Orange County and make it easier to find one that meets all your needs.

Don’t be afraid to ask questions and get feedback from other tenants in the building if necessary.

Is It Comfortable?

Don’t forget to consider comfort when looking for office space.

After all, this is where you’ll be spending the majority of your workdays. Look around the property and make sure that it has a comfortable atmosphere with enough amenities and features to keep your employees happy and productive.

Will Your Employees Be Productive?

Productivity should be an important factor to consider when choosing office space. Look for features that will help your employees stay organized and focused, such as ample natural light, comfortable furniture, plenty of storage space, and good air circulation.

You should also think about whether the layout of the building is conducive to collaboration and communication between team members.

Is There Room For Future Growth?

When selecting office space, it’s also important to take your company’s future growth into account.

Think about whether the property has enough space for expansion and if there are any provisions in place for upgrades or renovations. This will help ensure that you don’t have to move again in a few years and can focus on growing your business instead.

Otherwise, you may end up spending more money in the long run. This could prove to be a substantial amount under some circumstances.

Finding Office Space Doesn’t Have to Be Overwhelming

Initially, finding the right office space may seem daunting. The good news is that the guide above has everything you need to know to make the process simple.

Looking for more information about what we can do? Reach out to us today to see how we can help.

Are you a business owner looking for the perfect retail space in Orange County, CA? If so, there are plenty of options available!

To narrow down your selection, it helps to know exactly what you’re looking for and which features you need. Should you rent your space, or does it make more sense to buy? Do you need a certain amount of square footage? 

Then, there’s the location to consider! You want to make sure the site you choose will get plenty of foot traffic to drive business to your door.

It can be a lot to think about, so today, we’re breaking it all down and sharing how you can find the perfect space for your retail establishment. 

1. Establish Your Needs

Before you start searching for local brick and mortar stores in Orange County, start by doing a little bit of brainstorming. Take the time to think about all of the features and amenities your retail space must have. Consider how you plan to use your space, and the different functions you must complete. 

For instance, if you’re opening up a clothing store, you need enough room to display all of your inventory, as well as dedicated changing rooms. If you plan to open a bakery, you’ll need a separate kitchen. If you’re opening a service-oriented shop, such as a computer repair center, you may want a designated space for behind-the-scenes repairs. 

There isn’t a one-size-fits-all list of amenities to consider. Rather, your needs will be unique to your business. Once you list your essentials, have a little fun and think about all of the features you’d like to have, such as window spaces to set up seasonal product displays.

2. Determine Square Footage

The features you listed in the first step will help you with this one. Before you can set a budget for your space, you need to know exactly how many square feet you need. 

As you’re crunching the numbers, remember to keep the overhead costs in mind. Sure, you might love the idea of a massive store location, but you also have to heat, cool, and power all of that room. 

You don’t want to get into a space that’s too big for you to comfortably afford. Calculate how many square feet you need for your space to be functional and efficient, and start there. If you’re not sure how to begin, think about businesses that are similar to yours and check how many square feet they’re working with.

3. Set a Budget

Whether you buy or lease your property, you’re a business owner first and foremost. You don’t want to risk your establishment because the costs were too exorbitant. 

Before you get too far in the process, set a firm budget and try to stick to it. Use the square footage calculation above and research the cost per square foot in the area you’re eyeing. Then, use these numbers to determine your ideal lease rate. 

There are financing software tools designed to make this process as easy as possible, though you may be more comfortable working directly with a real estate agent or financial advisor. These experts can understand your vision and help you choose a location that you can afford both now and in the future. 

Still trying to decide? We offer a helpful price comparison tool on our website that allows you to cross-reference different lease rates in your desired locations!

4. Choose the Location

You’ve heard the mantra your entire business life: Location, location, location!

Thankfully, there are plenty of high-traffic spots in and around Orange County that are great for setting up shop. However, it isn’t always as easy as picking the most populated area.

In most cases, it’s best to position your retail location strategically near your target market, rather than the general public. If you haven’t defined who your target buyers are yet, you can follow this guide to find the answer to this important question. 

In addition to keeping your market in mind, also look for a location that’s near other businesses you can potentially partner with. If you find the right neighbors, you can send shoppers their way and they’ll return the favor. Don’t underestimate the value of setting up in a well-established shopping center where there’s plenty of foot traffic and helpful fellow business owners next door.

5. Consider Accessibility

Once you’ve narrowed your options down to a few locations, think about how accessible each spot is. Do you need a lot of parking spaces and are those available? If you sell large goods, like home furniture, you may also need spaces for docking and loading. 

Ideally, the location you choose should also be easy for shoppers to access by personal vehicle or public transportation. Plan to offer services like curbside pickup? If so, make sure there’s enough room for drivers to easily access that space.

6. Work With a Broker

While you could search for retail spaces for lease on your own, it’s usually much easier to trust a broker to help you! This is especially the case if you’ve never searched for a business location before. 

To find a great location that’s within your budget, we recommend hiring a commercial real estate company that has experience in the Orange County retail industry. Not only will they know all of the best local properties, but they can also help you negotiate a favorable rate and leasing terms with your landlord.

Find the Perfect Retail Space for Your Business

The perfect Orange County, CA retail space is out there! Now, it’s time to go find it.

This is a busy area that’s ripe with potential. Whether you’re opening a small establishment or a major enterprise, you can find the ideal space for you. 

At Commercial Orange County, we specialize in the leasing and sale of commercial property. When you’re ready to start your search, you can reach out to us to learn about all of the latest available spaces. Call us at (877) 775-9625 today and let’s take the first step together.