Picking the Perfect Facility for Your Growing Enterprise.
Many different factors impact your company’s likelihood of success. Although most business owners are well aware of the need to have a viable product and a solid marketing model, many fail to account for retail sizing in their business plans. Here’s what you need to keep in mind to choose the right amount of square footage.
The Bare Minimums: What Will You Be Doing in Your Retail Facility?
Simplify the square footage quandary by considering the activities you’ll be using your space to accomplish. For instance, if your office supply shop offers services like 3-D printing or laser cutting, then you’ll have to devote a certain amount of floor space to the appropriate equipment.
In addition to leaving room for specialized process hardware, it’s important to think about the types of tools you use to make your office or retail center more efficient. For instance, cash register tills and product displays may be easy to overlook, but they take up irrecoverable space, and they also require clearance to permit the passage of foot traffic. That’s not to mention the hardware and spatial allowances you’re legally required to maintain, such as safe egress routes, cold product storage and other miscellaneous features.
You may be lucky enough to find retail space that includes these characteristics. Or you might have to add them to an existing facility, which could effectively reduce its usable square footage.
Market Positioning: Making Location-based Sacrifices
Once you have a good idea of how much space you need and how much you’d ideally prefer to have, it’s time to ask yourself whether you can bear to cut back. For instance, are you willing to pay a premium for a smaller location in a more upscale shopping district where you can potentially charge more for your goods and bring in increased revenue? Will the extra traffic to your location justify the increased monthly rent?
One potential workaround to consider involves splitting up your retail activities. For instance, instead of paying a huge sum for a shop with extra stock storage, you might want to think about combining a smaller space with a climate-controlled storage unit nearby. Take a good look at which of your business activities classify as essential and which you can afford to move elsewhere to save space.
Going Above and Beyond: Preparing for the Days Ahead
Where will your business be in two or three years? While it’s impossible to know how far you’ll eventually go, leaving room for expansion isn’t necessarily the smartest idea. Having the right location is always better than paying for a bigger retail space than you can actually use to drive profits. Also remember that if you choose a well-positioned spot, you may just be able to upgrade to something in the vicinity later.
Are you ready to position your Buffalo, NY, business for success? Learn more about Ellicott Development’s retail spaces today!