Site selection is always the most important and time-consuming step in a business plan. Let’s learn 5 steps to help find the best business premises.
In order to implement a business plan, it will take a lot of time to prepare from finding sources of goods, choosing premises, arranging, arranging stores, etc. In which, the search and selection of premises business is considered as the most important part, having the main decision to business results. Choosing the wrong business premises can lead to losses and bankruptcy. So how do you find the perfect space? Let’s read through the 5 steps in the article below.
Research and observe rental locations
Finding space to rent can “consume” a large amount of money when doing business, so many people have tried to find cheap premises to save costs. However, sometimes because of too much emphasis on the “cheap” factor, business people did not have the knowledge and observation of the position they rented before deciding. This is extremely dangerous because it can lead to failure if you rent a place that is too sluggish for your business. Remember: “Cheap is not enough – Must be suitable”.
There are three important pieces of information that you need to look at and screen for before you decide to rent:
- The first is demographic information: What class do the residents living around mainly belong to? The average age? High or low standard of living? Gender,… Will they be suitable for the item you are intending to do business with?
- The second is information about the product: What is the demand for the products and items you are about to do business with in the area? How much would they be willing to pay for similar items?,..
- The third is about competitors: Is there anyone around the area that sells similar products and products? What is the level of success?…
Make a search list
After you’ve observed, researched and filtered the information, it’s time to start searching for premises. Locate the areas that you think are the best fit for your business, then start searching for homes with rental properties in them. You can rely on reputable real estate websites or ask for the help of brokers, relatives, friends to be faster.
Once you’ve settled on the best place, it’s time to negotiate and sign a contract with the landlord. You can use your negotiating skills to convince the landlord to rent out a better price. And one thing to note when looking to rent a business space is that the emotional factor should not be too high, but be rational and alert for analysis. For example, if the location is too good, too suitable for business, but the cost is too high compared to the original plan, it should be carefully considered and can be ignored if necessary.
Promotion, signing rental contract
After reaching an agreement, both will proceed to the final step of signing and promoting the contract. Do not forget to ask clearly about the rental fee as well as any additional costs that may be incurred later in the rental process for clarity from the beginning.
An Nguyen – Aequitas Audit
>>> How to rent a house in front of Hanoi for a reasonable business?