Nowadays, more and more retail stores are either making their way online or completely starting out online. The realm of E Commerce is thriving – and it’s not all too surprising. There are various perks that come with running a digital store. You can make sales around the clock. You don’t have to have staff or security manning the floor to prevent theft of stock. You can reach out to an international audience with the simple addition of international shipping options. The list goes on… Sure, some of the world’s biggest and most successful companies are largely digital. But it’s also important to remember that there’s a market for traditional brick and mortar stores out there. Sometimes, customers simply want to head into a store, speak to someone on a face to face basis and actually see and try out the items in real life before buying. Now, if you’re considering setting up a more traditional store, you’re going to need a commercial premises to base yourself from. Here are two of the main options that you’ll find yourself choosing from.
Building
One option that you have is building your own commercial premises. Now, this can prove ideal in many ways. First, you can choose the exact location of your store. If you’re lucky you may find a plot of land in a highly desirable area. Secondly, you can bring in a construction company to create a building that suits all of your needs and preferences! Of course, this should only really be an option for those who have a well established business to consider. If you’ve been going for years, it’s likely this move can be profitable, as you’re likely to go on selling many years more and you can save a lot of money that you would have spent on monthly commercial rent outgoings.
Renting
A second (and widely popular) option when it comes to commercial premises is renting the store you settle one. A lot of buildings in commercially viable places and locations tend to already be owned and the owners will allow you to use the space for a monthly rental fee. Now, this can feel like you’re throwing money away, as you’re basically supplying someone with their own passive income rather than purchasing something yourself that you get to keep. But there are perks that come with renting too. First, you can get pretty central locations with a high passing footfall. This means more business through your doors, more sales and a way to justify spending money on commercial premises rent. Secondly, you can back out of your contract as soon as it finishes. This benefits people at both ends of the spectrum of success. If you find that your business doesn’t take off, you can back out and call it a day as soon as your contract ends. If you find that your business experiences profound success and you want to upgrade your premises, you can quickly move out and into a new location.
These are just a couple of options you have when it comes to creating a brick and mortar store. Run through the pros and cons and settle on the best for you and your brand!
