I have a goal for this blog this 2013. As a micro micro micro entrepreneur, I felt that I can use this blog as a vehicle to share
my personal thoughts in doing business. For my opening salvo my topic is about
“Renting Business Space”
Finding a space for your business may not always be a huge
problem because your house could be an ideal site. No need to look further for
you may convert a small space of your house into a sari-sari store; or you may
use the front part to sell street foods or ihaw-ihaw. You just save a few
bucks. But not having to pay a rental fee for a space does not guarantee an
advantage.
For example, in a residential community with many sari-sari
stores, would you still consider putting up your own when there is one next to
your front door and another one five blocks away? Though there is no crime in
doing so, is your business still appropriate and a necessity?
Not paying a rental space to house your business maybe
beneficial to certain extent. For you can use that supposedly “rental fee” to
fund other initial expenditures. However, to fully utilize your capacity to
succeed a thorough analysis is highly suggested. Sometimes a call of conscience
is also a fundamental due to humanitarian reasons. Let me end this by rephrasing my first
sentence: Not paying a rental space to house your business maybe beneficial to
some businesses depending on the type of situation you are in.
Assuming that your product/service is set to hit the market
and a space is the only missing link. Before renting a property I suggest that
you consider the following:
1.Traffic.
A densely populated community is not an assurance that you can get real traffic
to your business. In determining your market, do not forget to observe their
buying capabilities and habit. Your product/service should complement your market’s purchasing
ability and how frequently do they need it.
2.Distance.
In relation to traffic, accessibility is also important. A visible store is an
instant marketing instrument.
3. Rental fee. In a densely commercial facility,
the rental fee of business spaces is expected to be costly. The one month deposit-one month advance rule in renting a residential apartment may not be
applicable to commercial properties.
4. History.
Ask the owner, the neighbors or even the bystanders. Know what type of
business/es that used to stand in your prospect. Know the reason why the previous
business left and the problems they encountered. Do not be deceived by the
owners enticing words, make your own research.
5. Utilities.
Are all basic utilities present in the establishment?
6. Contract.
Know the real owner of the building and ask if they issue a black and white
contract. If there is none, at least be sure you are transacting with the right
person. We were swindled once, and I hope it will not happen to anybody
again ever.
There are certainly a lot more essential factors included in
the list. That’s the six basic things, at least.
Photo credit: kuplramblings.blogspot.com
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