Even in today’s fast-paced and turbulent environment of online business, many businesses still find they need a physical brick-and-mortar location to succeed. Others already have a physical store but may wish to expand to a more prime location so as to reach their maximum potential. If either of these things are the case for your business, you may be wondering what steps are involved in creating a new retail location.
Market Research
Starting a new brick-and-mortar retail location is a huge endeavor with a high level of risk. You can’t just set up shop anywhere and expect to succeed. You need to consider things like where you’re building, the sort of neighborhood you’ll be in, what the traffic looks like, and even the other businesses already located in the area. All of these things require extensive research to give you an idea of where to build what would be the most advantageous to your business.
Financing
The second step is one of the most important and will be the most important throughout your business. Without the proper financing, you will never be able to break ground. Not many business owners have the funds available to build just sitting around waiting to be spent. Instead, financing must be obtained from outside investors. This could include investments from a bank or credit union. Alternatively, you may want to utilize other strategies like using a service to find peer-to-peer investors that wish to profit from your business’s success. Crowdfunding, donations, angel investors, and fundraisers are all viable ways to get the money you need.
Licensing and Zoning
Building a new structure in a city or town requires having that plot be zoned for that purpose. Obtaining zoning permits can be difficult, as a lot of legal red-tape and paperwork get introduced to the list of things you need to be mindful of. The same can be said for obtaining a license from the state and local authorities for your business to operate lawfully. Make sure you have all of your papers in order. Otherwise, you may be shut down or even charged with a crime before you have the chance to open.
Design and Preparation
The building must be designed from accurate blueprints. This will require working closely with builders and architects so your needs and preference are adhered to in the design. You may also want to work with a building consultant that can oversee the entire project to make sure your wishes are realized. The land will also need to be surveyed, cleared, and excavated.
Construction
Lastly, of course, is the actual construction of the new retail location. Watch over this process closely. If you’re not careful, the cost of the project could balloon past your initial budget and the scheduled finish date could end up not being met. These and other problems can certainly eat into your profits and the patience of any financial help you might obtain.
Overall, many businesses need to build a new retail store location to be successful. However, doing so can be a painstaking process with a lot of room for error. Make sure you plan and manage such a big project properly. If you don’t, you will surely fail.