With the rising popularity and success of E-commerce, many new business owners are starting up their business ventures online. This isn’t surprising. It’s a cheap and easy way to test the waters of the business world, exposing your brand and products to a worldwide audience without the hassle of managing a brick and mortar store. However, this has resulted in a wide lack of knowledge in regards to how to establish and maintain a tangible business where customers can interact with you and your products or services face-to-face. If you find that your business is growing in popularity and turning over an increasing amount of sales or deals, it may be time to start considering setting up in the real world. Why? Well, humble and traditional brick and mortar stores hold a whole host of potential benefits to any business owner. Around 61% of people prefer making a purchase in a store than online: there is greater demand for physical stores than online stores, meaning that they still have a major advantage when it comes to attracting customers in the first place. This type of setup also offers instant gratification to customers: they don’t have to wait for delivery, meaning that they are more likely to complete purchases rather than debating delivery costs and leaving items in their online cart. Your customers will also be able to touch and see your items in real life, resulting in more confident purchases and fewer exchanges or returns, saving you money. Shopping on the high street also has social aspects, which means that customers are likely to bring friends (who are likely to have similar interests and tastes to them) into your store, potentially securing new customers for your brand. However, with these benefits comes hard work and increased responsibility. Here are a few things that every business owner should know when setting up shop with a physical commercial property.
Renting Versus Buying
Buying an office space has plenty of benefits. You will have fixed costs (outlined from the start), be in receipt of tax deductions, you can rent out any excess space (meaning extra income for you) and you can sell the property when you retire, allowing the commercial property to serve as a kind of retirement fund. However, if you are just setting out, renting is advisable. You can never know how your physical business will fare and you don’t want to be tied into a permanent contract on a commercial property that may be of no use to you down the line. So, test the waters with a rented property first. Scour the market for the best option available and view offices for rent and stores to rent. Book real life viewings too, as this will give you a real feel of the space and allow you to judge whether it’s appropriate and able to suit your wants and needs.
Furnishing the Space
Once you have settled on a property, it’s time to furnish the space. If you have invested in office space, make sure that you have ergonomically designed furniture for you and your staff to prevent chronic injuries or illnesses such as repetitive strain syndrome. If you have a store, ensure that there are plenty of display units that can effectively showcase your stock. You should also have a designated counter for your till system.
Protecting the Space
Some rented properties will already have security measures in place, but purchased properties and certain rented properties will not. Either way, ensure that security devices are fitted and in good working order. These can include CCTV (which will deter people from robbing or burgling your business), security staff (manning the doors) and alarm systems (that can pick up on items with security tags still attached).
Ensuring That Space is Safe
Once everything is ready and good to go, carry out health and safety checks throughout the entire premises. You need to make sure that there are clear exit signs, signs detailing fire safety protocol and procedure, wet floor signs available for use and that there are no exposed or trailing wires which could pose a trip hazard. You need to make sure that anyone visiting or working in the premises is protected.
Following these simple steps will make sure that your commercial property is beneficial for you, your staff, your customers and the overall functioning of your business. This will result in increased profits and a brand that people are more likely to notice, recommend and return to.
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