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Rent for commercial space is typically calculated by square foot or a percentage of gross sales. Rents can range from $0.90 to several dollars a square foot, or you might pay 6% of gross sales. The rental rate should be listed in online or in classified ads. Contact the management office if you have questions. You want your business located in a safe area, otherwise customers won’t visit. Check the crime statistics for the area at mylocalcrime.com. You can search by zip code. Some businesses want to be located near their competitors. One advantage is that customers already will stop by the area, so you are pretty much guaranteed foot traffic (if your competitors are successful). However, you might not want to be located too close to your competitors. It will be hard to distinguish yourself, and the public might already be loyal to established businesses. When people go shopping, they’ll stop at many different stores during their trip. For example, someone going to lunch might stop at a clothing store along the way. You can benefit by situating your business near other retail establishments, such as coffee shops or restaurants. Complementary businesses should target the same demographic as your business. For example, if you have a children’s clothing store, then being located near a daycare would be ideal. However, it’s not ideal to be located near a bar. Consider whether you want to be located near public transportation, such as the bus line or a subway stop. Generally, the closer you are to public transportation, the easier it will be to get foot traffic near your store. However, you also need to consider what kind of clientele you hope to reach. For example, you might open a high-end boutique. In that situation, you probably don’t want to be near public transportation, since higher-income people generally will drive. Avoid relying only on pictures. Instead, stop by the retail space so that you can get a feel for it. If possible, contact the landlord and ask to walk through the space. Zoning laws limit which businesses can operate in certain geographic zones. Once you narrow down your search, stop into the local zoning office to check whether you can operate your business in the area.
Check the rental rate. Check the crime rates for the area. Find where your competitors are located. Look for complementary businesses. Check the proximity of public transportation. Visit the retail space. Confirm the space is zoned for your business.