Mike 4m 570
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Every town in America, whether it’s a large city or something smaller has that one location in town where large gatherings can be held. If your town does not have one of these or you feel there is the need for another because of the population in your area, you can create that new spot. Now before you go searching for a commercial real estate agent there are many things to consider including your budget. Another important consider you may have to make is will you use banquet chairs or another seating option.
What is your budget?
As you start out on your adventure take some time to do some research on the locations around you. After you explore them, ask yourself when considering whether or not to open any type of location is what is your budget? In order to help you figure out whether you have enough capital already or if you need to look into a business loan, you may want to create a spreadsheet containing all possible expenses. Remember to include any fees that your real estate agent may charge as well as closing costs, licensing and inspection.
Once you secure your location you are also going to want to budget for marketing, staffing, decorating and other purchases you may need to make.
Searching for the Spot
After you figure out your initial financials, it is time to have some fun and go look for your new project. You may already have a specific spot in mind which will make this step go a lot faster. However, you may also need to take time to search the commercial market for your target area. Don’t rush this decision as it will be the guideline for all of your future choices in regards to your new business.
Create Your Dream
Once you secure the building and have the keys in your possession take some time to look over your new space with a fine tooth comb. If you are going to be working with one or more partners, invite them into see the location and get their ideas on how to create your dream spot.
Depending upon the age and condition of the building you may want to have a certified electrician as well as a plumber come and take a look around to make sure everything is up to code. After any and all updates are made to the building make sure you contact your local building codes office to ensure you pass inspection.
Now it’s time to shop for the items you need to create the space. Layout the space on paper or even a computer to determine the items such as banquet chairs, tables, or kitchen equipment you may need to purchase. Determine what the fire marshal says is your maximum capacity and shop within those limits.
During the building and decorating process you may also want to start advertising for the positions your new location will create. This will give you time to check out your staff and have everyone on hand to begin training.
Creating the new spot in town is a process. Take your time and don’t be afraid to consult professionals or others if needed.
Mike is a business owner who just recently opened up a local hot spot that has quickly become a go to destination for both locals and people from out of town.