Starting a business is like stepping onto a rollercoaster without knowing the track. You’re excited, a little terrified, and hoping the ride ends with your dream intact. One of the biggest twists on that track? Finding the perfect retail space.
It’s not just about four walls and a roof—it’s the foundation of your business, the place where your customers will experience your brand firsthand. It’s a big decision, and it can feel overwhelming. But, like any good rollercoaster ride, if you plan ahead and hold on tight, you’ll come out smiling.
Here’s what I’ve learned about finding the right retail space, both from my time as a business owner and now as an agent with Goldmark Commercial:
1. Know Your Audience
You can have the best products or services in the world, but if you’re not where your customers are, it’s a tough sell. Start by asking yourself: Who am I trying to reach? What do they need? Where do they hang out? Finding a location that aligns with your target audience is non-negotiable. Foot traffic is great, but the right foot traffic is what you need to thrive.
2. Understand Your Budget
Dream big, but plan responsibly. It’s easy to fall in love with a space that’s just a little outside your budget—been there, done that. But remember, it’s not just about the rent. Factor in utilities, maintenance, insurance, those inevitable unexpected expenses, and don’t forget to pay yourself. A space that’s affordable gives you room to breathe and grow.
3. Location, Location, Location
We’ve all heard this phrase a thousand times, and for good reason. Visibility, accessibility, and proximity to complementary businesses can make or break a retail space. Drive by at different times of the day, walk the area, and imagine your customers’ journey. Is it easy for them to find you? To park? To shop?
4. Think Long-Term
Your space should be able to adapt as your business grows. Ask yourself if you have room to expand nearby. Or where your next location could be. I know the startup phase is exciting, all your friends and family are asking when you’ll open, but slow yourself down and think about the big picture. It’s worth the extra time on the front end to set yourself up for long-term success.
5. Trust Your Gut, But Verify
You might find a space that feels like the one, but don’t skip the due diligence. Inspect the property, read the lease carefully, and don’t be afraid to ask questions. Your gut is important, but a little extra homework can save you from costly surprises down the road.
6. Surround Yourself with the Right Team
If there’s one thing I’ve learned, it’s that you can’t do it all alone. Work with a commercial real estate agent who understands your vision, a lawyer to review your lease, and a mentor who’s been through it before. Their experience and expertise can make all the difference.
Choosing the right retail space isn’t just about finding a building—it’s about finding a home to build your dream. Take your time, trust the process, and remember: every business journey is unique. No matter where you end up, the lessons you learn along the way will shape you and your business for the better.
And when you finally open those doors? Take a moment to look around, soak it in, and say to yourself, We got this.
Aaron Hill
Goldmark Commercial Real Estate, Commercial Agent