Questions to Ask Yourself Before Buying a Business

So, you’ve done your research and you think you’re ready to buy a commercial property ready to open your business. The idea of being behind the desk in your own shop can be so exciting that you’re willing to sign any agreement to get it done. But, it shouldn’t be something you do on a whim. Finding the perfect premises will take time and it should be time you’re willing to spare to get it right. If you’re planning on opening your first store, here are some questions you need to ask yourself first.







Are You Open Minded?

When it comes to the stock you buy for your store, you have to look outside of your own tastes. For example, if you’re running a clothing boutique, you don’t want to fill it with items that only you would love to wear. The most successful stores are the ones that stock a good variety so customers have a broad choice.




Are You Putting Convenience First?

There’s no point in investing in commercial mortgages because the store is a five-minute drive from your home. When it’s time to start looking for potential properties for your store, if you have to go where you know the customers will be. Don’t make work harder for yourself by having to advertise and direct customers to an unusual location. If you’re in a place that people use regularly, it’s half the battle won already.




Have You Planned Holidays?

When you open a store, you can forget about holidays for the first twelve months. During holidays like Christmas, Easter and Thanksgiving, shoppers will want you to be open. It’s often during this time that small stores make the most the money, so you really can’t afford to close to have a break. When everyone else is relaxing, you need to be on your A game.




How Are You at Maths?

Opening your first store can be time consuming, but one of the most important aspects is book keeping. You need to maintain records of what you’ve sold and how much money you’ve made. This is sometimes better left to an accountant if you’re lacking in the numbers department. It also gives you more time to concentrate on getting people through the door.








Are You Aware?

Being aware of how to use the space in your store is important. Merchandising is a huge part of selling, so you may want to get some tips before you open. You also need to be aware of how your customers will move through the store. Will your customers be likely to bring in prams? Do you have disabled access? The easier it is for your customers to manoeuvre through your store, the easier it will be for them to purchase items.




Are You Design Savvy?

It isn’t just the interior that needs to make an impression. The exterior of your store will be the first thing your customers see. Make sure your brand is recognisable and your window displays entice shoppers. The exterior of your shop should be designed to draw people in.



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