Choosing your business idea and identifying your target customers may have been easy; however, finding a place to hang your shingle can be much more difficult. As a new entrepreneur, one of the critical issues you will be faced with is site selection for your business. You will learn that there are two options when looking for a home for your new business; you may lease or purchase commercial property. Which choice is better? Much of this depends on your own situation, comfort level, and future plans.
Blog Category: Operations
Poppy Barley is not just another shoe store, and that is exactly what Justine and Kendall Barber wanted when they started their business. The sisters launched into entrepreneurship with the help of Startup Edmonton in 2012. They found a niche in the women’s shoe market and built a successful, multifaceted business for an underserved market.
Whether you don’t yet have a business, or have been running a business for years, market research can be of value to you. But what is market research, you ask? It’s about gathering information on your industry, customers, and competitors so that you’re more aware of what’s going on around you. Once you have this information, you’re in a better position to avoid costly mistakes and make business decisions related to marketing, operations, and the business’ financial situation.
Free rent is just one negotiable factor in a commercial lease, which my business partner and co-author, Jeff Grandfield, and I explain in our new book, Negotiating Commercial Leases & Renewals FOR DUMMIES. Even if you did not receive a rent-free period when you signed your first lease, you may be eligible for one when you renew (although you may have to work harder to get free rent on a renewal).
With the influx of microbreweries in Alberta, hearing about another one may not catch your interest. But I can assure you this: Village Brewery is different. Jim Button, one of the co-founders of the brewery, is a driving force behind that fact. Not only does he have a strong background in marketing and brewing, but he has an infectious passion for his community and a strong commitment to volunteerism and philanthropy.
During summer in Alberta, festivals, rodeos, farmers’ markets, and other events flourish throughout the province. Edmonton in the summer is known as festival city, and with good reason – there are over 55 festivals in the capital region during the summer! Calgary is home to the Greatest Outdoor Show on Earth: The Calgary Stampede.
We had the pleasure of introducing you to our client Massey Whiteknife, a successful Indigenous business owner, in the June 2016 blog post: “First Nation entrepreneur stays true to himself”. His tremendously successful company, ICEIS Safety, continues to grow while Massey also takes time to pursue other interests.
When it comes to finding a home for your new (or even expanding) business, there is a great deal of truth in the adage of “location, location, location”. The commercial space chosen by a tenant can, in fact, be a deciding factor in the success or failure of the business.
Considering the importance of this issue, we have devoted an entire chapter to finding a space that is right for your business in our new book, Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Consider the following additional factors before signing a lease.