Renting a shop is the one of the most essential steps to building your business. And like most crucial steps, if you make a mistake, no matter how small, it could go a long way to making things difficult for you.
To make sure you get it right, we have put together a list of the Nine most important things you should look out for. So before you rush in on that “shop for rent in Lagos Island” sign, visit this list and make sure the shop ticks all the boxes. Think of this list as a renting shop advice and also a checklist for the perfect shop you need in Nigeria.
- Renting a shop # Building structure and appearance.
This is one of the major factors that would determine the kind of customers you will attract. Current events have shown that people prefer to go to posh places. Even if they can’t afford, they would save up and even borrow just to keep up with looking or acting rich. Take for example Shop Rite mall; everybody knows things are more expensive there, but yet people keep trooping in. Some people would even spend heavily on transport to go to Shop Rite to buy something at a much higher rate than they would have bought the same thing in the market.
So what this shows in essence is that you should rent a shop in a building that looks very attractive and posh. Especially if you are opening something like a boutique. Nobody wants to be seen shopping in a shabby looking building.
- Renting a shop # Security.
Be on the lookout for a secure neighbourhood and even more secure building. It is not enough to buy and use the biggest and strongest padlocks. If the neighbourhood is filled with thieves, they will always find their way in. So do a little research of your own, ask people around, you can even go as far as looking up the neighbourhood on Google. If the area is prone to robbery attacks, news of that sort would show up on Google. You would be doing yourself a huge disservice if you go on to rent a shop in a neighbourhood that has been constantly attacked. No matter how perfect the shop seems to be, if it is a danger zone, go somewhere else. Even if it seems like it will be difficult to get another one like it, if it is a danger zone, look for another location. There will always be shops for rent in Ikeja Lagos Nigeria, or in Abuja or in Port Harcourt.
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- Renting a shop #Light.
This depends on what exactly you intend to sell. There are certain commodities that need light to thrive, like a frozen food store, or a super market (nobody wants to buy hot drinks). There are other commodities that do not need light to thrive, but rather need it for the aesthetic value it adds eg a boutique or a pharmacy. How much you need light depends on what you intend to sell. So before you move in to that shop, check out how often they have light and how often they get black outs.
- Renting a shop # Water.
This also depends on what you are selling. A restaurant needs a close source of water for the cooking. A hair salon also needs to be close to a source of water because water is needed for some of their services, like washing hair. If your line of work or services needs water often to operate, make sure your shop is located close to water supply.
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- Renting a shop # Location.
This depends on the kind of patronage you want to attract. Do you want a shop in a residential area or in a market kind of location. Market in this context refers to a clustering of shops. The location you pick would determine the kind of patronage you will receive.
- Renting a shop # Foot traffic.
Foot traffic means the number of people that will pass by the shop by foot. This is a factor worth considering because when people pass on foot, they see the shop better because they are moving at a slow pace and are more likely to buy something from the shop.
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- Renting a shop # Rent price.
Most people tend to overlook this, but that’s a risky thing to do. Don’t move into a shop that you clearly cannot afford on the basis that as the business grows you’ll acquire more capital. You should learn to take it one step at a time, as the business grows so should your capacities and facilities grow.
- Rent a shop # Shop size
The shop size is what ultimately determines how much goods you can carry at a time. If you want to sell in bulk or you want to do whole sale selling, you should go for a bigger shop. And on the other hand, if you will not be selling that much, do not bother getting a shop that is big. If your goods are small and you rent a big shop, your shop will end up looking empty; that’s a turn off for most people.
- Rent a shop # Proximity to the market.
If your line of work is that which requires you to frequently shuttle to the market, you should choose a shop that is close to the market. For example if you own a restaurant, it would be better for it to be close to a market where you can easily buy the ingredients you need to cook.
