Four Things Every Retailer Should Do Before Signing a Lease | Episode 148

Show Notes:

It’s easy for us as passionate retailers to quickly fall in love with the “perfect” space and location, but how do we know it’s the right business move? In this episode, I’ll talk you through four things you need to know and do before signing a lease for your retail business.

As a retail coach and the daughter of a father who was a retail leasing “guru”, I can share from experience that I have seen a lot of lease agreements go sideways or have surprises. 

Here are a few things shop owners need to consider when leasing a new location:

1. Set a budget.

Talk to leasing agents regarding price/square foot, average rental prices in the area you are looking to open a shop in. Be aware of what leasehold improvements you will want/need to make.

2. Do your due diligence.

What can you negotiate?

  • Lease length
  • Rent increases
  • Allowances

What should you look for in the lease that you might miss?

  • Hidden costs
  • Utilities/Internet
  • Tax/Insurance requirements

3. Be sure everything is in writing and have a mentor and/or professional look it over.

4. Know what YOU can afford.

Do you know what % of your gross sales should go to rent, or how much you will need to make to pay that rent? I share that industry average % and more in this episode.

“Our heart can convince our head of anything, so we want to make sure it doesn’t convince us to get into trouble.  So put your CEO hat on and your heart and head can have a conversation with all of the right information.” – Wendy Batten

By following these steps, retail business owners can make an informed decision about leasing a space that aligns with their budget and business goals.

 

Listen on:  Apple Podcasts |Spotify | Radio Republic | YouTube | PlayerFM | Stitcher | iHeartRadio

Do these things before you sign a lease wendy batten creative shop talk podcast
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Resources Mentioned:

Retailer’s Inner Circle
Level Up Mastermind
My signature course: Retail Made Simple

Related podcasts we think you’d like:

Episode 22 – 10 Things to Consider Before You Open a Retail Business

Episode 62 – Three Pitfalls to Watch Out For So You Don’t Lose Your Business

Episode 89 – Money Talk & Mindset with Profits First Coach April Stroink

More Support from Wendy:

Retailer’s Inner Circle – Join Wendy inside the best retailer’s community

Wendy’s FREE Resources for shop owners 

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More ways to connect  with Wendy  

Retail Made Simple – Wendy’s on demand course for shop owners wanting more from their business

WELCOME

Hi there! I'm Wendy Batten, and I'm obsessed with helping independent shop owners like you achieve success.

With over 20 years of experience as a small business owner, I've owned several retail businesses along the way including a cafe, two retail shops, and a studio (and even a tae kwon do studio), learning first-hand the art of juggling all the balls.

I now dedicate my time to coaching hundred of retailers all around the world, sharing my expertise to help them organize their businesses and maximize profits, paychecks, and JOY in their day-to-day lives.

I created the support, programs, and community that I wish I'd had.

Whether you've been in business for years or are just starting out with your brick-and-mortar venture, you've come to the right place.

If you're serious about your business and ready to stop winging it, I'm here to inspire and guide you toward success.

I'm so happy you're here, and I can't wait to support you on your journey to thriving in the world of retail!

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