Also consider the lease in general. Look at it as a contract between two business people instead of a leaser and leasee. Ask questions about general electricity or heating costs. Find out if the space allows for renovation or construction. Assess whether the space is the correct size for your projected growth in your business plan, and then go back to the bank or investors with that appropriate information.
Keep in mind that there are competitors all over trying to do the same thing as you. Make certain that your concept is original so you can guarantee longevity. Fifty percent of small businesses fail within the first five years. Look at the “newness” of your business; investigate its potential growth as far as what you are going to offer the consumer. Will you be getting in more merchandise than the competitor? Faster trends than the competitor? Unique styles? Specialization in one type of product? Potential for multiple locations or even the start of a chain?
Use the journalistic technique of Who? What? When? Where? Why? and How? to answer questions to leasing agents, banks, angel investors and even the press when starting the PR for the project. They will want to know details and clear concise information charted down in an easy to understand manner is always the best. Make certain you have sufficient cash flow to fill re-orders on popular styles. This goes for both designers and retailers. You need to stock what your customer wants. It is the simple concept of supply and demand.
If you are a student and your dream is to open your own boutique upon graduation, be proactive. Establish credit now to prove a track record of timely bill payments. Put the electricity and cable in your name at your apartment. Live in a dormitory? Get your own cell phone (get off your parent’s plan and pay for it yourself) or credit card. These are all ways to prove your responsibility to the world of investors.
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