The biggest costs in a brick and mortar aren’t the ones you plan for. It’s everything else that adds up. Staffing, systems, maintenance, marketing, things breaking, things needing to be replaced.
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In commercial real estate, the strategy changes because the business changes. That’s why I don’t believe in searching every listing and hoping one works. Before we start touring commercial spaces, I want to understand your business. What has your first location taught you? Where are your customers coming from? What are you trying to accomplish with the next one?
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Negotiating commercial leases is that the lowest rent doesn’t always make it the best deal. Every business has different priorities. For some, keeping monthly rent as low as possible is the right strategy. For others, it makes more sense to negotiate concessions that improve cash flow during the first year, when expenses are often the highest.
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Most business owners do a good job budgeting for the expenses they expect. It’s the ones they don’t expect that usually cause the biggest problems. Everyone plans for rent, payroll, inventory, and utilities. Those numbers are relatively easy to estimate. What catches people off guard are the unexpected expenses that seem to happen all at once.
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Some of the best opportunities are the ones people walk right past. Everyone loves a polished, move-in-ready space. It’s easy to picture your business there because someone else has already done the hard work. The problem is that everyone else sees the same thing.
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After more than twenty years in business, I wanted to build the kind of networking experience I would actually want to attend. A room filled with entrepreneurs, professionals, business owners, and community leaders who came with the intention of building real relationships. That’s what Next Level Networking is all about.
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I’ve learned over the years is that not every networking event is worth your time. After more than twenty years in business, I’ve become much more intentional about where I spend my evenings and who I spend them with. I don’t need to be in the biggest room. I’d rather be in the right one. And that’s why we have SOUP, the Society of Urban Professionals.
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It surprises me how many first time business owners try to lease commercial space without representation. I represent both landlords and tenants, and whenever someone approaches one of my listings without a broker, I always wonder why.
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If your operations, numbers, and structure aren’t solid, a storefront will just expose it faster. Sometimes the smarter move isn’t opening a space. It’s building the business first. If you’re thinking about going brick and mortar, make sure you’re actually ready for it.
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Success changes as you grow. If you had asked me twenty years ago, I probably would have measured it by transactions, milestones, or how quickly I could build a business. Today, I think about it differently.
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