Tiếng Việt
中文 (Chinese)
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Location is 50% of the success factor in business, the remaining half is divided equally among marketing effectiveness, price, product quality, and store service style. Therefore, Viet POS Rack would like to introduce to customers tips for choosing a business location, bringing outstanding business benefits.
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1. Thoroughly research the location and area where you will rent the premises
Many business people start by seeing a cheap premise and rushing to sign a lease, then setting up their business. This can lead to significant risks. The correct choice is: “Cheap is not enough – It must be suitable.” Some of the most important questions to answer when renting a premise are: Is this area suitable? Are potential customers present in this area? How much can they afford to pay? You cannot blame all business losses on choosing the wrong location, but this is the first and most important reason determining the success or failure of a business model.
2. Screening for suitable premises
This step requires meticulous and detailed information gathering. First, filter demographic information: are the customers in that area male or female, and what is their age? Second, filter product information: what similar products to yours are they currently using? What price do they pay for each product and how often do they use it? Third, filter information about competitors: what products are they selling? Why are they selling those products? Who is the number one in your business field? What are their outstanding features? These questions are also a way for retail stores to survey and research the market before renting business premises.
3. Evaluate the profitability of the premises
In the initial period of business, you will have to spend a large amount of money. If you unfortunately choose a bad location, the revenue will not be able to cover the costs. At that time, you will have to continuously spend more out of your own pocket to maintain the store’s operations until you can no longer afford it. Therefore, from the beginning, you need to accurately assess the profitability of the premises to avoid wasting money.
4. Note the aisle and parking space
A crucial step in renting a business premise is to prioritize locations with convenient traffic, easy to find, and wide sidewalks for customers to park their vehicles when entering the store. Additionally, you should avoid premises on one-way streets or streets with median strips. Furthermore, you should choose premises that do not share an entrance with or are not located with the landlord, as their frequent coming and going can affect the customer experience at your store.
5. Carefully promote the contract
After considering, selecting, and negotiating, you need to pay attention to the details when signing a contract with the landlord. First, the contract must include 7 points: rental price, rental area, deposit, rental period, annual price increase, handover date of the property, and condition of the property at handover. Second, the party providing the contract is the advantageous party. If the landlord is reluctant to draft the contract, you should help them do so immediately.
