$10,000 mistakes almost all business owners make, and how YOU can AVOID!
Location! Location! Location!
We have all heard it, location matters. And it is so true! The right location, with the right demographics for your product will help your company grow, excel and thrive! The part most owners get wrong is the contract!
Contracts make or break your business
That’s right, you can have the right location, but the wrong contract and your business will suffer and possibly even die.
Service based businesses, product based businesses, and people based businesses will all fail because of a bad contract.
Do not sign a contract that is years in length! The leasing agent may seem nice and like they have your interest at heart, but they do not! In fact, they are just trying to fill spaces for the longest length of time, and for the most money possible because that is what they are compensated for. Instead, go with a shorter term lease and test the space for a few months. Then if things are going well, extend it for a full year. Then once the space is a proven space that works well for your business, then sign for two or three years!
And yes, I know it will cost you more up front, but the ability to walk away in a shorter time frame is what really matters! Think about Covid, no one ever thought that malls would shut down but they did; and all of us with leases had to pay the full amounts the entire time the mall was shut down. That means the businesses where out thousands of dollars each and every month and there was no income coming in to off-set the finances.
So yes, location matters, and so does short term leases!
In our book, I Speak Boutique Run Your Business Like a Boss Babe, we work through a lot of the problems that small business owners face. We help you determine your perfect customer and how to reach her. We talk about what to ask during interviews to help you find the perfect Brand Ambassadors. We work through industry common terms and help you relate it back to your business. And most importantly, we give you the tools and guidance you need to get your business growing and thriving! Buy the Book