MRS. Bridal Boutique's Kelly Power Talks Location, Location, Location
Starting your own storefront business is a daunting task in and of itself. Kelly Power, co-owner of MRS. Bridal Boutique, and member of Art of Fashion's Board of Directors, insists that finding the perfect location is absolutely crucial. For many businesses, getting the right location can make the difference between success and failure. Here are some insider tips from the Toronto-based business owner making waves in the retail bridal industry.
The first step in finding a great location is to do your research. Going out and speaking to other small business owners in the area is one of the most helpful sources available as they have first-hand information on the area's traffic and development. When talking about traffic, it is important not to mistake a lot of traffic for a lot of customers. Many retailers want to be located where there are many shoppers but that is only beneficial if that shopper meets the definition of their target market. For example, in the case of an appointment-only business, it could be more beneficial to be in a central location rather than in an area of high walk-by traffic.
Thorough research of the area will also help to determine if the types of businesses nearby are compatible with your type of store. With regards to opening up a bridal store for example, we looked for an area where other bridal vendors were situated so brides could have that perfect one-stop shop experience.
Before signing a lease, be sure you have a second pair of eyes review all of the small print. It's essential to contact the local city hall for information on regulations regarding the building. You should be aware in advance of any restrictions that may affect your retail business and any future planning that could change traffic or visibility, such as condo development (especially in Toronto!).
Besides just the base rent, you must also consider all other costs involved when signing a lease. You'll want to know things like who pays for garbage removal, building maintenance, utilities, property taxes, etc. It is difficult enough to create sales projects on a new business, so if you can nail down your rent costs you'll be one step
Lastly, take your time when making the decision on where to put your retail store (even if you are in a rush!). Research the area and have patience even if that means pushing back the date of the store's opening. Location is one of (if not the) most important aspects to your business and you want to make sure you make the right decision for you and your storefront.
For more info on Mrs. Bridal Boutique, contact 416.925.1674
Tuesday - Thursday
11:00am - 5:00pm, private evening appointments available by request.
Friday - Saturday
11:00am - 4:00pm, private evening appointments available by request.
Closed, private appointments available by request.