Retail Property Advice

How to register a retail business

If you are a first-time business owner in the UK, its crucial you know how to register a business to get it off the ground. The process can seem overwhelming at first, but it’s actually rather straightforward. In this guide, we’ll walk you through how to register your business, so you can get up and running quickly and easily. Choose a business structure The first step in registering your business is to decide on the legal structure of your business. The most common business structures in the UK are: Each structure has its own advantages and disadvantages in terms of liability, tax, and regulation, so it’s important to do your research and choose the one that’s right for your business. You can find more information about each structure on the government’s website. Choose your business name Once you’ve decided on your business structure, you’ll need to choose a name for your business. Your business name should be unique and not already registered with Companies House. You can check if a name is available using the Companies House availability checker. You should also consider how your name could affect seo. Having a name that Google deems relevant to your audience will […]

How to retain customers

If you’re a first-time business owner, its important you learn how to retain customers, not just attract new ones. Retaining customers not only ensures a steady stream of revenue but also helps build a loyal customer base that can act as advocates for your business. Here are our tips on how to retain your customers. Provide excellent customer service One fundamental aspect of how to retain customers is providing excellent customer service. Customers expect good service, and if they don’t get it, they’ll go elsewhere. Ensure your staff are accessible to customers and responsive to their needs. If a customer has a problem, address it quickly and efficiently. Don’t make them jump through hoops to get a resolution. Exceeding your customers’ expectations will also keep them coming back. This might mean delivering a product ahead of schedule, offering a surprise discount, or including a free sample with their order. Small gestures can go a long way in building loyalty. Offer a loyalty programme Loyalty programmes are an excellent way to reward your customers and make them feel valued. You can incentivise repeat purchases by using punch cards, offering a free product once their punch card is filled. Or you could...

How to design a shop

So you’re ready to launch your first shop. The paperwork is signed, location secured, but now you need to know how to design a shop for the first time. Before you open though, its important that you get your store design right. The visuals of a shop are the first thing potential customers see and can shape a customers opinion of your business straight away. People love to judge a book by its cover, so here’s our guide on how to design a shop. Grab people’s attention Let’s approach the design of your shop from a customer’s perspective, which begins at street level. You want to grab the attention of any passers-by the best you can. Shops with clear signage have a good advantage when it comes to drawing customers in. Major, iconic brands have the benefit of being easily recognised by people walking by. Opening a new business means you’ll have a lot more work to do to tell your potential customers about what your shop can offer. So tell your customers as much as you can about your business on street level! Signage such as A-boards are a great way to provide some extra information on what you […]

5 things you should know about choosing a restaurant location

Selecting the right location is one the most important decisions to make when opening a business, and when it comes to restaurants it can be incredibly tricky to pick the perfect spot. If you’re stuck scratching your head over where to start up, here are our top five things to consider when selecting your restaurant location: 1. Know your demographics Always consider your target market. Who are you trying to draw into your restaurant? Say you’re opening a children’s restaurant – a good choice would be somewhere in the suburbs where plenty of families live. Or if you’re planning to open a coffee shop, a busy city with plenty of commuters would be an ideal first stop off the train for those caught up in the busy rush hours. Nearby businesses are also another important factor to consider when choosing a location as this ties in directly with your target customers. Try and think what other businesses your clientele frequent and consider opening up nearby. If your focus is on health foods, a restaurant near a gym or leisure centre would be an ideal spot. Similarly, a fast-food joint near a city’s clubs and bars will draw in customers after […]

How are retail CVAs affecting the tenant-landlord relationship?

Financial and operational restructuring has become a familiar sight on our high streets, with many well-known and well-established retailers turning to formal insolvency processes in an attempt to stave off insolvency. In an ideal world, landlords and tenants would be able to come to a mutually agreeable repayment plan, which allows the landlord to recover the arrears in full while also ensuring tenants can continue to trade profitably. Unfortunately, however, this is simply not often possible. Retailers and the CVA Retailers, particularly those with a large network of bricks and mortar high street stores, have long favoured Company Voluntary Arrangements (CVAs) and company administration as tools to restructure both operations and finances. For retailers with a high street presence, CVAs have become particularly popular over recent years due to the ability to renegotiate onerous lease terms as part of the process. This allows not only existing rent arrears, but also future contractual rental payments to be reduced significantly. Unsurprisingly, this type of arrangement does not represent quite as attractive a proposition to landlords as it does to tenant companies, with many landlords voicing concerns that CVAs are unfairly prejudicial to their interests, making them a prickly issue in the tenant-landlord […]

What should I be aware of before signing a commercial lease?

Congratulations! You’ve found the perfect location for your business. You’ve checked out the local competition, analysed the demographic data, drawn countless layouts for the internal space and counted the passing footfall in all weathers. You’ve done it, you’ve found THE property. “Where do I sign?” you ask. But wait! Before signing a commercial lease read our top tips for new leaseholders… Read the Heads of Terms Read the Heads of Terms, then read them again before signing a commercial lease. A gentleman’s handshake with the landlord is just a handshake. The Heads of Terms set out the conditions of the proposed commercial lease. Know what you’re signing up to. What are your responsibilities as a tenant? Do you have to pay a deposit? When is the next rent review? What happens if your business runs into difficulties after signing a commercial lease, and you can’t meet your legal and financial commitments? Survey the property Check the condition and find out whether the landlord is willing to fix the broken lift or repaint the shop front before you take possession. Discuss your obligations as a tenant regarding maintenance and repairs. Which of you would pay for a smashed shop window? Who...

How much does it cost to open a shop?

Have you ever dreamt of opening your own shop, showcasing your products to the world, and building a thriving business? It’s an exciting prospect, but before turning that dream into reality, a crucial question arises: How much does it cost to open a shop? Understanding the financials of a retail business is essential for success. This comprehensive guide will give you a clear picture of the financial commitments and empower to answer the question “How much does it cost to open a shop?” with confidence and prepare your business for a prosperous future. Rent and business rates Whether you’re renting or buying, prices will differ wherever you go. Make sure to check out how much you’ll be paying in the town or city you plan on opening. Big cities such as London or Glasgow will often be pricey but are likely to see more footfall. An alternative is to set up in smaller, up-and-coming cities. Here it may save you some money, allowing you to establish your business earlier as a local favourite while costs are lower. The most expensive places to rent in the UK The least expensive places to rent in the UK Town/City Average Price* London £49.64 […]

Why use a retail property agent?

Considering purchasing or renting a retail property? Particularly if this is a first for your business, it can be daunting to know where to start. This is when it is a good idea to use a retail property agent. The role of a retail property agent is not only to market and promote properties on behalf of the landlord, but also to act as an intermediary between the seller and prospective buyer, or landlord and prospective tenant, to ensure that both sides are satisfied with the outcome of the deal. Here are a few ways retail property agents use their expertise to help save you time, money and stress during the process of finding your ideal retail space. Knowledge of the area When deciding to expand your business into a new area, it is a great idea to have someone in your corner who understands the local market. Local agents will have excellent knowledge of the current market trends in their area and can use their experience to your advantage. Likewise, local agents will also have a good grasp of demographics, footfall and competition within the area and can help you decide whereabouts your business is most likely to thrive. […]

Five tips on energy saving for businesses

It’s time to save on energy. As the cost of living rises so do the costs of running a business and energy saving is the new buzzword in the business world. Not only is it good for the environment but, more importantly than ever, it can save you money as a business. And yes, it does take some effort on your part, but it’s not that hard to do and the rewards will be worth it. You just need to set up some systems to make sure you’re using energy wisely and smartly all year long. Here are five tips for establishing those systems: 1. Set up LED lighting LED lighting is an excellent way to save energy and money. These lights are able to last as long as 50,000 hours, which means they require fewer replacements than traditional bulbs. In addition, they are more directional in nature so you can direct them where you need them most, which in retail can mean better looking product displays. On top of all this, LED lights use less power than other types of lighting options and also use less electricity than incandescent bulbs do (which will provide you with greater savings). The […]