Before deciding to rent a shop for your business in Nigeria, there are so many things to consider. Depending on the nature of your business and what you’re selling, renting a shop could make or break your business. Renting a shop or office space is one of the most essential steps to building your business. Like most crucial steps, one mistake no matter how small, can make things difficult for your business. To guide you, we’ve put together a list of some important things you should know before renting a shop in Nigeria. So before you move into that beautiful plaza in Abuja, or shop for rent in Lagos, read this guide and be sure all requirements are fulfilled.
Location should be one of the first things you consider when renting a shop. Your location will largely determine the customers you attract, your patronage and profit. Do you want to be in a residential type of area or market type of area? You should know your business and therefore the type of location that is suitable. Foot traffic is also another thing that comes with location. This is a great factor to consider because as people pass on foot, they can see your shop and products, and are more likely to patronize your business. If the area has a high foot traffic, it means a lot of people will pass by on foot and therefore you have a higher chance of getting more customers.
Structure and Appearance:
The appearance of your shop is one major factor that will determine the kind of customers you attract. People want to be associated with luxury and will prefer to go to posh places than regular shops. People go to expensive places for the experience and aesthetics. For instance, people might opt to go to ShopRite Mall to buy something they could have gotten from a nearby provision store. This is sometimes for the experience, aesthetics and luxury associated with the mall. This shows that you should consider the appearance and structure of any space you want to rent, even if it doesn’t look good at first, it should have a good structure which you know you can furnish and decorate it.
You should always factor in security when you’re looking to get any kind of property whether for lease or purchase. Ensure that wherever you’re renting is in a secure environ or a secure building. If the environ is one where theft is high, then you’re operating at a risk because thieves can make their way in and your wares and equipment can be stolen at any time. You would be doing yourself a huge disservice if you go on to rent a shop in a neighborhood that has been constantly attacked. No matter how perfect the shop seems to be, if it is a danger zone, go somewhere else.
Utilities include light and water. Depending on your business, certain commodities need light to thrive and stay fresh. If you’re running a frozen food store, or a supermarket, you definitely need light. Utilities sometimes are not eve about the product but the aesthetics of the shop. You might need light to brighten your shop at night. If you own a pharmacy, saloon, restaurant or an office space, light and water are essential. How much you need light depends on what you intend to sell. So before you move into that shop, check if they have running water, how often they have blackouts or if there’s a backup generator. If your line of work or services needs these utilities often to operate, make sure your shop is located close to them.
This one may be an obvious point but some people actually overlook the price of a shop they intend to rent. Do not move into a shop that you cannot afford on the basis that you’ll get the capital as your business grows. This is a risky thing to do. You should take it one step at a time and grow your capacities and facilities as your business grows.
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Hi there! I’m Owen, a writer, designer, and a digital marketer. I create and manage content at OG Capital. I am a highly motivated individual who is very passionate about problem-solving. Reach out to me on social media and I will be more than happy to connect with you. Cheers!