Set up your shop
Guide - Commercial space budgeting
28 April 2023
Opening a physical store for your business can be a significant investment. To evaluate if it is financially feasible to open a physical store for your business and to evaluate what would be the best solution cost-wise for you, there are many points to take into consideration.
Here are some questions to help you gain clarity:
Is it better to rent or buy?
Depending on how long term you see yourself in a particular location, you can consider the option of renting or buying. In this case you should take into account the different costs associated with buying versus renting, for example you should consider that in the case of a purchase you will face some property taxes and in the case of renting you should take into account the annual rent adjustment.
Is one commercial space option better than another, cost-wise?
When deciding on which commercial space would best suit your needs, you may find yourself evaluating different commercial space options. In this case you should also take the difference in terms of costs associated with each space into account.
To understand which one is more cost effective, you should compare the values of the main categories of cost, for instance annual cost of the space, cost of renovation and utility expenses.
How much would the annual cost of a commercial space be?
Before deciding on a commercial space, you should evaluate the total annual cost that a given location would entail. To do that you should be sure to consider all most impactful cost categories, like the cost of maintenance and repair.
Ankorstart experts have prepared a dedicated guide to help you calculate the total financial need of a commercial space and compare the total costs of different spaces you might want to choose between.
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Download the guide to discover all major cost categories you need to consider
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