Hi. In this episode, we're going to cover how to pick the right location. There's three core elements you want to focus in on: Budget and the elements of it, what to look for when you're scouting location and how to actually close the deal with the landlord. You want to make sure it serves the purpose of your goal and that it's the right neighborhood. You want to think of the checklist of items that are going to impact your budget. There's rent, Wi-Fi, POS system, Internet connection, merchandising, paint, décor elements, staffing, marketing, insurance which is very important, and your opening reception where you're going to make the big splash to let everybody know that your pop-up store is officially open. Those are key elements to keep in mind for your budget checklist.
Now you have your pop-up budget, you're going to want to start scouting locations. There's a couple of key items that you should keep in mind in your back pocket as your checklist of things to look for when scouting a location. Firstly, there is location itself and what is the foot traffic in that area is. Then once you go inside, you want to think: Is there WI-FI and is it connected? Is electricity running? Is there great store signage with visibility out into the street? Are you allowed to put a window decal up? Which is very important. Can you put things on the wall? Including: Can you paint? Can you hang fixtures? Can you put a wall decal up? Is there a bathroom in the back? Decent storage room? Do you need a dressing room? If there isn't one, are you allowed to build one yourself? It's really important to be well-aware of what's already included in the space, what you're allowed to do and what additional elements you're going to have to bring in yourself.
You also want to be sure that you fully understand the deposit that's required and what needs to happen in order for you to get that back. Before you leave, be sure that you get a copy of the floor planner blueprint so you can start planning the design and the merchandising of your space.
Once you've got that money spot that fits your budget, now it's time to close the deal. There's a couple of things that you want to keep in mind. What's the difference between renting, licensing and leasing? If it's a rent you really can take over the space and it becomes yours and your full responsibility. If it's a license agreement, you're really borrowing the space under the confines of that landlord and they can enter when they want and there's a lot of elements that are different between the two so make sure that you fully understand what those are before you sign it.
Also understand the insurance that's required and any occupancy limits that you want to keep in mind so that you need to get permits from the city or temporary place of assembly. Understand the time-line of what the move-in date really means and the move-out date. You don't want to underestimate the time that it's going to take you to paint and build-out and break-down and clean-up the space.
Also be sure that you understand the cancellation and refund policy because sometimes things do change. Inventory can change or your marketing strategy could have shifted. Also understand what it takes to get your deposit back. Now you know the importance of budgeting for your pop-up, how to scout for location and how to close the deal, be sure to remember the important elements you need to think about before you sign on the dotted line.