As the owner of a brick and mortar business that operates under a vendor booth model, I talk to creatives all of the time who are considering taking the next step towards opening a retail location and the first question is always, “what is the cost?”
The truth is, it costs you time.
The prices that are worked out by any given store to rent space generally have a basis in what the store believes you would be able to make if you work your business for sales. So whatever costs they quote you, wherever you are in the country, are probably appropriate.
There are set-up costs associated that you will need to consider. Most establishments will ask for first and last month’s rent upfront. You’ll also want attractive display pieces if you are selling small items and possibly a rug or lighting for the space depending on the store itself. The biggest up front cost to you, however, will be gathering enough inventory to have the space well-stocked.
You must remember too that once the space is well stocked your goal is to sell those items, so be prepared to replenish the space regularly.
I’ve actually compiled a guide to help you determine if you are ready to take that leap! Simply click the link below and see what other questions you’ll want to consider when making a decision about opening a vendor booth.
