Starting a business is a lot like parenting—you can plan all you want, but nothing will fully prepare you for the commitment it takes to run a successful shop. From navigating unfamiliar terrain, to working your way through a list of a hundred to-dos, there are always pitfalls waiting. However, with these 5 secrets, you can feel confident about opening an Edmonton small business.
Landrex is also a proud supporter of the Young Entrepreneurs at the St. Albert Farmer’s Market, where we sponsor a booth for young entrepreneurs to showcase their homemade or homegrown products.
01. Finding the perfect location for your shop
You’ve likely heard something along these lines: Location is everything, or Location, Location, Location! And all these common sayings are true. Without a location that’s easy to find, has the right clientele nearby, and has a good amount of visibility, trying to get customers through your door will be an uphill battle.
So how do you find the right location for your shop? How can you be sure that the commercial space you lease will bring in the traffic you need to start and grow your Edmonton small business?
Here are some tips:
- Work with an Edmonton commercial developer that you trust: While there are plenty of commercial spaces to lease, not all developers are the same. At Landrex, we promote family values, integrity, and support. We truly wish to see all of the businesses in our commercial properties succeed.
- Know who your customers are: Knowing who you serve is crucial in finding the perfect location for your business. If you offer upscale products and services, having a location in an affluent community (like St. Albert) is a must. Alternatively, if you serve a more niched market, like rural homeowners or younger families, finding a location in a more close-knit community (like Morinville) is preferable. You want to ensure the clientele near your store is interested in your product and can afford it.
- Scope out other businesses near your preferred location: Having two side-by-side businesses offering the same products or services is a good way to introduce unnecessary competition. When you’re looking for commercial spaces to lease in Edmonton or surrounding communities, make sure there are no competing businesses within the same development. Many developers will also have restrictive covenants, prohibiting competing establishments within their properties or shopping centres.
- Make sure you’ll get the right visibility and exposure: You want to find a location that has enough traffic to get the visibility you need. For instance, our Summit Centre building is located right off St. Albert Trail and experiences an average of 23,639 vehicles per day. In addition, our new Westwinds Plaza development will be located right off Highway 2 in Morinville, so you’ll get a great deal of exposure.
Take a look at our commercial spaces for lease! These are all wonderful locations for you to open an Edmonton small business while saving on leasing costs and serving an affluent demographic.
Plus, St. Albert and Morinville are excellent locations. The average household income in St. Albert is over $130,000, whereas the household income in Morinville is over $110,000. In addition, the leasing prices are typically more affordable than locations in Edmonton, which typically average between $19 – 25 for OP costs.
02. Designing your space with your ideal customer in mind
Once you find the perfect location for your business, you’ll need to design a space that’ll impress and attract your ideal customers. You have a couple of different options here, depending on your budget. If you can afford it, we’d recommend consulting an interior designer, who will help you choose colour palettes, decor, and other aesthetic choices, so you can create a space your customers will love.
Some developers will build out bays to suit the business’s needs. For instance, at Erin Ridge Pointe—our new commercial development located north of Costco in St. Albert—we can create your unit based on the specs you need for your shop, restaurant, or service-based store. This is a huge incentive, since you can get a brand new space suited perfectly for your business.
03. Staying unique in a world of noise
If you want to get noticed in this world of noise, it’s important to create a unique brand. Focus on the elements that are special to your offer, and consider answering these questions:
- What is different about your services or products?
- What are your customers’ pain points? Be as specific as possible
- How does your offer solve your customers’ challenges
Ensure your space is designed for your customers and provides a tailored, immersive experience that encourages them to stay in your store for longer. What do your customers like? What types of images, colours, and more do they gravitate towards?
A great resource for inspiration is Pinterest! Plus, you can dive into accounts that are similar to your ideal customer and see what imagery they like.
We understand how unique elements promote interest. That’s why we had a mural painted on Erin Ridge Pointe. So consumers driving down the road can clearly see the bright, fun, and professionally painted mural along the side.
04. Knowing your financial situation
Knowing your current financial situation will allow you to confidently lease a commercial space. Consider speaking with a financial consultant, accountant, or loan advisor to help you narrow down your budget. This is one of the mistakes most Edmonton small business owners make—they lease a commercial unit that is too expensive for their current finances.
With OP costs starting at $10, both Erin Ridge Pointe and Westwinds Plaza are affordable commercial spaces in thriving communities. Plus, we offer exciting incentive opportunities, so you can save money on rent while focusing on growing your business!
05. Get clear on your business goals
What do you want to achieve with your business this year? This is one of the most important questions you’ll ask yourself when opening your Edmonton small business. We recommend clarifying your goals for the next five years. This includes:
- Revenue goals
- Marketing goals (including social media growth and online visibility)
- Business scaling or expansion goals
Getting clear on your business goals will give you actionable and measurable milestones to work towards. Plus, it’ll help you stay focused on certain marketing or growth efforts.
Leasing with Landrex: Opening Your Edmonton Small Business in St. Albert or Morinville
St. Albert and Morinville are vibrant, popular communities that are often overlooked when searching for commercial leasing opportunities in or around Edmonton. With growing communities located just down the street, you’ll have the chance to lay down business roots and grow alongside the developing community.