2012 Is The Year To Grab That Prime Location

The most important part of any retail business is location. Over the last few years, retailers entering the market place have had two great advantages over the competition that leased their location during the peak retail commercial real estate boom. First, prime locations in many markets across the US are at least 30% less costly to lease today than during the boom; in many markets, the rate can be close to 50% less. Second, during the boom years first-time franchise owners or mom and pop stores had no chance of even getting a prime location.

Today many prime locations are available for a more reasonable discounted price. Many landlords who would never even listen to franchise owners or mom and pops will now listen to any offers they receive. Some landlords are even offering free rent and money towards the build-out of the location.

The buzz in the commercial real estate community is that we will see the light at the end of the tunnel in 2012. That means if you’re considering opening, moving or expanding any type of retail business, you may want to act now – before the market heats up again. (more…)

Franchises – the Good, the Bad, and the Ugly

When Ray Kroc bought the fledgling restaurant chain called McDonalds in 1955, he had a dream and a vision. He created the most influential fast food chain in the world. Just think how many millionaires were created by his vision.

The world of franchising can open the door to wealth for those willing to seek out this opportunity, but finding and selecting the right franchise for you is a major job in itself. Selecting the wrong franchise can lead to major losses in both time and money. My first piece of advice is, do not make your franchise selection based pure emotion. Many people see a hot franchise and jump on the bandwagon because they think there’re going to be shut out of the opportunity. Slow down. Many franchises start off fresh and exciting, but those same franchises sometimes stumble and fall just as fast, or even faster, than they grew. That’s when things get ugly. (more…)

Let’s Meet Face to Face!

In today’s digital and electronic world, we have lost a major part of communication, the human factor. Sure it’s easy to send an email back and forth to finish, or make, a deal. Yes it’s easy to text someone a message, sure we can chat on Facebook and, yes, Skype is amazing. But, we’re losing a very important skill – basic communications.

For the last four months, I have been working on a lease for one of my clients. It came down to one issue and both parties thought the ball was in the other’s court. I finally invited the other party to lunch to discuss the problem and in five minutes the issue was resolved. That meeting ended four months of email and phone calls. One simple face to face meeting finished the deal. (more…)

Look Forward, Not Back, in 2012

“Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.” –  Thomas Jefferson

As we wind down 2011, we look back and wish we had changed a few things in our lives. We wish we could change some of the choices we made, both personal and professional. We all control our destiny by our decisions, and by making the right decisions we can make life and work both enjoyable and successful.

Many people live in the past and never move forward. In business, people who hold on to past failures seem to fail again and again. Instead of holding on to the failures, you must learn from them. Sixty percent of Forbes 400 richest people have had at least two business bankruptcies, yet they moved forward with their success.

Ring in 2012 with a new attitude. I call it “PMA”- Positive Mental Attitude. If you’re stuck in a job that you hate, start planning a new career, or even your own business. Life can be short. You must embrace every day and enjoy every moment. Start that business you have been dreaming about for years. Turn that dream into a reality! I respect the person who tries and fails, more than one who never tries and regrets it.

 

I wish everyone a Happy, Healthy, and Successful New Year!

Paul Bensman
Founder and  CEO, Details In Retail