Turns out there's a right way to make decisions ➡️

Why do so many new and growing businesses make bad decisions when it comes to signing a lease? I went to the wise oracle at Delphi — just kidding, I went to the internet — to learn what (as scientifically as possible) makes a good decision.

Scholarly-ish articles and graphics on the internet repeat similar concepts of the elements deemed essential to the process of making a “good” decision. It struck me over and over again how painfully absent many of these are for people seeking to sign their first…or even second or third lease. Here's what I found...

There are the four main pillars of good decision making:

Define Goals - What exactly do I want/need?
Uncover Alternatives - What are my other options?
Understand the Context - What is the framework for making this decision (pros/cons/risks)?
Gather Information and Relevant Facts - What do I need to know about the options?

Now there is no set structure to the deal making process that forces retailers to conscientiously take all four steps; rather, we're forced to impose this approach ourselves. This requirement explains why larger, corporate retailers tend to fare so much better in dealmaking -- they literally employ people to do it right (or at least right enough to keep their jobs). Whether it's an entire department or just a couple people running point on deals, businesses looking to grow their retail footprints know that making the right real-estate decisions is a full-time job.

So what are the rest of us to do? Most of us don't have in-house real estate departments, and heck, many of us are still working our own full-time jobs while trying to launch a business. Well the great news is that you, too, can execute this professional, smart approach to making the right decisions.

Watch and behold...

Define Goals in Your Business Plan -- The exercise of writing a business plan is how you clarify your goals and articulate exactly what you want and need in a space.
Uncover Alternatives with a Broker -- A knowledgeable retail real estate broker will work her network and do the heavy lifting to identify all of the available options that meet your criteria.
Understand the Context of Dealmaking -- Familiarizing yourself with how retail real estate works and how landlords approach deals will provide essential framework for weighing the pros, cons, and risks of each potential deal. Gear Shift is a great place to start.
Gather Information and Relevant Facts for Each Potential Space - Working with your broker and doing your own due diligence will help you gather a ton of critical information -- about reasonable deal terms, market rates, potential construction challenges, and so much more.

You are never too small or too new to make smart decisions in retail real estate, and knowing what you need to know is half the battle.