Tips for taking on business tenants

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(FORTUNE Small Business) -- Dear FSB: Our guitar store is struggling at its size. If we subdivided our space, what types of businesses should we consider to fill the empty space? What other concerns should we look out for?

-Shawn Winchester, Englewood, Colo.

Dear Shawn: Stick with what you know.

When choosing a business to fill your empty space, you want to pick one that will compliment what you've already built. So for a guitar store, think about other musical instruments that could support a business. A different, musically themed operation, like private lessons, could also supplement the space you already occupy.

"It's great to find someone selling in a similar category, but a different product," said Jeffrey Davis, chairman and founder of Needham, Mass.-based Mage, which specializes in business consulting.

Sharing with a tenant can also generate savings for your business on overhead: "You can pull some resources together," Davis said.

He listed possible joint ventures like splitting marketing and advertising costs as examples of positive cooperative cohabitation.

Picture the Bain Capital Partners-owned company Guitar Center. The instrument retailer not only sells guitars, but drums, keyboards and amplifiers in stores all around the country, including Colorado. Customers linger in the store and can tinker with a variety of different instruments.

Your store is not as big and does not have all the resources of a Guitar Center, but by combining with a like-minded entrepreneur, you could create a similar atmosphere.

Of course, you want to make sure your future neighbor has the money to pay rent when the first of the month comes around. Davis suggests hiring a management consultant or accountant to help with the process. The Institute of Management Consultants USA's Colorado chapter can help refer you to a competent advisor.