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Renting the place of business

Discussion in 'General Business and Entrepreneurship' started by Corazon, Apr 15, 2016.

  1. Corazon

    Corazon Entrepreneur

    For entrepreneurs, the place of business is one of the biggest headaches. I was lucky to have my place of business in the ancestral home of my husband otherwise, renting would have broken my back.

    In the business area here, they ask for 6 months of advanced rental plus 2 months of deposit. That would eat a chunk of the capital. And to think that the tenant takes care of the enhancement particularly if the business is a store. And how about the furnishings and appliances like air conditioning, etc.

    So for those thinking of a start-up, don't miss out on the issue of your place of business.

  2. T J Tutor

    T J Tutor Administrator Entrepreneur

    The costs of storefronts can be very expensive. On average though, it isn't the largest expense in opening a business. It can be among the largest for offices, but the initial cost of a storefront rarely exceeds the costs of inventory, payrolls, and operational expenses.
  3. Valerie

    Valerie Entrepreneur

    Nice post. I must concur.

    Location, location, location. If you chose a place that doesn't get seen by the main population, chances are the cost of running your business will greatly outweigh any profit. Certain locations might drive away potential customers or attract ones you don't want. Finding a place where you can drive interest straight to the storefront is really important. Then comes the cost of operations, which a lot of people don't consider until it becomes reality.

    Renting an apartment is hard. Renting a storefront is much harder. Sometimes I wonder if buying a location would solve the issues of dealing with landlords, renting laws, and the monthly expenses of a space that isn't even yours to customize.
  4. Gemma

    Gemma Entrepreneur

    Thank you Corazon, that's really good advice. I suppose that's why we see so may businesses online today. Purchasing a domain and putting up a website takes up a fraction of the cost as compared to a physical store.

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