Things to look out for /Questions to ask.

generalmental

Hi all any help would be much appreciated.

I have been an employee all my life, I have just turned 42 and I'm not happy being an employee anymore.

I am going to start my own business hopefully before Christmas. The reason why I am here is I have found a premises seems like a good location but that is not really something I am worried about as much.

From what I can tell (pictures) the building looks to be approx 80% ready to go. Just needs a few additions.

What I have no experience in is asking the estate agent questions that will be important to the running of the business. I know about asking for rent, rates, how much electricity costs.

I just don't know what else I should be asking so if anyone can tell me what I should be asking/looking for or what they feel they should have asked /looked for it would be a huge help.

jimmii

Check on frequency of rent reviews, amount of deposit, break clauses, see if you can get a rent free period often you might be able to get enough time to get up and running rent free and sometimes much longer if you're signing a long term lease. If you are signing a long lease check on the terms of subletting just so you have an escape plan if needed.

Most important question to ask isnt to them though you really need to ask yourself do you really want to do this? It really isnt as glamorous as you think. Are you willing to give up almost all your free time and invest what is needed to make to work? Signing a lease now means effectively skipping Christmas this year if you have a family how are they going to feel about you working 12+ hour days Christmas week because that is probably what will be needed.

generalmental

jimmii wrote: »

Check on frequency of rent reviews, amount of deposit, break clauses, see if you can get a rent free period often you might be able to get enough time to get up and running rent free and sometimes much longer if you're signing a long term lease. If you are signing a long lease check on the terms of subletting just so you have an escape plan if needed.

Most important question to ask isnt to them though you really need to ask yourself do you really want to do this? It really isnt as glamorous as you think. Are you willing to give up almost all your free time and invest what is needed to make to work? Signing a lease now means effectively skipping Christmas this year if you have a family how are they going to feel about you working 12+ hour days Christmas week because that is probably what will be needed.

Thanks for the answer, I have heard of a few of them before but wasn't sure if they were correct.

In the industry I'm working in I will already be working long hours for the weeks leading up to Christmas. Setting up before Christmas isn't set in stone but with the building near 80% complete I won't have to worry about the fit out.

This is not something that I woke up this morning and said I am going to do this. I have been thinking this way for the last couple of years. I have no doubt it won't be glamorous and I am going to have to work hard to make it work, but I already work hard and make it work for someone else.

jimmii

It's a bigger jump than it seems working in a business in an industry and running a business in an industry much bigger than it seems from the outside. But that's the same for everyone and if no one ever gave it a try for the first time then where would we be! Having a business isnt a life style for everyone but if you can make it work for you then it is incredibly rewarding.

At viewings I'll always ask about previous tenants and why they left and also ask about the area even if you know the area well as if you know they're not being that accurate about the location then you might need to look into other things more too! We knew the last unit we took had been vacant for over 6 months (unheard of in the area) when we asked we got to find out the ridiculous way the previous tenants had carried on which was quite fun!

If meeting an agent ask about the owners and what they are like to deal with. It's worth asking even though they're never really going to day anything negative but good to know if it's a large property company or a slightly quirky mime artist who inherited it from his Mum and now lives in Spain and will come in and suggest you sell cards to schools. That's not some random example that's our actual landlord for our Edinburgh shop lol!

generalmental

jimmii wrote: »

It's a bigger jump than it seems working in a business in an industry and running a business in an industry much bigger than it seems from the outside. But that's the same for everyone and if no one ever gave it a try for the first time then where would we be! Having a business isnt a life style for everyone but if you can make it work for you then it is incredibly rewarding.

At viewings I'll always ask about previous tenants and why they left and also ask about the area even if you know the area well as if you know they're not being that accurate about the location then you might need to look into other things more too! We knew the last unit we took had been vacant for over 6 months (unheard of in the area) when we asked we got to find out the ridiculous way the previous tenants had carried on which was quite fun!

If meeting an agent ask about the owners and what they are like to deal with. It's worth asking even though they're never really going to day anything negative but good to know if it's a large property company or a slightly quirky mime artist who inherited it from his Mum and now lives in Spain and will come in and suggest you sell cards to schools. That's not some random example that's our actual landlord for our Edinburgh shop lol!

I'm honestly under no illusions that it's going to be easy and if I'm being perfectly honest there is a bit of me that is c rapping myself. I have just reached a stage where if I don't do it now I'll probably never do it.

I'm a barber and the last few bosses I have had have been the stack em high and get them out kind. It totally goes against what I believe in. I've watched the industry change and there is a place for a bit of a luxury treatment and still make a profit its not much of a difference if its done right. I look after a few lads my way outside of the shop hours and they keep coming back. I have one lad who drives from Monaghan to Kildare twice a month cause he won't go to anyone else.

I know the area and there isn't that much competition in the area particularly when it comes to the service I will offer. With the unit almost fully fitted out only needing some small additions to get it up to scratch I feel its a no brainer.

I'm taking everything you have said on board and will use as much as possible. Then when I am set up you can stop by and get looked after for taking the time to help me.

generalmental

jimmii wrote: »

If meeting an agent ask about the owners and what they are like to deal with. It's worth asking even though they're never really going to day anything negative but good to know if it's a large property company or a slightly quirky mime artist who inherited it from his Mum and now lives in Spain and will come in and suggest you sell cards to schools. That's not some random example that's our actual landlord for our Edinburgh shop lol!

Out of curiosity what did you say to him when he suggested that you do this.

jimmii

generalmental wrote: »

Out of curiosity what did you say to him when he suggested that you do this.

Smiled and mimed thanks.