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Hey all,
I'm currently in the process of looking into the feasibility of starting a business. I have (what I think is) a great idea as well as funding from family members. I'm really scratching my head over leasing a building and what goes with that, though.
My business would be a retail store. I've been looking at retail stores for lease with a realtor. It sounds like to me, from what I've gathered so far, is that the terms of the lease are that I pay the first/last month rent up front, and renovations to the building can't start until I start leasing.
Is this standard procedure? This worries me because I'm looking at spending a minimum 7 grand up front for the first/last month, plus a year commitment to the lease, before I can even start construction. That might take me a month or more, and then I have to wait however long for the city to inspect it/approve it. I can't really start hiring employees until the building is finished, and I can't really start running the business until all of that is in place.
I'm kind of worried I'm going to be renting a building at $3,500+/mo for several months before I can even open it. I had read in a business book that you can often negotiate terms with leasing like them paying for construction (or part of it), the lease not starting until construction is finalized, etc, but the realtor I have been working with has told me no one would ever allow those things.
Any advice? Was I being completely unrealistic?
Thanks
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