Does anyone here have a B&M shop please?

densol_2

martindow wrote: »

I think it is essential that you get a solicitor to read through the lease so you are aware of all of the terms. Some leases are full repairing where you may have to pay for major repairs to the building. All of the terms are negotiable before you sign, but once you sign you are bound by the contract. You have no unfair terms protection as in consumer law as this is a business agreement.

I agree. Many moons ago I used to negotiate business leases on behalf of a huge insurance giant ( the head landlord ) that owned many London properties. Areas of contesting were usually rent reviews, break clauses, ability to assign lease and repairing and alteration clauses. It's a minefield. You need a solicitor who specialises in Commercial leases to give you advice as being the first owner of a lease you can be responsible for the rent for the term of the lease even if you sell ( assign) it on.

I used to have a card shop in 200-2001 ( part time when also working ) it was in ta market street in London so had loads of footfall. This was before the card factory etc which have undercut the price of cards. I did very well and sold it as a going concern. Obviously vital to have good security and insurances set up and display public and employers liability insurance etc

Despite being a solicitor for 22 years - buying and selling has always been in my blood and I hung up my wig and gown in April to go back to what makes me the most happy - buying and selling plus sized clothes. Obviously as a lawyer I'm generally risk adverse - so a real shop for me is quite far down the line - I could not lay awake at night worrying about paying rent and rates etc at the moment. Good luck if you go for it though !

mrs_sparrow

I went to view the shop today - it was great. However, he mentioned there was another just down the parade (which, tbh I disregarded because of the bookies next door) but it was beyond perfect. It has a good sized retail area and changing rooms, then 'round the back' - kitchen, toilets, big room - and outside secure yard - for my dogs (so I do not have to leave them at home), a TV room for the kids which will be for TV and beanbags, a HUGE waiting area where kids/husbands can wait and room for another TV/workspace for the kids to do homework. Has not had any use for a year (you should see what is in the toilet and the fridge..... EWWWWWWW) the council were going to rip it out for the next tenant but, for me, it is perfect as is and I have said we would take it as is if we rented it. For this we would have serious negotiation on the rent as the money for the refurb had already been allocated. Just needs a few bits doing on their side - electrics, ceiling and floor. We will do the rest, it is generally cosmetic.

I have an appointment on the 6th Jan with someone about applying for a start up grant (it's just small but will pay for the refurb work or shop fittings). They will also let me know of more grants I can apply for.

Plus I will get 100% rate relief and not pay rates.

Just need to find out how much the water and electric/gas is going to be. I do need it heated. Any ideas on how I find these kinds of figures please? I assume that it will cost more to run than a 3 bedroom house.

Exciting times. But scary times. We have a lot of number crunching to do this weekend.

Thanks for letting me go on about it here. I won't tell anyone in RL really in case it does not go ahead. Looking at opening on 1st March after we get back from a respite holiday in the US, we get back on 21st so this will give me a week to get in and get sorted before opening but need to have it sorted by the end of Jan so I can give notice where I am now on 1st Feb.

OMG!!

charlies_mum

Congratulations, it all sounds very exciting. This time next year Rodney .... :rotfl:

mrs_sparrow

charlies_mum wrote: »

Congratulations, it all sounds very exciting. This time next year Rodney .... :rotfl:

LOL, never say never.

SailorSam

Our Council are offering a shop rent & rates free for a year to a new businees starting up. I think it's like a lucky-dip 20 or 30 may apply but only one will be picked out.

Brooker_Dave

densol wrote: »

Read your other post and things sound exciting for you ! Good luck

PS - whats a B & M shop ? Lol

I know someone with and S & M shop, perhaps its like that?

Rotti

Love your enthusiasm and sorry to dampen it slightly but having your own shop is not all it's cracked up to be and to be honest I wouldn't have another now with free rent and rates as it is the insurance worries and (if you need them) staff problems that are the real headache. After a second rooftop break-in just to steal the cash float my insurance company set my XS at £25,000........ the value of my entire stock at wholesale price! This was the final straw for me and why I sold up when I renewed my lease.

Be very careful before you jump in and sign up and check the kind of footfall you get there, parking costs and restrictions, traffic measures, anything that will stop local people shopping in that area. I speak from bitter experience having taken a 12 year lease on a busy street with free parking adjacent only to find myself a year later in a dead end pedestrianised street with no passing trade and expensive parking meters. It doesn't take much to put people off driving to an area and "voting with their wheels" to go elsewhere. Check as well for crime stats in the area - break-ins, broken windows, shoplifting etc as a parade of shops, depending on what's there, can attract the wrong sort of attention and sporting goods are a magnet as they are easily sold on. If you already have a good retail side going at your other premises could you look at ways of refitting that space to fit in more stock and capitalize on space perhaps? Taking on another property seems like a load more stress you could probably do without, especially with a family to consider.

If you go ahead with it I wish you luck but maybe step back and take a wider long-term view first?

mrs_sparrow

Rotti wrote: »

Love your enthusiasm and sorry to dampen it slightly but having your own shop is not all it's cracked up to be and to be honest I wouldn't have another now with free rent and rates as it is the insurance worries and (if you need them) staff problems that are the real headache. After a second rooftop break-in just to steal the cash float my insurance company set my XS at £25,000........ the value of my entire stock at wholesale price! This was the final straw for me and why I sold up when I renewed my lease.

Be very careful before you jump in and sign up and check the kind of footfall you get there, parking costs and restrictions, traffic measures, anything that will stop local people shopping in that area. I speak from bitter experience having taken a 12 year lease on a busy street with free parking adjacent only to find myself a year later in a dead end pedestrianised street with no passing trade and expensive parking meters. It doesn't take much to put people off driving to an area and "voting with their wheels" to go elsewhere. Check as well for crime stats in the area - break-ins, broken windows, shoplifting etc as a parade of shops, depending on what's there, can attract the wrong sort of attention and sporting goods are a magnet as they are easily sold on. If you already have a good retail side going at your other premises could you look at ways of refitting that space to fit in more stock and capitalize on space perhaps? Taking on another property seems like a load more stress you could probably do without, especially with a family to consider.

If you go ahead with it I wish you luck but maybe step back and take a wider long-term view first?

The pop up I have is tiny (one room kind of tiny) and not suitable for what I need now, it is suitable when I found it, but not now with the additional business that will come in. I rent that space on a month by month basis so I will not have that anymore, there is no space for more than two customers at a time really. We can afford it without getting any custom, it's going to mean we will not get our expensive overseas holiday every year if I am honest - but we will not have that anyway because I will be in the shop. That costs us more than we would be paying rent is the reality.

Staff is not an issue for me right now. We have a large living area out the back and a kitchen, the kids are older and will come back there with me until my husband finishes work. We will do the holidays between us, same as other working families do.

The products I sell are not sporting goods and there is nowhere selling these items for a good number of miles. This type of shop is lacking and I sell things that no other shop high street store does. Because of how long I have been selling, other businesses will not be able to stock the products I do - one shop about 10 miles away was already refused an account because it was too near.

I guess my business is quite unique and, for a large town, nothing exists of this nature. Sometimes opportunity grabs us in an unexpected way and maybe this time is mine. The lease is 4 years with me having the option to walk away at 1, 2 or 3 years with a penalty of 6 months rent payable. Nothing will be signed without a solicitor, but Christmas is in the way anyway. It's always going to be a risk, but if I do not have the space, I will not be able to offer the service I have been asked to supply. That's the upshot of it in all honesty.

Rotti

If you have a niche market then you should be OK especially if the lease has a get-out clause and you are not tied in. I took a 12 year lease and after one the council changes to the traffic and parking turned us into a dead end so that really didn't help. As the only shop in the area you should do well but I would also check online to see if there is any strong competition there too as that is where shopping seems to be migrating to. My kids used to come home to the back room of my shop too and do their homework with some snacks. They were both forced into slave labour at an early age serving, cleaning windows inside and out and filling shelves but it seems to have stood them in good stead and they are both doing well now as adults with no obvious damage!

mrs_sparrow

Well, coming to update this really as I have not been on MSE since I posted this.

Getting things sorted with the council has been a complete nightmare but with the involvement with MP's and head of council things are moving along now. The guy who was supposed to be sorting everything out 'has left their employment'. so it sounds like he got the sack in the end. Someone else has taken over and the work that was supposed to be done before I moved in was completed within a week.

I signed the lease a good month ago and some work inside was supposed to have been done for me to move in - the lease would be dated for the day I took possession - but the work was not done and the guy just kept on lying about it over and over so I went to my MP.

So we are where we are today and I will get the keys in a few weeks time.

By the power of Facebook there has been a huge buzz about me opening and I have a huge 'queue' of people already - every day I get more I have someone messaging me asking for an opening date. So yes, I am excited.

I have a break clause at 2 and 3 years so if it is not working out I can give notice after 18 months to close 6 months later. My lease is 4 years so I am happy with that too, I felt this was perfect for me as a starter premises.

I am nervous, I will be honest as it will be an entire lifestyle change for me, but the buzz from people has been fantastic and I am really looking forward to the challenge my new shop brings.