Meeting the letting agent tomorrow, questions please

[Rockateer]

HI all
I have had several phone meeting's with the letting agent negotiator for my "i hope this will be " salon
the q's i have come up with so far are
- maintenance price on top of rent
- can i sublet
-how much upront
-how long is rent contract for
- is there an exit fee
- waste diposal costs etc


anybody think of many more please???
ones that may sneak by me till its too late
ta a mill

 

[EMMA AT ELITE]

I cant really think of any of the top of my head, but have you tried doing searches in the biz section as there maybe some things there to help you?

Good luck though

Love Emma x:hug:x

 

[beautyandthebod]

check who is responsible for major building work? (once rented a room, they had put in contract that if outside wall fell down I had to pay(Don't think so)):irked:

 

[Rockateer]

hahah , not that its funyy but my god thats crazy, did the wall fall down?? is rent negotiable??

 

[diamondsue]

Best of luck with the salon what part of the country are you?
The questions you ask will depend on if you have sole use of the premises, how much building work can you carry out if any and if it were me I would ask anything that comes into my head no matter how silly they seem.

 

[ellasmum]

Hi, I am just going through all this myself and about to have a lease agreed...I hope.
Things I have thought of:
Build some break clauses into your lease.....just incase eg mine are at 12 months and 24 on a 3 year lease.
Are you responsible for your landlords legal fees?
I am guessing the unit has A1 retail useage already....if not what does it have?
Negotiate away on the rent.....Mine was supposed to be 8k but I have it down to a sliding scale of 6k ist year,6.5k second year and 7k Third year....so stand your ground.
Dont forget to ask about assisted rates for a startup business. I got 27% off mine.
Also I got a £500 grant from the local council......try them too.

Just a few things for you......HTH
Sam X

 

[persianista]

If it is a lease, is it full repairing and insuring? what is the annual insurance? Has dilapidations survey been done on the building?

 

[Rockateer]

ok guys asked all of these, mostly!!
persianista i didnt think of your last one, will email it over now thanks a mill

the story is that he said there is no budging on the initial rent annual price but i could get three months no rent , i like waht u said ellasmum....the lower the first year etc then up and up, that seems fair

im in ireland and have never heard of start up business rates and grants....wow thats amazing altogether, the thing is i need 9montyhs rent upfront he said as im new to business, although i have been in the industry and am moving 10mins walk away, i also need a quater annual rent ...so they were two figures i hadnt bargained and and can 100 percent not afford
have been scowering the net all day looking for companies that offer "investors", like the Dragon's den's idea
am i mad

 

[ellasmum]

Wow, 9 months seems very steep....thats a big ask in one lump. Speak to your local council or the princes trust if you are under 30 (Think thats the age they stated in my paperwork) re the grant and rates situation.

 

[persianista]

Rent guarantees are not unusual in commercial property. Some landlords wont even grant you a lease unless you have a track record in business already. 3 months rent in advance is standard stuff, and should be in your start up budget.

 

[Rockateer]

persianista , the three months was not the 6-9 months on top of that so either a huge oversight on my part and totla ignoranc but thats the story
just wish i knew someone well enought o invest witjh me, so hard to find someone i would trust , i truly know of noone that i believe wuld give it as much socks as i am willig to

 

[persianista]

You could try googling business angels. Your bank is probably your best starting point. They may only give you a personal loan, but thats to be expected really.
Before you break your neck to get this salon, have you done a business plan?
Have you done a cashflow forcast?
Do you have clients already that will get you off to a good start?
I'm asking those questions because a chunk of rent has thrown you into panic. New salons eat cash like nothing you have ever seen before so you need to go into this with eyes wide open.

 

[Rockateer]

have business plan and market research, am moving to a salon less than 10mins walk from my previous so yes have plenty of clients
cashflow forecast how do i do such a thing, do u mean the day to day things such as milk, magazines, cleaning products etc
as i have the gas lighting, phone biills, water charges, internet bills etc all in business plan
is this wrong?

 

[persianista]

No, cashflow forcast is slightly different from your business plan. You pencil in all your big bills and when they will arrive. you then pencil in what you think are your takings each month. Its an exercise to see if your weekly/ monthly takings will cover the big bills when they come in, or whether yu will need an overdraft facility.

 

[Rockateer]

excellent thank you!!!!!