My commercial lease experience | small business owner
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- Опубликовано: 25 июн 2024
- a deep dive and big catch up on some big changes in my life and business... Lily x
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00:00-02:30: intro
02:30-07:10: writing my business proposal, PDF & business plan
07:11-08:55: finding a solicitor
08:56-10:00: different types of commercial lease
10:00-14:30: my decision
14:35-17:00: exploring options for the future
You definitely made the correct decision. A full repairable lease leaves you at the mercy of too many potential costs, no way to anticipate them and it's not a reasonable lease for you. Particularly as a sole proprietor. Take comfort in knowing what you've learned . You're now much better prepared for the next time you begin a lease negotiation. In the mean time you can restore your mental and physical well being and continue to prosper and grow. 😊
I've felt all along that there's a lot to be said about remaining small. You've been in business for 3 years, so clearly you're a success. Many a business has failed by going big at the wrong time or in the wrong way. I gave up my career at age 45, choosing to work less, reduce stress, and stop climbing the ladder, so to speak. Now at 73, and having never again worked at the level I was at, I have absolutely no regrets. I've done things I wanted to do instead.
As it is, you maintain a very full schedule. As you go on, you will continue to streamline, innovate new ideas, and improve. Likely with less stress and more freedom. Now you can exhale and get on with what you do best.
You on Instagram?
Who, me? I'm afraid not.
Don’t stop, Lily! You will find the perfect place. I believe in you.
I don't know how I got here but couldn't help but watch and listen. Wow, you have done a superb job of making your business a success. That is what I see and admire. Your awesome!!!🤗👏
Protect yourself ALWAYS through a good attourney BEFORE signing any contract. I speak from experience. Still paying off 15 years old debt. As to the stresses. Use them to grow. There will always be these periods. Some very long. You are on the right path! :-)
“I feel free.” Oh you sweet, hardworking woman 💜
It sounds like the property owner realized their roof needed replacing and figured out a way to have someone else (you) repair it. Suspicious.
honestly it's really wise and brave of you to walk away even though it was a premise you really liked and fit your vision. it's definitely better to walk away from too many added costs that would have stretched your business too much than to keep going and compromise your ability to succeed. it's always really hard to walk away from situations like that
You got this, Lily! One door closes and another opens! The better place is looking for you! Much respect for your journey! 🤩
I can imagine what it costs for a lease in London, that’s why so many small businesses have had to give up, and now a lot of the big businesses are doing the same because the leases are just too expensive . It’s the same here in Germany which results in empty shops in our high street, everywhere looks so sad. Your bakery was always an inspiration to me as a homemaker my daughter had a really lovely bistro it was just beginning to take off then Covid came and she went bankrupt, had a mental breakdown and like yourself had skin breakouts. She is now very happy in another job, and she did go to therapy which helped her a lot never be afraid to ask for help❤️ like you she had such a lease then after a year they sold the building and put the lease up. So be careful. Interestingly enough her bistro is still empty after two years so I imagine it is used as a Tax write off.
You inspire many people, Lily. You'll get there. Thank you for sharing.
Thank you so much :)
Hello Lily, enjoy your channel I find it soothing. Just when they give you a different perspective, here in the United States those types of leases are called triple net. Typical for food establishments. In addition to the maintenance we are also responsible for the property taxes that the landlord pays. I've had a few restaurants throughout the years and every lease has been that way. It's a little scary but if the rent and your projected expenses are doable within your numbers then you'll be fine. You just have to bite the bullet and go for it. Kudos to you though, for being self-aware of your particular psyche. Best of luck and I hope you can regroup and come back again
I am sorry the process didn’t work out the way you wanted to. I am impressed by your wisdom and mature composure during this hard time in your life. I hope you can take a break and find some time to get back on your feet. And if you decide to try again, then now you have SO much knowledge to ask up front so they don’t waste your time. Sending lots of love and well wishes! ❤
You did an excellent job by reading your lease and having a lawyer look over everything. In the United States commercial property rental is the same way, the renter is responsible for all maintenance. Jumping in too fast without understanding their lease has put most out of business very quickly. Maybe a business partner would be something to consider, it could expand your product line as well as share the expenses of renting. My best to you sweet one, you will be wildly successful one day soon.
Stay strong Lilly! Persevere. It's from these obstacles in life that we grow. I know you will find another place. Don't give up on your dream!
Wow Lily, what an amazing journey you’re on! You’re living life to the full, making brave decisions and learning so much. I’m so impressed. ✨
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This videos relax me so much, I love the aesthetics and your way of living. I love bread baking and the idea of a micro bakery is stunning for me but I dont know anything.
Much love from Portugal and best wishes for your business.
So sorry to hear the lease fell through but good on you for not being duped into a contract that would have been prohibitively expensive!! Your dream will come to someday. Keep on keeping on!! Best of luck to you.
Solid choice Lily. Never rush to failure. Keep up the great channel, there are a lot of people out here rooting for you!
So sorry to hear the negotiations didn't work out the way you'd planned. We were also very surprised at the cost of plumbing backflow certifications, fire suppression system certification, fire extinguisher certifications, and air conditioning maintenance. Keep working at it. You'll be that much more prepared for future property negotiations.
Your attitude in all the challenges you’ve told us about is really key to your success. If businesses had employees with your fortitude and work ethic, they would be so happy and lucky. More power to you.
Don’t give up darling, take some time, re-set. Go look back over your posts and videos. Recharge your passion by seeing how far you have come. You are my inspiration Lily, I’m still nowhere near where you are and we need you on here. Sending huge buckets of love and Yorkshire cuddles so you xxx
Everyone seems to be in such a rush to expand and grow. Maybe that is the best thing for you, but the space you're in seems to be a good fit for where you're at and maybe the perfect space will come along soon.
When you get your place, be sure to purchase a fold up bed/cot that late at night you can wheel into an empty space, open, and sleep. You'll likely only need this for a few months. Sort of a back up if you work late. Best of luck!!!
Walking away is a positive! Many would have succumbed to their emotions and thoughts of time invested and their dreams. They would have gone into the lease with fingers crossed. Congratulations to you.
I feel like saying a super well done. YES - Well done! A positive aspect for you is the knowledge gained through learning and, ultimately, making the decision to withdraw. Many well-intentioned individuals forge ahead without consideration, only to come to a complete stop later on, resulting in business failure. You, on the other hand, are unlikely to face such a fate. If a similar opportunity arises in the future, you will be thoroughly prepared, armed with valuable past experiences to put you in a better position to succeed.
I encourage you to extract only the positives from this experience and explore new opportunities wherever they may lead you. Good luck, and I extend my very best wishes to you.
What a journey, thank you for sharing it with us! You'll definitely find your way. Go for it. 💪❤
Hola!!! Me encanta siempre tus videos y saber de tus experiencias!!!
Sigue haciendo lo que te hace feliz!! Y sigue intentando siempre crecer, está experiencia es parte de crecer!!!!
La próxima será mucho mejor!
I'm so sorry you didn't get your brick and mortar shop yet. It will happen when it's meant to happen. Love your content and I am praying for you. Also really excited to potentially meet you in London and taste your products.
Hi, Lily, I'm sorry your lease didn't work out. Just keep plugging along and do your best.
I’m down for whatever journey you get into. It’s so important to trust in yourself. You know what is best for you. Look at how far you’ve come. I still can’t even get a decent loaf of sourdough made. 😂
thank you so much, keep going with your sourdough!
Your lessons learned are very common - we end up advising many clients to actually think out of the box - and find places they can can own and divide to distribute debt service...but i know in London this is extremely costly and the one truism in your sector - the only thing that may be less is the cost of money - land and buildings in the foreseeable future will not be amy cheaper than they are right now - persistence and always looking are key - and time consuming - keep on keeping on.... The one alteration that you might conisder is if offering the "coffee shop" - longer hours and liqour license will increase margin and CF - but along ith that comes headaches of employees - but a quaint desert bar with baked goods coffee and warm toddies will make pr forma pop a little more... good luck
Thank you for sharing your journey. You made the right decision for you! Glad to know your followed your gut instinct. It never fails!
thank you💕
Thanks
Sorry to hear the lease turned out to be such a disaster. Maybe in time you will look back and take something away and have another go. It seems like you need a good long break now to recover. We all had our fingers crossed for you and cant wait to see what happens next!
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I am so disappointed that realizing your dream has been set back by the unethical behaviour of the lessor. I glad you had the courage to step away. Keep your spirits up. You will create other opportunities. We will all be cheering you on.
Feels like your landlords saw an opportunity to stretch till the death. Let's say if another subway or chain coffee shop would take this place, - would they do to them same as they did to you? No way they would. The only way how people can do businesses, - is to buy cheap and sell expensive. If you are investing into organic/healthy/bio ingredients, - you just gonna loose. for your talents you probably should be somewhere elsewhere in another country or another part of the world. Or you should bake for wealthy customers with double-triple price tag from home.
Hi Lily! How are you?
That deal may not have worked out. But you look like a thousand kilos got lifted off your soul. And you don't have to call your bakery a "micro" bakery. Anyplace that you prepare an honest loaf of bread to share will always touch the ones who care. Theres nothing micro about that. Your bakery is as big as your own heart