How Do Your Business Cope With Shop Rent Increment

[jay]

Prices of everything is increasing and so should the prices of your goods and services. To meet up to the constant price change, you'll have to adjust to the amount you've placed your goods and services. Also bear in mind your customary services before you scare your customers away.

 

[Smithkid]

First of all, the shop increments will have to justified and it won't just suddenly be increased, it will have some Influence and impact on the whole business.
You've to re-strategize, maybe slightly increase prices or you just reduce your profit gain.

 

[Chumzy]

That is one of the problems with doing business in a time like this where Covid has taken over. In lessley developed countries like Nigeria where inflation rate is shooting up, it is worse. All these leads to increased cost of production and customers don't want to pay more.

 

[Gilead]

This is part of the reason why I want my business online. Due to charges on land use and rents for shop usage and other kind of expenditures, that has turned me into a wise business man. there are some businesses that will prosper well if they are done online rather than staying in a stationary place where you will be charged for it.

 

[Tariq Shehzad]

The increment in the rent payment from the owners is generally made when the contract is renewed, therefore it should be anticipated to this increase in the business and include it in the expenses and expenditures.

 

[Ryeetar]

Owning a shop is not all that easy, simply because it doesn't matter if you make sales or not at the end of the year the shop owner would come for his money. What I do is at the end of each month, I set aside a particular amount of money for shop rent even when there's an increment I just increase the amount I do set aside as well.

 

[Thosynho]

My mother manage a small business in a shop for like 20 years now. Every year since 2013 the landlord of the shop has always been increasing the rent without carrying out any renovation on the shopping complex where my mother has her shop.

There was a time the roof of the shop was damaged by wind, the landlord refused to repair it. We had once considered changing her shop but the fear of losing her customers made her not to do so. How can she cope with the yearly shop increment?

Entrepreneurs should be weary of maintaining a shop that its rent keeps increasing intemetently. Or else, you will discover all the profits are used in paying shop rent. Cut your coat according to clothe.

 

[Goodday]

My mother manage a small business in a shop for like 20 years now. Every year since 2013 the landlord of the shop has always been increasing the rent without carrying out any renovation on the shopping complex where my mother has her shop.

There was a time the roof of the shop was damaged by wind, the landlord refused to repair it. We had once considered changing her shop but the fear of losing her customers made her not to do so. How can she cope with the yearly shop increment?

Concerning the rent payment, l guess there is little you can do about it because the land and the building both belong to him and he decides what he charges as rent. Maybe the only thing you can do is to try begging him so that you can afford to pay.

 

[Seun4luv]

The rental agreement you signed when you leased your property should mention the landlord's ability to raise rent. Try to negotiate a lower rental agreement to save yourself a few bucks. Comparison Shop then Change Your Budget.

 

[Alexandoy]

This is a nice discussion for entrepreneurs.

 

[Artukbey]

Step one: Contact Your Landlord. If you want to negotiate with your landlord, you're going to need to initiate the conversation—don't wait around for them to come to you. ...
Step two: Find a Compromise. ...
Step three: Confirm and Document.

 

[Mixhi]

A $1,000 investment is the first major step into the investing world for many people.

The questions I normally get are, How do I invest?, What are some good investments?, or Is this the best use of my money?

Right now, $1,000 probably doesn’t seem like a lot to invest, but you are beginning the practice of making sound decisions now and that is going to pay off big time as you make more and more financial decisions in the future.

 

[Veetos12]

Prices of everything is increasing and so should the prices of your goods and services. To meet up to the constant price change, you'll have to adjust to the amount you've placed your goods and services. Also bear in mind your customary services before you scare your customers away.

I think the best thing to do here is to dialogue with the landlord for a possible reduction in the price of the shop rent. One thing to know is that the shop belongs to the landlord who chooses what he likes with his shop.

 

[Shayo]

My mother manage a small business in a shop for like 20 years now. Every year since 2013 the landlord of the shop has always been increasing the rent without carrying out any renovation on the shopping complex where my mother has her shop.

There was a time the roof of the shop was damaged by wind, the landlord refused to repair it. We had once considered changing her shop but the fear of losing her customers made her not to do so. How can she cope with the yearly shop increment?

She should simply move out, it is obvious the shop owner doesn't have her best interest at heart. She should start looking for a new place if possible, in the same area, she should also start informing her customers, the loyal ones will surely continue to patronize her.

 

[Axad. Mrb]

The rental agreement you signed when you leased your property should mention the landlord’s ability to raise rent. Some rental agreements stipulate that rent can only be raised with 30 or 60 days written notice. Others say rental prices can go up only when the original agreement expires and is due for renewal, or can only go up a certain percentage. Make sure your landlord is meeting his contractual obligations to protect yourself and your budget

 

[Mastercoded]

Some landlord are animals in sheep clothing, some just care about the collecting rent and more rent without developing the place, but some land lord are the best, if you have been their talent for a long time, they tend to overlook some bills. Just tell your mom to get another shop and let are ask around about the owner before making any payment

 

[Abisola]

Negotiate With Your Landlord. If you're persistent about staying at your current location, brush up on your negotiating skills! ...
Cut Back On Other costs. ...
Pay the Increased Rent. ...
Move to a New Location. ...
Apply for Working Capital.

 

[summan]

Tens of millions of businesses around the world are currently struggling to cover their overheads, and most economic activity is being generated from people’s homes. This renders rent — for offices, entertainment/hospitality, non-food retail, and industrial spaces — a large but temporarily unnecessary cost item. The ability to manage it may be a key managerial skill for surviving the crisis. In this article, we cover the main points that every manager should consider before speaking to their landlord to try to reduce this expense and the main strategies that are likely to help both the landlord and the tenant. Finally, we note some likely consequences of these arrangements for future rental contracts.

 

[marky]

The solitary way you can adapt to shop lease arrangement is to expand your item like added more item into the shop distinctive here in Nigeria we sell various things in the shop the empower you adapt to the shop lease you can't manage one thing in the shop and afterward you want to make it

 

[Olubayo12]

My mother manage a small business in a shop for like 20 years now. Every year since 2013 the landlord of the shop has always been increasing the rent without carrying out any renovation on the shopping complex where my mother has her shop.

There was a time the roof of the shop was damaged by wind, the landlord refused to repair it. We had once considered changing her shop but the fear of losing her customers made her not to do so. How can she cope with the yearly shop increment?

In this type of situation, the best thing I would advise is to meet with the landlord for negotiations on the price... We should be aware that he is the owner of his property and he has the right to make whatever rules he wants about his property.