Business plan for landlord
Hi, I've been negotiating with a landlord and now they want to see a business plan for my pho restaurant. I have some idea what I want to do but can someone tell me what's the best way to proceed. Obviously I dont have a business plan. So is this the only way to get a lease?
If they request to see your business plan and you don't have one, then that should be the first thing you work on. From my experience, some landlords don't care about business plans or even whether or or not you'll be successful, but most do care and want to know if you know what you're doing. So it's always best to prepare with a good business plan before you go talk about leasing.
@victran320 and @haleyax87 : Another method to get a lease, though quite unconventional, is to offer your landlord a full year or even 2 years rent to be paid upfront. Let's be absolutely clear, almost all landlords worry about whether their tenants will pay rent on time. If you don't have a business plan, have no restaurant experience, or for various reasons won't or can't give what the landlord demands and thus will not qualify in the landlord's view, then prepaying rent is an excellent way to get in if you're cash-rich.
This is no joke. I have worked on projects which had this as a serious consideration during negotiation, and one instance when this was the deciding factor. The landlord was gladly accepting the cash offer upfront.