In 2007 in Halifax, Nova Scotia, George Christakos founded The Brooklyn Warehouse, which offers a remarkable restaurant experience, quality local foods, genuine hospitality and a welcoming atmosphere. George had the following advice for other young entrepreneurs on overcoming some common start-up business challenges:
Benefits of rental space versus owning
George is currently renting the space that he does business out of and would definitely consider himself to be an excellent tenant, as his ongoing lease hold improvements raise the value of the property he is in. However, he is striving to become the landlord so he can turn all that hard work and resources into equity.
Tips on commercial leases for small business owners
Write your ideal lease and negotiate with your landlord. If you are going to be a good long-term tenant they should be willing to compromise on your behalf so they don’t have to worry about constantly having a vacant space. Make sure however, that you’re not liable for major components of the building such as the foundation, roof, insulation and so on as this could prove costly.
Overcoming location challenges
Overcoming location challenges is even easier than it was in the past thanks to the advent of social media. You can sell the customer on the experience even before they have entered your door. Take the time to engage your customer and make coming to visit you worth the trip every time.
Effective workspace management
Give your managers and staff the tools, training, and environment to do their jobs properly. Make communication and procedure very clear so that everyone knows what’s expected of them and how to keep all workspaces running properly. Keep the team inspired in moving the business forward for everyone’s benefit and they will treat the workspace as their own.