Most business owners do a good job budgeting for the expenses they expect. It’s the ones they don’t expect that usually cause the biggest problems. Everyone plans for rent, payroll, inventory, and utilities. Those numbers are relatively easy to estimate. What catches people off guard are the unexpected expenses that seem to happen all at once.
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When I negotiate a commercial lease, I look at the entire structure, not just the monthly number. Free rent, buildout support, tenant improvement allowances, the lease start date, and other concessions can sometimes create more value than a lower asking rent.
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As we move into the last quarter of the year, I pay attention to where people are spending money, where businesses are opening, and which neighborhoods are seeing more activity. New York City is heading into another busy holiday season, which creates opportunity for restaurants, retailers, event companies, catering businesses, wellness brands, and other service-based companies.
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The expenses no one plans for are the ones that hurt the most. For business owners, it’s not just rent and buildout. It’s the equipment that fails, the systems that go down, the unexpected damage that stops your business cold. Those moments cost real money, and they come fast.
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Success changes as you grow. If you had asked me twenty years ago, I probably would have measured it by transactions, milestones, or how quickly I could build a business. Today, I think about it differently.
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One thing business has taught me is to trust my instincts. That lesson didn’t come overnight. It came from enough experiences where I ignored a red flag because I was focused on the opportunity instead..
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The longer I’ve been in business, the less interested I’ve become in fitting that mold. I’d rather people know me for how I think, how I work, and what I value.
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I’ve found over the years is that my day is usually decided before work even begins. The way I start my morning has a direct impact on how I show up for everything that follows. I’m intentional about that.
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What are you building toward? The answer usually shapes every decision that follows. Are you building a business to sell one day? Are you creating something that will generate long term income? Is it something you’ll pass on to your family? Or are you building a business that gives you the freedom to live the life you want?
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At our recent SOUP NYC Next Level Networking event at the Virtuoso Realty Group office in East Harlem, the gathering was more intimate than some of our previous events. It gave us the chance to…
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