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Old 08-18-2012, 07:04 PM
 
9,376 posts, read 7,935,030 times
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Lets say you have an opportunity to lease a storefront on the west side of manhattan below 59th St, and above 14th st, what would you rather be: a restaurant, a grocery (bodega), or a laundromat?

I guess size matters. What is a typical size of a Manhattan store on the ground floor of those old buildings? Lets say it is 25x75, or 25x100 I guess that is average. Now there are laundromats, restaurants, and groceries everywhere in that area.

The owner of the building is desperate to fill in that vacancy. A commercial tenant is important. They make the most rent. They are willing to give you triple net or whatever accomodations you need from them to make your business successful besides lowering the rent to far.
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Old 08-18-2012, 08:20 PM
 
Location: The Triad (NC)
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Now there are laundromats, restaurants, and groceries everywhere in that area.
Then like in baseball you gotta "hit 'em where they ain't"
Find something that is UNDER represented or missing among the other shops/offices.
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Old 08-18-2012, 08:55 PM
 
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If you do not have experience running any of those businesses I would strongly recommend NOT assuming that you will make a profit with any of them.

Honestly a "desperate landlord" is nothing other than somebody who has probably got a property that LOTS of other business owners have taken a pass on. Not smart to thing you know more than others...

Now if you have some UNIQUE business idea that could succeed in the space that this land lord is desperate to rent out MAYBE that is a whole different opportunity.
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Old 08-18-2012, 09:49 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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Chet is right, it's the wrong way to choose a business. To be successful you must have a passion for the business, a nonchalant flip of the coin means you are looking for easy money from a business and don't care what it is. With 50% of all businesses failing within the first year, motivation is critical to keep you going through the early, lean times as you grow.

Generally a landlord willing to make a great deal on rent has had trouble leasing teh space, and there's usually a good reason for that.
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Old 08-18-2012, 10:42 PM
 
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pretty irrelvenat unless you have expertise in all of these businesses which is extremely doubtful
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Old 08-19-2012, 07:24 PM
 
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This was meant as a hypothetical question. If you had to choose just pick one and say why, and then why not the others.

Those three seem to be the most popular business especially amongst immigrants businesspersons. Lets just pretend we all have experience.

If you were an immigrant and wanting to open a business, which one of those do you choose?
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Old 09-04-2012, 01:24 PM
 
Location: Aiken, South Carolina, US of A
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NJ,
Laundromat.
Low labor costs.
Not as much physical work, and people have to wash their clothes.
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Old 09-04-2012, 04:03 PM
 
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Really?

I ask because I notice one race doing laundry, and grocery, and another restaurant. I do not know why it is not more diverse.
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Old 09-04-2012, 04:29 PM
 
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How about a laundromat that serves beer?
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Old 09-05-2012, 12:16 PM
 
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In my case, a laundromat would be good because I am "mechanical'electrical" and can fix things myself. If you had to pay a service person for every single repair, that could get to be expensive! Also with a laundromat, you would need to install all sorts of plumbing and electrical. That could get quite expensive if it is in an older building which does not have the electrical and plumbing infrastructure to tap into for this. For example the building might need a whole new electrical service for the entire building. Or a larger main drain or water pipe. $$$$$ And you would be sort of stuck with that business after installing everything. I would check all that out. And see how busy all the other laundromats are. Some of these have too few dryers, installing quite a few more dryers than washers could give your business an advantage - always a dryer available!

For a restaurant, fast food might be a better idea.

And with a retail store, you could easily change what was on the shelves. See what sells, what does not. Ask people what they would like to have available for purchase. Stock those items - whatever they may be - then eventually you might have a pretty good business. And it might turn out to be sort of an old fashioned "general store"? Who knows? Maybe pet supplies would do well? Office supplies? Whatever...
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