Industry sector: Retail and wholesale

Art gallery: Rent

Enter in your cash flow forecast the amount of rent you will have to pay for your premises in the months when you will have to pay it.

If you haven't yet decided on a particular premises you could contact a local estate agent who handles commercial property to get an idea of how much the rent is likely to be. You should have already given some consideration to the type and location of the business premises that you will require, so they will be able to give you some guidance as to how much you will have to pay.

You might have quite specific requirements for your gallery. For example, if you hope to sell large volumes of relatively low-value items to tourists then you might need a prominent location with plenty of passers-by. On the other hand, if you intend to open a high-end gallery then it could be the nature of the interior space that is most important to you. In this case, something like an old industrial premises could be suitable.

Bear in mind your gallery should be accessible to customers and staff who are disabled.

Your solicitor will help you with the lease agreement but make sure that you are clear about:

  • whether the premises can be used for the purposes you have in mind
  • how frequently the rent will be reviewed
  • how long the lease runs for
  • what you and the landlord are each responsible for
  • the position as regards sub-letting