12 Chatsworth Road
Open Mon – Sat
Over the last few years there has been a flurry of new businesses wanting to base themselves on Chatsworth Road. This is great for the street, but we are concerned that this demand is pushing rents to unrealistic levels that will make running a business here unsustainable in the long term, both for existing traders and new ones. In order to ensure that your business will benefit the street, here are some points to consider:
1. Think about what local people need/want rather than focusing only on what you want to sell. Have a look at our Facebook and Twitter accounts and you’ll see the same things come up over and over again.
2. Whilst Chatsworth Road has a decent footfall on the weekends, things are much quieter on weekdays. Don’t depend on weekend trade only, think about what you can do during the week to encourage people who work from home, are retired, unemployed or young parents to use your business. In increasing footfall on weekdays, you will also be helping existing businesses.
3. The local community is very mixed. There is a large amount of council housing and a number of the Victorian properties are run by housing associations. Consider how you can serve the neighbourhoods diverse population, not just a single demographic.
4. Typical rents on the street vary on average from around £6,000 to £12,000 per year and most businesses do not make very large profits. It is very unlikely that your business will be sustainable if you pay much more than this, and if you do, you’ll be pushing up everyone else’s rent.
5. Always get a lease on the premises you’re going to rent, and make sure you’re protected by the Landlord and Tenant Act of 1954 . You don’t want to be in a position where you’ve invested time and money only to get kicked out of your shop a year later. See here for some advice and downloadable leases you can use.
6. Hire local people. This will make people respect your business more and see the benefits that you bring to the area over and above your products/services. We often post job vacancies to our social media accounts or website.
7. Get in touch with us before you open. We can help you with publicity, planning applications, and speaking to the local community.