As you move through the process of your lease there is a predictable pattern that every independent retail business tends to follow.
You might be surprised to hear this, but what you experience each step of the way in your business will look remarkably similar to what other entrepreneurs experience.
Keeping your confidence high throughout your experience as an independent retailer is key to succeeding and thriving regardless of whether or not you are facing challenges in your business.
“There’s no harm in hoping for the best as long as you’re prepared for the worst.”
― Stephen King
But once you find your business is in “hot water” your emotions often get the best of you and it’s hard to make decisions that are best for the business.
Here are some of the typical emotions that every independent retailer faces:
● Emotion #1: Being Optimistic – Every entrepreneur starts out on cloud nine. They are excited about the possibility of their business. You feel unstoppable and there are no limits to your potential to earn profits and own a thriving business.
● Emotion #2: Disappointed – Often the excitement of a business is quickly overshadowed by the reality of having to be all things to your business. You are the one who has to be good at all aspects of your business from accounting to vendor management and everything in between.
That’s when you realize your strengths in retail aren’t the only skill you have to manage to keep the doors open. Often even trying to find the right location for your retail business starts to feel daunting.
● Emotion #3: Anxiety – It often causes you to make irrational decisions and you react in the moment rather than taking the time to make an informed decision. This is when you start to question yourself. It’s typically a red flag that will drive you to prematurely shut down your business.
Any weaknesses or blind spots you had going into becoming a small business owner
become very apparent and your business starts to sink because of it. This is a very scary feeling and it often makes you desperate and scrambling for a quick fix solution to your problems.
Becoming aware of the natural progression of your emotions will help you to not only survive being in business, but it will allow you to thrive!
Now ask yourself, what emotions are you experiencing in your business right now? If you want a partner in helping you to navigate the choppy waters of your emotions then we invite you to call our lease brokerage experts for a FREE consultation at 626.222.2452.
Our commercial real estate will walk you through how to negotiate your permanent, temporary, or seasonal lease. We can also assist with your rent reductions and early terminations when it comes to your lease negotiations.