THE DANGER OF USING RENTED PROPERTY FOR BUSINESS


Building a business from scratch to a booming level is not achieved in one day. It takes a lot of dedication, hardwork and commitment to fundamental principles of running a successful business. In fact, it takes years to build such business empire.
Having loyal customers streaming to your business every day is surely a well deserved reward for your labour. And to think that your business is now strategically located for the best patronage is a fine achievement. 
It was not so from the start. But today, in the mind of many customers, you are the go-to guy even though a similar business is close to them, they simply prefer you. The relationship is strong, and you are raking in so much money every passing year.

But there is a problem, a big problem! Your business is along the major road on a rented property. The implication? When a greedy landlord perceive how successful you are on his property, he may increase the rent arbitrarily. If you frown at his attitude, he may threaten to evict you on the presumed reason that he wants to use his property. 


Without any choice, you dance to his unmelodious tune. You realized that there is no where else to take your business to within the same area to retain your loyal customers. You are indeed in a water that gets hotter with time. This happened to a lady that owns a school at Owinna, Benin City. To worsen the matter, the landlord refused to carry out any maintenance on the property. He was only interested on collecting his rent. This was the dilemma the lady faced for a long time until she took the bull by the horns. Without looking back, she bought a property elsewhere and started developing it.

Another looming danger! Your landlord is planning to sell his property. Well, a bit better, because it got to your notice. In the case of a business tycoon in Ugbighoko, Benin City, the story was different. His landlord sold the property without his knowledge- not even a tiny bit of awareness. The business man was terribly disappointed, if he knew such plans he would have bought it(laments!). His business fits the description in the introduction.

THE SOLUTION
As your business grows, have a long term plan. Look beyond the moment, picture the scenarios above(which in so many cases happens) and take steps to avoid it. Plan to buy the property or any one close to it just to secure your business in that locale. 

This was what a gas dealer did. He started off small. The property where he started his business along Ekenwan road, was sold. Luckily, he rented another place adjacent his former location- a second chance to retain his customers. However, he was quick to learn the lessons- lessons no one would teach you in school. He bought the present property- the grandmaster’s preemptive move. Although, I knew his business some years ago, it was only recently(February 2019), that I got to know him in person.  I was surprised to realize that he was a young , innovative and vibrant businessman. 
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