Sub leasing space

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Hi,

I just wondered if any of you kind people could give me some advice? I have just set up my own practice 4 weeks ago and have been approached by a Reflexologist who would like to rent my room off me for 2 days (I work elsewhere 2 days during the week). This would really help with the bills whilst I'm getting established but I haven't got a clue what the going rate is, it's all new to me! I live in the North West of England and was thinking along the lines of £40-£50 a day. She hasn't got an established client base to bring with her so she will be starting from scratch so I don't know what a fare price would be. Any ideas? Thanks in advance.

Emma.

 

:welcome:Emma you almust snuck in with out the welcoming committee. It is good to say hi and introduce yopurself in the introductions as then people know a bit oabout who you are?
You may also want to ask on UK forum?
Perhaps that may be more specific?
One recommendation I had was think of the worst possibilities, how would you manage them and then work back from that
Very pessimistic view BUt perhpas a valid one??

Good Luck

 

Hi Emma
I set my own practice up 3 years ago now. Autumn'08 I commenced the sub let of my premises to a reflexologist 2 days a week.

Naturally costing is dependant upon many things such as:

-How much you want to earn from the sub-let arrangement.
-Are you providing reception cover or not
-Will you allow use of your phone, computer etc.

Naturally there are things you need to consider and these will vary as to whether you are on site or not. It's a good idea to come up with an agreement which is signed between you. This may not be entirely legally binding unless you involve solicitors but at least you will have a level of understanding between you.

Things you need to consider are:

-Will the reflexologist be 'Assocation Trained' (Just peace of mind to you that they are appropriately trained and professional)
-Confidentiality and data protection
-Ensuring your premises are used for only that which has been agreed upon
-Cleaning responsibilities after use of premises
-Security (locking up after a session if you're not on site. etc.)
-Ensuring the respect of the premises and trust of the sub-lettee (as chiropodists we not only have medicaments which can be dangerous if mishandled but there is other aspect of having quite a lot of stock on premises at any one time.

I know it can sound a little daunting however if you take all the necessary steps you can work happily and healthily alongside a sub-lettee.

From my own personal experience it has been really positive:

-Extra income during difficult times of the current economic climate (I charge £70 per day)
-My practice is now open 5 days instead of 3 (better visibility)
-The reflexologist has her own client base (opportunity for me to gain some of her clients and vice versa)
-Another professional to bounce and feed off in terms of practice management and marketing.

Hope this is helpful Emma
Good luck in your pursuit
Sharon

 

Hi Emma

You say the reflexologist would be starting from scratch.

I think both your £50 and Sharon's £70 per day are reasonable rents for someone transfering an established business. But for someone with no client base, no customers they aren't going to be with you for long. £400 per month based on £100 for the 2 days per week? This reflexologist needs a wealthy partner.

I apologise if I have misread your email and also accept you are in business to make money but reflexology may not sustain a high clientele during this economic downturn.

Just a thought, how about a fee split for so many weeks until your reflexologist has an idea of business and then agree a rent. You can be an understanding business manager for so long and then go for the higher rent? It just may make a business deal rather than break it within the 1st month.

GB