Patience pays off 💰

Most of the time, our first conversation with a prospective Pedal Retailer makes them very happy. They’re happy (or at least relieved) to hear that (a) they can do what they’re dreaming of doing, and (b) we can help them do it. But without fail, we eventually make our way to the topic that triggers the cortisol...

We always manage to upset people when we answer the question, “so how long is this going to take?”

Since we’re committed to “real talk, always,” we’re honest with our clients about the realistic timeframe to opening a bricks-and-mortar business. We explain that the process takes anywhere from six to 18 months, and that seems to be about six to 18 months longer than they were expecting. To be clear, this isn’t a Pedal thing. This is a reality, no matter whom you work with, no matter how quickly they promise to have you in a space.

The truth is that the process is long because the commitment of a lease is way longer. When you think about it, 12 months to sign a lease that commits you to ten YEARS of rent is really not so crazy.

It can be disappointing to abandon your hopes of quitting your soul-sucking day job ASAP and being open in a space of your own by the end of the summer. But once you accept that you might need to try quiet quitting for just a little bit longer, you’ll see that a longer timeline is still a timeline, and slow progress is still progress.

Here’s what we’re looking at:

1-3 months to create a knock-your-socks-off business plan

1-6 months of searching and touring to find the spaces that meet your criteria (location, space, and budget)

2-4 months of LOI negotiations

2-4 months of lease negotiations

1-12 months of buildout and pre-opening (3-6 months minimum if you’re doing any work that requires permits)

So even in the magical scenario that you’ve got your business plan ready, you find the perfect space right off the bat, you come to agreement with the landlord on the deal terms in the LOI very quickly, and there is minimal lease negotiation and virtually no buildout…you’re still looking at four to seven months. And if you’re goldilocks-right-down-the-middle, you’re looking at about a year from start to finish.

The bottom line is that once you start negotiating an LOI, and it’s no longer just you and your broker setting the pace, your progress is dependent on many people and factors outside your control — other brokers, landlords, credit managers, lawyers, the permit office, electricians, health inspectors…SO MANY people who are not on your timeline.

Now remember that our other motto is “where there’s a will, there’s a way,” so here’s my key point — yes, it takes a long time, but that’s okay. Recognizing the realistic timeframe as part of the process will allow you to set expectations and plan accordingly. Once you sign that lease, the deal is done and you’re stuck with your commitment for more than one presidential administration, so it’s worth taking the time to get it right.