I would like to open an art store to promote local artists. I want to rent wall space to artist whom I would like to support. In return this will help me pay the rent every month to grow the business. I am just curious if this is an "illegal" thing to do? Do I have to tell the owner who I lease from? I know I don't need to mention it to the owner if I have peices on consignment. Is this different? I will still have my workers there to sell the paintings for these artists.
2007-03-24 13:26:49 · 3 answers · asked by Amy-the-Artist! 1 in Business & Finance ➔ Renting & Real Estate
Unlike apartment rentals, most commercial Landlords have discretionary rights and will want to know in detail the type of business you intend to operate. They will want to know if it is compatible with other tenants in the building, and also if your use will compete directly with anyone else already in the building. Commercial landlords if they are smart, look for a healthy and compatible tenant mix.
Landlords also have the right to inquire into your finances and they are under no obligation to lease to you if they think your business wont survive.
There is nothing inherently wrong or dishonest about a cooperative or consignment operation.
Discuss your concept with the landlord enthusiastically and honestly, pointing out all the reasons why you think it is a successful idea. You first "sale" in business is to "sell" the landlord. This is true for any new business. Ultimately you will be his only tenant and of course solely responsible for the rent.
Good luck, send me your link when you are established!
2007-03-25 04:31:34 · answer #1 · answered by myfinancialmentor.com 2 · 0⤊ 0⤋
Just be sure that when you sign a lease, it doesn't prohibit that kind of activity. I don't really see any reason to let the landlord know about the activity if you don't want to, but it may actually help, since they know you will have some extra income to help pay the rent. Otherwise, just consider it as the artist paying for "shelf space", fairly common in business, and the shelf you pick to display their products is your wall.
2007-03-24 20:33:24 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
I would think that renting wall space to an artist would NOT violate the terms of your lease. You should check your lease carefully to make sure there are no specific prohibitions to doing so.
2007-03-24 20:35:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋