My Week: Worth it?

 

successHello folks. My week was uneventful. That is not a bad thing. It means I did not have the usual client headaches. Further, I took it a little easy, since Q has taken over most of the day to day now.

I need to make sure, from next week, I address the practice value-adding activities.  I now have the breathing space. 

FT Store

Next Tuesday 18 July will be the first anniversary of operating from a retail unit. Please allow me to reflect on how it has gone.

If you have read my previous blogs, you know the process of buying and renovating the business premises was very stressful.

Conveyancing

I made the mistake of choosing a conveyancing solicitor who was not local since his fees were significantly lower. Due to the fact, I could not go and see them, and taking account of my time taken upon the matter, it did not turn out to a lower cost option.

Renovations

Again from my previous, blogs, you know that I appointed an architect and my existing branding consultant for the design and the fit out of the unit.  At the time, I felt I was wasting a lot of money.

Every penny spent has been so worth it. Without their support, I would have made mistakes and in no way, the retail unit would have looked like it does. It looks the part and I am very happy with it. It is very different from other accountant’s retail units.

Contractor

The cost of the contractor doing the works went well beyond the budget. They claimed to have done additional work. They did not ask for my approval. In the end, I had to settle. You know about the people in the building trade. They are always a disappointment.

Good Investment?

It is early days to comment on whether it is a good investment in terms of getting new business. As I have mentioned before, clients tend to see the retail unit, check us out on Google and then contact us.

If you think about the rental savings on the basis, we will be here for the next 10 years or so, without a doubt, it is a good investment.

I use to pay £600+VAT per month on rent plus annual above-inflation rental increases. If we talk about rental savings over a 10 year period on £600 pm rent. The savings comes to £72,000. Even, If I do not get walk-ins clients, from the rental perspective, it is an excellent investment.

Resale?

The point that worries me at times, is will I get at least the purchase price at the time of selling the unit. The way high street retail is going, I am not sure. Maybe a new estate agent will take over. They will always be around. I will rent it out. It will be some contribution towards my meager when I can no longer function, retirement/care costs pot.

AND Finally

The local area lights up during Wimbledon season. Even with heavy traffic and inconsiderate drivers, I love it. The area looks like a holiday resort. Sadly Wimbledon, until next year, will come to an end on Sunday.  I hope the excellent summer stays with us.

 

 

 

 

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