Things I’ve learned in the short time we’ve been demolishing, sorry renovating an old bank…
I may have run small businesses before, but I’ve never owned a commercial property or taken on anything of this size and magnitude before, however it has been a dream of mine for quite a few years making The Wellness Lounge Leeds a true passion project for me.
It’s been 6 months since we picked up the keys to the old Halifax Bank on Garforth Main Street and while a lot has happened, there’s still a huge amount to do. The vision is to develop a beautiful suite of high-end treatment rooms to rent, along with a soft focus therapy room & a podcast / content creation room to rent. Add into the picture a creative co-working space, to be enjoyed by small business and those who don’t want to work from home everyday and a Community Room and you’ll be seeing the vision as I have for over 18 months.
I’ll write the backstory and how we got to where we are another day but for now here are a few of the key lessons I’ve learned so far - no doubt there will be more to come:
⏱️everything takes longer than expected and patience is not one of my virtues. This is one of the reasons I’ve rolled up my sleeves, picked up a crowbar and started ripping floors up and knocking down walls – can’t be waiting for others to do it and there is a huge sense of satisfaction and accomplishment in doing some of the renovation work myself! I can truly say that I have been part of making this happen, turning my dream of creating a space for small businesses into a reality for myself and others.
💭 dream big but be prepared to compromise: I have had to re-think quite a few of the design concepts for The Wellness Lounge Leeds due to costs and whether or not walls are load bearing! I have a grand vision for the project, both design-wise and what the business model will achieve for independent practitioners, therapists and other small businesses, however, I am also realistic enough to take on board that whilst I believe everything is possible, the financial costs may be too high at this stage. I do already have a phase 2 planned, just fyi!
💡 inspiration for new ideas comes from all sorts of places and from people you’ve never met before. I’m grateful for all the suggestions for my business plan, even those who think have some slightly ‘alternative’ thoughts on what I could do with the space. A couple of young lads who did some early work for us thought the ground floor would make an excellent bar, the basement (or dungeon as I like to refer to it) would be a banging nightclub 🪩 💃🏻 (I can see the comments on Facebook already!), and the top floor apparently ought to be converted into a suite of rooms that are ‘rented by the hour’ 😳🫣😂. Now, whilst I may make more money with that business model, it’s not a route I plan to go down!!
📕 you learn so much extremely quickly - I know more about suspended ceilings, plasterboard, data cables and isolation valves than I ever thought I needed to know. Educating yourself is a great way not to be taken advantage of by anyone. Not that I think that’s a big worry for me, but the moment I can start a conversation with a professional using their language there is a shift in the way they talk to me. I am really lucky as everyone I speak to about what we’re going to achieve can see how passionate about The Wellness Lounge Leeds I am and I probably bring them along with me into the vision so they can see it themselves!
💸 allow for there to be hidden costs everywhere. Past experience has taught me well on this front. Whether it’s been running my own marketing business or having a new kitchen installed in our own home, there are always costs that you’d not thought about and things always cost more than you’d expected – that’s life! 🤷🏻♀️ Once you’re mentally prepared for it, you can cope much more easily and simply adjust your plans and expectations to suit.
💰however, while costs may be higher than anticipated, don’t shrink your dreams to fit your budget. If you reduce your plans and dreams to fit a restricted budget you may end up resenting the entire end result. Either work out a way to find the money or plan a phase 2, 3 even phase 4 where you can realise the entirety of your initial vision.
🏢 this is specific for UK businesses and may even be specific for Leeds City Council - business rates empty property relief goes on the building not the business so when your building has been empty 2 years, full rates are due from day one!!! I had budgeted for being able to enjoy 3 months empty property rates relief and hopefully an additional 6 months discretionary rates relief while the renovation works were completed. Nope, empty property rates relief applies to the building, not the business and as our building had been empty for about 2 years, that relief was all gone! An unexpected rates bill for £10,000 was not a welcome addition to my costings! See the point about things costing more than you expect…
🗒️ have a Plan A, B, C and D: and don’t be too disappointed if Plan A doesn’t work out. I am usually someone who puts all their hopes into one desired outcome and can get quite disheartened if it doesn’t work out EXACTLY how I’d visualised it. I am learning that by having a few different scenarios in place, the disappointment is lessened and I can get on board with whatever solution needs to be in place. I have also found that if I have reasons as to why something can’t be the way I’d planned, I deal with the change much more effectively. If you’re told that something can’t be a certain way, try to get an explanation as to why, it makes the decision more acceptable.
💪🏻 the perfect end to a stressful day at my paid job comes in the form of a pick axe, a crow bar and a lump hammer knocking down walls and ripping up floors…. Never underestimate the empowerment of being part of the solution.
Knowing that I’m being part of creating our high-end treatment rooms to rent to independent practitioners and therapists is an incredible feeling. The thought of being able to offer flexible rental spaces for beauty therapists, sports massage, aestheticians, Reiki healers, podiatrists, various talking therapies and so many more types of businesses gives me great joy especially as I know this is greatly needed in our area.
