BUFFALO, NY (WKBW) — Starting a new business is expensive.
According to Ellicott Development, the median cost to open a restaurant business in the United States is around $275,000, but that figure can easily run into the millions for larger cities.
“When businesses are struggling to get started, some of the biggest burdens are rent and just the finance deposit,” said Eamon Riley, director of development at Character.
To help would-be business owners who may have struggled to get started during the pandemic, real estate company Character has announced a competition.
The price: one year free rent.
The plot, located at 808.5 Main Street, sits right between two newly renovated historic brick buildings.
The business plan competition allows applicants to bring their ideas to life, with supportive resources and without worrying about rent.
“We think offering a year of free rent could be a huge burden on someone, to give them the bandwidth to test new ideas, get started, get their feet wet,” Riley said.
The winner will receive a free brand consultation from Block Club, and for free start-up legal assistance from Kimelberg, they can go directly to their neighbor.
“We focus on corporations and startups, so we will provide free legal assistance and advice,” said Dave Kimelberg, founder of The K Haus.
They offer advice on contracts and how you see your business in the long term.
“It will be important if they have not yet created a legal entity, to choose the right type of entity, for which we can help and provide advice. By entering into contracts with their suppliers and business partners, we can review those contracts with them,” Kimelberg said.
Each applicant must submit a detailed business plan, including a financial plan and a marketing strategy.
The deadline for submission is July 16.