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7 Tips to Start Non-Freehold Estate Business in Nigeria

Non-Freehold Estate Business: Starting a business can be a great way to test the waters for your product or service.

Your competition is limited in a small town and advertising costs can be lower than in major cities.

Oftentimes, word of mouth is the fastest and best advertising.

Many people and businesses rent rather than buy.
And they will have property rights significantly different from those that own real estate.
In this lesson, you’ll learn about nonfreehold estates, including what they are and different types.
Non-Freehold Estate Business

Non-Freehold Estate Business https://hartanah123.com

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Non-Freehold Estate Business

Nonfreehold Estate Defined

A nonfreehold estate is an interest in real estate that is less extensive than a freehold estate.

Holding a freehold estate amounts to what you would consider ‘ownership.’

Nonfreehold estates are not inheritable, and there are no ownership rights.

A non-freehold estate involves leasing the property for a period of time.

Without having any actual ownership in the land.

Here’s what you need to know to start Non-Freehold Estate Business in Nigeria.

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Non-Freehold Estate Business

1. Look around the community to see what need is not being met.

If your idea is to start a non-freehold business.
Scour the region to see who your competition is.
And what services they don’t offer.
Remember that you must have a passion for that type of work.
Since entrepreneurs work long hours.

2. Research how much money, education and help you’ll need for your business.

 Look around your community to ensure that there is adequate infrastructure for your idea.
For example, if your business will be entirely dependent on worldwide.
Overnight delivery services, you’ll want to make sure your town has at least two freight carriers to meet this need.

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Non-Freehold Estate Business

3. Draft your business plan.

Then share it with a business expert from your nearest educational institute or government agency.

This is to determine the feasibility of your idea.
A local chamber of commerce or small business support group.
Can assist you in finding the right person to talk to.

4. Pick a suitable location

Pick a suitable location for your business.

And check with local zoning experts to ensure you obtain the correct permits for the location.

Almost all small town governments require permits to start a new business.

Even if the business will be home-based.

If your operation will be located in a commercial district.

You’ll probably need many more permits for zoning, parking, employees and more.

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Non-Freehold Estate Business

5. Join your town’s chamber of commerce.

 Business chambers are located around the world.

And they offer great benefits to new businesses.

By providing low cost advertising opportunities within the local community.

In rural areas, oftentimes business chambers in neighbouring cities.

Will allow members to promote their services there too.

In a small town, joining a chamber of commerce is also a great way to know what’s going on in the community.

Non-Freehold Estate Business

6. Promote your new small town business by joining local merchant associations and sponsoring events and sports teams.

Introduce yourself to your community.

By attending these events and remember to hand out business cards.

So people remember you helped with the event.

Non-Freehold Estate Business

5. Get to know local businesses

Get to know local businesses in your industry to see if there is a way you can support each other by reselling each other’s services, otherwise known as “co-operation.
For example, if you make fresh bagels, meet with local coffee shops.
And ask if they would like to carry your bagels.
In return, you can give your customers promotional coupons for that merchant with every order.

Related: 10 Tips to Own Freehold Office in Nigeria

Non-Freehold Estate Business

6. Get the types of Non-Freehold Estate Business

There are four main types of non-freehold estates. These are

1. Estate for Years: This type of property lease must have a set duration. It must have a beginning date and a set ending date. Most lease agreements between landlords and tenants would be classified as an Estate for Years. The tenant agrees to pay rent to the landlord and follow the terms of the lease agreement for the duration of the lease.
2. Estate From Year to Year: Another name for this is periodic tenancy. It is a type of tenancy that automatically renews every year.
An individual typically becomes a periodic tenant after a fixed term lease expires. For example, a tenant’s one year lease agreement expires on December 31. The tenant pays rent on January 1 to continue living in the apartment and the landlord accepts. The tenant is now considered a periodic tenant.
In order to terminate this type of tenancy, the landlord or tenant would have to give notice of termination far in advance, usually 30 to 60 days, of the date that the lease would automatically renew.
3. Tenancy at Will: In a tenancy at will, there is no written contract or lease agreement between landlord and tenant. Since there is no fixed term contract in place, either party can end the tenancy at any time. Based on state landlord tenant laws, there may still be requirements on how much notice must be given, such as 30 days’ before move out.
4. Tenancy at Sufferance: A tenancy at sufferance is a tenant who had an original right to reside in the property, but whose lawful right to reside in the property has expired or been terminated. The tenant does not have the landlord’s permission to remain in the property and could face an action for unlawful detainer. Another name for this type of tenant is a holdover tenant.

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Non-Freehold Estate Business

7. More tips

  • If your small town is difficult to access by road or air, always build these transportation costs into your cost of goods. Inventory that must be shipped into rural communities can cost twice as much as it does in cities.

Conclusion:

Small town business owners may be threatened by new start ups. If you are new to the community, expect to make an extra effort promoting yourself and making a good impression in order to disarm wary locals.


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