BUFFALO, N.Y. (WKBW) — Starting a new business is expensive.
According to Ellicott Development, the median cost of opening a dining establishment in the U.S. is about $275,000, but that number can easily soar into the millions for larger cities.
"When businesses are struggling to get off the ground, some of the biggest burdens are rent and just filing financing," said Eamon Riley, Director of Development at Character.
To help prospective business owners who may have struggled to get started during the pandemic, property company Character announced a competition.
The prize: one year of free rent.
The parcel, located at 808.5 Main Street is right between two recently 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 feel that offering the one year of free rent could be a huge burden lifting off somebody, to give them the bandwidth to be able to test new ideas, get started, get their feet wet," said Riley.
The winner will get a free branding consult from Block Club, and for free start-up legal assistance from Kimelberg, they can walk right over to their next-door neighbor.
"We focus on companies and startups. So we're going to provide free legal support and advice," said Dave Kimelberg, Founder of The K Haus.
They offer advice about contracts, and where you see your company in the long term.
"It's going to be important if they haven't created a legal entity yet, choosing the right kind of entity, which we can help with and provide advice about. Entering into contracts with their vendors and their business partners, we can review those contracts with them," said Kimelberg.
Each applicant needs to submit a detailed business plan, including a financial plan and a marketing strategy.
The deadline for submissions is July 16.