The Entrepreneur’s Corner
Finding the right office space for your business
Moving your business stinks. It’s difficult, it’s expensive, and every step of the process takes a lot of time. But sometimes, and more often than not, the right space can make the business in the same way the right handshake can win the job.
There are so many options for business of all sizes. Even though Metro Richmond is a relatively small commercial market, there’s still every type of space imaginable. Making the wrong decision can actually hurt your business, so it makes sense to tackle it head-on. Think Gandhi with a little sprinkle of Bobby Knight – patience and grit pay off. And you should start by asking a lot of questions:
• Find a leader – Who will lead this effort within your organization? It’s a daunting task indeed, and it deserves a dedicated decision-maker willing to work through the pitfalls.
• Determine your space needs – Is your existing space too large? Too small? Inefficient? Too far from your clients? Outdated? Overpriced? Find your motivation and take action.
• Assess your business environment – How would you describe your office environment? Are you a big fan of collaboration, frequent dialogue, and teaming? If so you might prefer an open work environment rather than private offices. Do you rely on walk-in traffic or have frequent visitors throughout the day? If so, focus on high visibility locations, ample parking and a large enough reception area.
• Warm up your calculator – What is your budget? Be realistic and be honest with yourself about the company’s budget. Use the web to research how much commercial space costs in your desired locations, and don’t be afraid to call around to different broker professionals for their input.
Once you’ve completed the first phase, it’s time to get yourself aligned with a broker who can represent you in the process. Alternatively, you can represent yourself through the next steps, which include touring properties, developing a short list of your top two or three spaces, gathering offers (commonly referred to as Letters of Intent), negotiating and signing a lease.
While a few businesses choose to go without broker representation, most prefer the advantages of having an experienced professional to help them through each step.
This is usually when the Bobby Knight-like personality comes out in people. Negotiations have complex layers and it helps to have an expert broker working on your behalf to take the emotional, chair-throwing tendencies out of the process. If you do decide to take on the task yourself, here are a few things to keep in mind:
• Size does matter – Negotiating power is directly proportionate to the size of your office in relation to the size of the building. A small tenant in a large office building won’t have too much leverage over the ownership. That same tenant in a smaller office building, however, could get a better deal.
• Turn “deal-breakers” into negotiable points – For example, the ownership’s lease calls for a 5 percent annual escalation and you know the market escalation is 3 percent (which it is, by the way). That escalation rate seems like a deal breaker to you, but it is likely a negotiable point for the owner. If ownership insists on 5 percent, find another way around it – maybe ask for an increase in the tenant improvement allowance, or a reduction in the first year rental rate.
• Don’t be afraid to walk away.
• Ask questions until you get answers.
• Get everything in writing and make sure you and the ownership sign the same lease document.
In Varina, one of the most anticipated events of the season is approaching. The 19th Annual Big Toy Parade will return on Dec 14, offering a “homey,” small-town feel that helps elicit holiday spirit among participants and spectators alike.
The parade, which begins at 3 p.m., is sponsored by the Battlefield Ruritans and Henrico County Parks and Recreation and is held in conjunction with the James River Boat Parade. It is led by a grand marshal along Old Osborne Turnpike and ends at the Osborne Boat Landing, where hundreds of community members gather to await nightfall and the arrival of lighted boats, concluding a festive holiday celebration. > Read more.
Citizen Staff Reports 12/03/2013
The region's two premier youth soccer organizations – the Richmond Kickers and Richmond Strikers – have partnered to create Richmond United, a cost-free U.S. Soccer Development Academy program designed to serve the most talented players in the region. The arrangement marks the first time in U.S. Soccer Development Academy history that two member clubs have united their respective Academy programs.
Slated to begin play in the fall of 2014, Richmond United will field U13/14, U15/16 and U17/18 U.S. Soccer Development Academy teams. The teams will train and play home games at two of the top soccer specific complexes in the nation, Ukrop Park and Striker Park. > Read more.
Photo by Roger Walk for the Henrico Citizen 11/24/2013
Henricus Historical Park has a new, messy guest. Eleanor, a rare five-month-old Tamworth pig, was donated this month to the Chesterfield park by the Chesterfield County Farm Bureau as part of an effort to enhance the living history museum's partnership with the Virginia Foundation for Agriculture in the Classroom. Eleanor and her livestock pig and goat neighbors at the park will be a special attraction for the schoolchildren and others who visit the Henricus Historical Park. Eventually, she will triple from her current 150-pound weight and grow to about two feet tall. > Read more.
Holiday events are in full swing this weekend in eastern Henrico! The Henrico Theatre will show the holiday classic “Elf” and the Concert Ballet of Virginia will perform a shortened version of “The Nutcracker” at the Eastern Henrico Recreation Center. On Sunday the North Airport Drive Civic Association’s annual Tree Lighting Ceremony will take place at Fire Station #3. For all our top picks this weekend, click here! > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
The new AMC television series “TURN” is currently being filmed in and around Richmond, and casting officials are seeking background actors to appear on screen.
“The background actors are profoundly important to the filmmaking process,” said Erica Arvold, casting director. “The show takes place during the Revolutionary War, and background actors contribute to the atmosphere of that era.” > Read more.
- More Henrico News
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