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 Outdated?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.
Citizen Staff Reports 09/15/2014
Henricus Historical Park will commemorate its anniversary during Publick Day, a signature annual event that celebrates the establishment of the second successful English settlement in the New World. In September 1611, Sir Thomas Dale, along with soldiers, tradesmen and farmers, ventured from Jamestown to create the Citie of Henricus. Leaders of Henricus developed the first English hospital, chartered the first college in North America, established tobacco as the first cash crop in Virginia, and created a place where Pocahontas lived and met John Rolfe.
Publick Day will take place Saturday, Sept. 20, from 10 a.m. to 5 p.m. Admission is free and parking is $5 per vehicle. > Read more.
As part of its 30th anniversary year and partnership with the Children's Museum of Richmond, Commonwealth Parenting will present a six-part RVA Parents Forum Series to address some of the toughest issues confronting parents.
Parenting experts and family educators will tackle topics ranging from bullying to alcohol, sex to divorce, and technology and stress. Parents will learn how to identify potential problems.
"We're excited about bringing this much-needed forum series to parents in central Virginia. Through our valuable partnership with Commonwealth Parenting, we can have a deeper impact in the community through parent and caregiver education," said Karen Coltrane, president and CEO of the Children's Museum of Richmond. > Read more.
Former Sandston resident Mildred Taylor celebrated her 106th birthday Aug. 9. Taylor, who now lives in Powhatan, is still a member of Sandston Baptist Church. She was visited the day after her birthday by several members of the church, who played for her a recording of the entire church membership singing happy birthday to her during worship. > Read more.
Check out these three B’s in Henrico this weekend: books, bluegrass and “Born Yesterday.” Other activities to participate in – and feel good about – are the 15th annual James River Regional Cleanup and the 5th annual Richmond Out of the Darkness Community Walk. For all our top picks this weekend, click here! > Read more.
Inspirational football movie tries too hard for its own good
When the Game Stands Tall is based on a true story – an unbelievable true story that takes the word “inspiring” about as far as it can go.
It’s a film about Bob Ladouceur, coach of the De La Salle High Spartans, a California high school football team with 12 consecutive undefeated seasons (a staggering 151 games won in a row).
Along the way, Ladouceur (played by Jim Caviezel) faced the kind of hardship most football coaches (thankfully) can only imagine – suffering a near-fatal heart attack, the death of a star player, and rebuilding the team after that 151-game streak came to a humiliating end. > Read more.
Enjoy political comedy at its finest with The Capitol Steps at The Cultural Arts Center at Glen Allen. Methodist and Baptist churches unite for the fourth annual Mission Footprint 5K, taking place at Trinity UMC. Or in honor of Grandparent’s Day on Sunday, treat them to A Grand Family Affair or maybe a movie – the 1978 film “Superman” is at the Henrico Theatre. For all our top picks this weekend, click here! > Read more.
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