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 Outdated?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.
Among participants at the Seventh Annual Coordinators2Inc Golf Tournament and awards luncheon Oct. 3 were (from left) Rebecca Ricardo, C2 Inc executive director; Kevin Derr, member of the winning foursome; Sharon Richardson, C2 Inc founder; and Frank Ridgway and Jon King, members of the winning foursome.
Held at The Crossings Golf Club, the tournament will benefit placement of children from Virginia's foster care system into permanent families through Coordinators2. > Read more.
Event will help kick of Marine Corps' 'Toys for Tots' campaign
All 140 A.C. Moore locations will serve as drop-off centers this year for the Marine Toys for Tots Foundation, and all toys collected will stay in the local communities served by the stores in which they are donated.
On Saturday, Nov. 15, the Willow Lawn location will kick off the month-long program by hosting a "Make & Take" craft event for kids. Children ages six and older will be able to make a craft and take it home with them. Representatives from the Marines will be in-store to teach customers about the Toys for Tots program. A.C. Moore team members will be on site to help with the crafts. > Read more.
Citizen Staff Reports 11/12/2014
Commonwealth Catholic Charities is in desperate need of food donations for its community food pantry that serves the region’s low-income families, according to officials with the Henrico-based nonprofit.
After moving into its new location this past summer, the agency has dedicated a larger space for the pantry but the shelves are practically empty.
“As we head into the holidays and the weather turns colder, the need for food becomes even more critical, but unfortunately our cupboards are nearly bare,” said Jay Brown, the agency’s director for the division of housing services. “Donations of food will allow us help provide.” > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
The Cultural Arts Center unveils a new exhibit – "Sizing Up!" – Nov. 20-Jan. 18 in the Gumenick Family Gallery.
Artist Chuck Larivey has spent the past three years "sizing up" – creating large-scale oil paintings that are designed to engage their viewers in a monumental way by using size to captivate them and make them a part of the artistic experience.
The exhibit is appropriate for all ages and is free and open to the public at the center, located at 2880 Mountain Road in Glen Allen. > Read more.
Are you still looking for some unique holiday gifts? There are hundreds of great options your family and friends will love at the Holly Spree on Stuart Avenue, Vintage Holiday Show and New Bridge Academy’s annual Christmas Bazaar. Shopping can be stressful so some relaxing activities can be found in Henrico this weekend as well, including “Richmond’s Finest” at The Cultural Arts Center at Glen Allen, the “Nutcracker Sweet” at Moody Middle School and a jazz concert at the Henrico Theatre. For all our top picks this weekend, click here! > Read more.
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CalendarHenrico County will offer free blood pressure checks and cholesterol screenings for ages 50+ from 9 a.m. to 12 p.m. at Belmont Recreation Center, 1600 Hilliard Rd. To ensure accuracy,… Full text