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 Outdated?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 12/15/2014
CVWMA curbside recycling collection and trash collections will have a one day delay in collections Dec. 25-26 and Jan. 1-2. There will be no collections on Dec. 25 or Jan. 1.
Curbside recycling collections Monday through Wednesday will be on regular schedule. Red Thursday and Red Friday curbside recyclers will have a one day delay in collection services Dec. 25-26. Blue Thursday and Blue Friday curbside recyclers will have one day delay in collection services Jan. 1-2. Containers should be placed at the curb by 7 a.m. on collection day. All Friday collections will take place on Saturday. > Read more.
Mothers Against Drunk Driving (MADD) will host a candlelight vigil of remembrance and hope Tuesday, Dec. 2 at 7 p.m. at the University of Richmond, outside the Cannon Chapel. The public is invited to attend and join MADD to honor victims of impaired driving crashes, while helping to remind the community to be safe during the holidays. > Read more.
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.
For our Top 10 calendar events this weekend, click here! > Read more.
One of the most unique holiday traditions in Henrico, the James River Parade of Lights, takes place tomorrow. The viewing spot in Henrico will be at Osborne Park in Varina. Another annual event in the east end is the Eastern Henrico Holiday Extravaganza, taking place this year at The Armour House & Gardens and the Dabbs House Museum. In the West End, the Glorious Christmas Nights’ production of “Under the Same Stars” at West End Assembly of God will conclude its run on Sunday. For all our top picks this weekend, click here! > Read more.
Halligan blends local theme with tasty classics
A Halligan fan for years, I regularly patronized the Shockoe Bottom location before the roomier Short Pump site opened. Call me cornball, but I am a sucker for the decor – dominated by a fire engine with beer taps extending from the sides – as well as the story behind it.
Owner Shawn Gregory, a retired Henrico firefighter, outfitted the Halligan West location with a 1967 fire truck that his own father rode in his early career at the Highland Springs station.
Among other firefighter memorabilia incorporated into the theme are buckets and firefighter helmets suspended from the ceiling to serve as lamps, and fire hoses wound into the railing of the patio. The walls are covered with tools, photos, badges, and memorabilia from fire companies around the country, and Gregory rents a small "VIP" party deck on top of the fire engine and donates proceeds to charity, including a burn foundation. > Read more.
- More News
Dec. 4, 2014Click here to read the print edition.
- More Entertainment
- More Obituaries
- More Community
- More Opinions
- More Sports
ClassifiedsREADERS & MUSIC LOVERS. 100 Greatest Novels (audio books) ONLY $99.00 (plus s h.) Includes MP3 Player & Accessories. BONUS: 50 Classical Music Works & Money Back Guarantee. Call Today!… Full text
CalendarStudents from two Henrico County schools will take over a vacant store at an area mall tomorrow to try to spread the gospel of computer science.
Students from Deep… Full text