They say that most New Year’s resolutions are broken and forgotten within the first 20 days of the year. That makes every January a veritable roller coaster of a month. We like to start the month hopeful and full of new goals and drastic lifestyle changes and we end the month with disappointment and broken promises to ourselves. Why is that? The primary reason is that we are doing two things to ourselves: 1. Setting too high a goal. 2. Being too hard on ourselves for falling short. Those two things typically set us up for failure each year when it comes to resolutions. This year, let’s focus on something that is very achievable: Leasing or buying a property for your business. Even if we didn’t do great on our personal goals we can definitely keep our business New Year’s resolutions in 2019.
Managing Cash Flow
When you’re leasing or buying a new commercial space for your business, you need one thing: capitol. Keeping the money flowing is key to finding and securing your commercial space. To do this, you must make sure that as a business owner you are charging what you are worth. This is no time to feel bad or guilty about raising your prices or stopping certain services that are too time consuming and cost prohibitive to be profitable. Imagine that you are pitching your business to the Shark Tank team. Will they let you get away with underpricing your products and services or not having all your financial ducks in a row? Exactly. Hold yourself to a higher standard in 2019!
Getting in The Zone
Make sure that you are looking at properties that are zoned correctly for your business. There are several different types of “commercial zones” that your business and the property that you’re looking at fall under. They are: Industrial, Retail, Restaurant, Leisure, and Office. Make sure that the properties you’re considering fall into the same business zoning category that your business does, or you could have some issues with your local governing bodies. When in doubt, consult your commercial real estate broker, who is either very well versed in these matters or may be able to refer you to someone who is.
Who’s The Anchor?
Pay close attention to the “anchor tenant” in and around the property you are considering. What is an anchor tenant? They are the business who is larger than all the surrounding businesses who draws in the majority of the people. Does the anchor draw the right types of crowds for your business? For instance, if you’re a tax consultant, then you probably wouldn’t benefit from having the anchor tenant close by be a big box store like an Albertson’s or a Best Buy. The errands people are running to go to those stores are not very in line with getting their taxes evaluated. However, if you are a coffee shop or a bakery, then you would benefit greatly from foot traffic brought about by busy shoppers who may need a caffeine boost or a quick treat. Having the right anchor tenant could have huge implications on your bottom line!
Find The Right Broker/Agent
At Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI), you will find that they are a top tier global real estate services and investment management company that is poised to make your next commercial real estate transaction a successful one. With over 13,000 employees worldwide, they are always prepared to help you with your business needs. Steve Winger is a 25 year real estate industry veteran with a comprehensive background in the sale and leasing of office, retail and industrial properties. Mr. Winger has closed over $2 billion of retail, office, and industrial lease transactions with an aggregate capitalized value in excess of $20 billion. He is ready to help you with your next commercial real estate transaction today! Contact Steve by clicking here or by dialing 208 489 6172.