Bill Himmelstein, founder and CEO of Tenant Advisory Group, offers tips to refine the search for a financially stable and sustainable space to grow your business.
Lofty Expectations
Creativity isn’t born within lofted ceilings and larger than life windows. Creativity is born within the the people and culture on your company. Shift your investment strategy away from building aesthetics to the social norms and employee investment within your company to build a more lucrative business. Focusing too much on the cosmetics of your business can make customers feel like they are being overcharged to pay for your company’s lavish lifestyle.
The Value of Exposure
It’s imperative to think about the nature of your business before signing a lease. For example, street level is great for businesses with walk-up clients, such as retail. Businesses that rely heavily on referrals, such as a medical practice, should go with a more frugal space that is congruent with the type of business and its clients.
Move Against the Herd
When making such a big investment it’s better to focus on lasting effects than following a trend. Move against the herd to have the best investment on your lease. As Warren Buffett said, “Be fearful when others are greedy. Be greedy when others are fearful.”
While finding the perfect space to fit your business may seem like a daunting task, setting clear goals and defining your company’s needs drives a more precise search. By planning for future growth and preparing oneself accordingly, the need to uproot constantly will be mitigated.
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