It's an important aspect not to be missed, because there's much TO BE SAID, and much THAT IS SAID by the name you choose!
As you've likely noticed, some business names are short and compact, while others can be rather lengthy. Some business names are very specific and clearly identify the nature of the business. Other business names may be more abstract, vague and at times - just plain confusing! Some business name can leave people 'scratching their heads' wondering ... "What were they thinking?" Whatever business name you choose, we'd encourage you to make it 'stand out from the crowd' - make it memorable! Find a way for your business name to reflect aspects of the business that are important to both you and your customers. Behind your business name, there should be a story - one that is either revealed in the name itself, or as your customers get to know you and what your business represents! Let us know if you'd like some help with this aspect of planning your business - we'd be pleased to make our services available to assist.
Now here with some helpful advice are a couple of "FREE" tips from our friends, Dale Willerton and Jeff Grandfield with The Lease Coach.
Negotiating Commercial Leases & Renewals FOR DUMMIES
Commercial Leasing Tips for Commercial Tenants
By: Jeff Grandfield – The Lease Coach
For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.
As explained in our new book, Negotiating Commercial Leases & Renewals FOR DUMMIES (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line.
Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants:
Who Should be the Tenant? Don’t enter in a lease agreement (or an Offer to Lease) under your own personal name. This will make you personally liable for everything. Instead, form a corporation or a holding company that will become the tenant. If you are negotiating on locations but don’t intend to incorporate until a later date, then your Offer to Lease should state that the tenant is Your Name on behalf of a company to be incorporated (or Nominee). If you are opening multiple locations, it is often wise to form a new company for each lease agreement as further protection. Corporations also have tax benefits over sole proprietorships.
Management Fees on Taxes? Most administration or management fees are based on 15 – 20% of the Operating Costs. Most property managers or landlords apply this management fee to property taxes and insurance. Since there is inherently no actual management required on these costs, it is considered questionable whether the hundreds of thousands of dollars in property taxes being paid for by tenants should be levied a management fee or not. The Lease Coach will often try to negotiate for no management fee on property taxes.
For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com.
Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.
What's been your experience?
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QUESTION: When was the last time you took a look at your BUSINESS PLAN?
IF it wasn't within the last 9 months ... let's take a look at it together!
Be ready for the next business opportunity that 'knocks' at your door.Be ready to move forward!
If you feel it would be helpful to receive some feedback and suggestions to improve your business plan, or improve how it's presented to others, ask us about our “Business Plan Review” service. Let's talk about how you can move forward!
For more information see:
"Option 5 – “PVS – Business Plan Review”
It's listed on our Website Registration page: CLICK HERE