There can be a lot of excitement whenever a business is in the early stages of development, getting ready to launch, or planning to expand their operation into new areas of opportunity.
Don't let that excitement turn into panic!
It's very easy to get swept up in the flow of things and miss important details.
That's another compelling reason in favour of going through the steps of developing a business plan. Really, it just makes such good sense. It helps you organize what you want to do, reduces the chances of missing important details, and improves the odds of your achieving those objectives!
Let us know if you'd like to further explore this as you'll see mentioned at the end of this post. And for those looking at signing or renegotiating their Commercial Lease agreement, we're very pleased to provide the following helpful tips and suggestions from our friends, Dale Willerton and Jeff Grandfield with The Lease Coach. Thank you Dale and Jeff.
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Negotiating Commercial Leases & Renewals FOR DUMMIES
Commercial Leasing Tips for Commercial Tenants
By: Jeff Grandfield and Dale Willerton – 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:
Put Your Meeting in Writing: Sometimes you will develop an understanding or a handshake agreement with the leasing agent, property manager, and/or landlord. They may be reluctant to put that agreement in writing – so you can. As soon as possible after making the verbal agreement, send a simple e-mail or letter stating Further to our meeting (of such date) it is my understanding that … and list the agreement. Ask for a reply so that you will have something in writing. While this is not legally binding, it shows intent.
Don’t forget the Parking: When negotiating for parking, first establish the availability and preferred locations. It’s harder to negotiate for parking spots after they have all been taken rather that when there is a surplus of parking. If you can’t get the landlord to come down on the monthly rental rate, at least ask for five or six months of free parking as a lease incentive. Trust us, parking is worth negotiating on – so that you, your staff, and your customers all have a place to park.
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.comor visit www.TheLeaseCoach.com.
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QUESTION:
Are you looking at writing your BUSINESS PLAN, but finding that to be a challenge?
Over the years we’ve found that there is great value for an entrepreneur to put together their own business plan, yet we also recognize that writing one can be a daunting task! Perhaps you’ve experienced some of the challenges faced in writing a business plan. We'll work with you and assist in the gathering of information needed to effectively describe your business opportunity. This service takes a consultative approach and works with you to craft a business plan that's tailored to your needs.
For more information see:
Option 4 - “PVS - Business Plan Writing” listed on our Website Registration page:
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