A couple of weeks ago, I wrote about the many opportunities that I believe are available to those who are willing to take risks. I acknowledged the very real challenges that exist in our economic conditions, and stated my desire to create growth in this stagnant market.
Since that time, I have been working on a couple of significant projects for my business. I am not interested in moving forward simply for the sake of moving forward. Especially if my movement creates hardships for my family. Still, I understand that only the venturous are able to gain during this economy, so I am willing to take some well thought out risks to increase my ability to deliver a quality experience for my current and future clients.
A Market Of Choice
About three years ago, I entered into a lease agreement in a beautiful new building very near our home. I was excited to create a new office space. It was our opportunity to build it to our liking and we did our best to take advantage of the mountain views. Rental rates were much higher than they are today, which translates now into a rental agreement that is about three times above market value. Fortunately, we only entered into a three year agreement.
Our term is nearly up and I recently began new negotiations with our landlord. It was my hope that we could lower the current rate and enter into a new three year lease. There are seven suites inside our building and four of them are empty. This reflects the occupancy rate in our town, and so I believed that this would be an easy project. I was surprised to discover that our landlord was only interested in raising our rent. This idea is simply not supported by what is going on in the commercial market in our town.
We had never entertained the thought of moving, but this position opened the door to our search for new space. There is plenty of inventory available, but we were finding it difficult to find something that fit our needs without investing more tenant improvement dollars.
One Saturday morning, we were considering a few different opportunities. Along the way, we noticed that a landmark building in our community was for sale. It is a structure that was built into the local rocks nearly 45 years ago. We were sure that it was out of our reach, but our curiosity got the best of us and we stopped to look around. As soon as we exited our vehicle, we knew that it would be the perfect place to take our business to the next level. It appears to have been specifically built for the Game of Life Table, which plays such a central role in the services we offer.
Dreaming Big
We decided to pursue this opportunity, and everything we needed to make it a reality began to fall in line. It was on the market for a price much higher than we could afford, we successfully negotiated a new price that is within our budget, and opened escrow last week. Our monthly payment will now be reduced to nearly half of what we are spending in our current rental agreement. We recognize that there are risks associated with this acquisition, but that is what makes it fun. We are excited to move forward.
This historic building is the perfect retreat location. The views are stunning, the setup is perfect, and the fact that it is an old home, gives us the potential of renting it out for weekends to our clients who are looking to get away for some quality and solitary thinking time.
Don't Just Sit There
There is a level of fear that I feel in moving forward, but I am not going to let that stop me. I know our economy could get even worse than it is right now, which would significantly effect my ability to find people who can afford my services. I willing to move forward, because now is a time of opportunity. I am certain that things will eventually turn around, but if I wait for that moment, it will be too late. In effect, waiting for the turn around would price us out of the market.
There are many similar opportunities before you right now. You must decide which ones you will seize. Your tolerance for risk must be evaluated, but you must not allow fear to prevent you from moving forward. Things will only get better if we make them better.
What great opportunities do you see before you?
How will going for them impact your professional and personal experiences?
What beliefs are preventing you from realizing the potential of this favorable economy?
Very soon, the market is going to turn. Those who are willing to take steps now, will be in position to reap the benefits of the future growth. Are you one of them?
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