What do you mean by “Feasibility Assessment?”

Now What?
Now What? How do I turn this in to a new store?

Contemplation – Imagine you are a retailer contemplating this tenant space. Clearly, you might be asking yourself; “now what?” Suppose a few of the questions below move from unconscious reflection to conscious contemplation without ensuing answers, then assessing a project to see what is actually required could facilitate the decision making process and provide many benefits.

Resources – Landlord provided documents, previous project cost summaries, consultations with building departments, contractors, engineers and sometimes professional construction estimators are all resources informing project feasibility. The intent is to simplify, consolidate and summarize the probable scope of work, professional fees, construction costs and time that might be anticipated for a project. It is the purpose of a feasibility assessment and a highly recommended means of beginning most retail projects.

  • Do I need to build the walls?
  • Do I need to build the bathroom(s)
  • Why do I need 2 bathrooms?
  • Why do I need 2 entries?
  • Do I need to install the storefront system?
  • Can I use my own storefront design?
  • Do I need to have my own electric meter installed?
  • Do I need to install my own Air Conditioning and heating system?
  • What is the best mechanical system to use?
  • Is there water in the space?
  • What about hot water?
  • What about gas?
  • Where is the sewer?
  • How do I connect to it?
  • Will my store fit in this space?
  • Must I supply my own storefront sign?
  • Who will design it?
  • Can I design the store myself?
  • Can I turn a logo into a store design?
  • Where do I get the store fixtures?
  • What if I can’t find the exact fixtures that I need to display my products?
  • Are custom store fixtures required, if so who will design them?
  • What about lighting?
  • Who sets up the Point of Sale (POS) system and how do I hide the wires?
  • How do I accommodate the cabling and hard wiring for my computers?
  • How much can I expect to spend for all this?
  • A contractor told me he could build my store for $45/sq. ft. Should I believe him?
  • Do I need a building permit?
  • What does an architect charge?
  • Can I get this done in time to open before I must begin paying rent?
  • How do a pick a contractor?
  • Is the construction allowance from the landlord enough to build the store?
  • Does the location have enough parking?
  • What is the visibility from walk and drive by traffic?
  • Is this space a good choice for my project?
  • If I don’t take this space do I need to start all over with a new feasibility for a different location?

Please feel free start a discussion here and maybe even see some answers.

Bridget Gaddis, is a Licensed Architect and LEED-accredited Professional practicing nationally, and locally in the Washington DC area. She holds professional degrees in both Architecture and Interior Design, and with a comprehensive background in commercial retail design, planning and construction has completed projects for such for such well known brands as Chloe, Zegna, and Bvlgari. Her career began in tenant coordination and site planning for two well-known Cleveland developers, followed by six years in store planning for a national retailer. After a move to New York City in 1997, she spent the next years working for architecture firms specializing in retail projects. In 2011 she started her own practice in Alexandria, VA. Ms. Gaddis is the author of two blogs dealing with architectural subjects.

Getting Ready for Business in the New Year

Start wherever you are and start small. -Rita Baily With each past year behind us with hopefully more good memories than not, business owners around the country usually spend this time of year looking forward to how to make the best

Start wherever you are and start small. -Rita Baily

Getting Ready for Business in the New YearWith each past year behind us with hopefully more good memories than not, business owners around the country usually spend this time of year looking forward to how to make the best of the upcoming year. Like with New Year’s resolutions, most plans never come to fruition. It reminds me sadly about how many business plans are started and not finished, nor ever looked at again even if they are. Considering the renewal of the calendar year, I think it’s an appropriate time to “kick the tires” and look at some often-overlooked areas of your business as we kick off this January. So, even if you haven’t looked at that business plan sitting in your desk drawer (which I also recommend that you do!), reviewing and acting on any of these business areas will improve your 2015 outlook. This is a natural time for getting ready for business in the new year.

Leadership & Professional Development

It never hurts to think about one’s own success to start. This is especially as important when you are the leader of your organization. When I started my first administrative position in a boutique law firm, I would never have thought one day I would running companies. However, I realized early on that my skills were depended upon by everyone in the firm. I was a leader as much of myself, as of the people who followed me when I was chosen to take the lead on a case. I learned quickly that I needed leadership and other professional skills that I wasn’t taught in school, and I needed them quickly!

There are so many more resources today at your fingertips thanks to the proliferation of edtech (i.e., educational technology, primarily here on the Web and Mobile). Here are a few resources you can use to build up your leadership skills:

Corporate Philanthropy & Community Service

The next phase of any great company new or veteran is learning to invest in their values as well as making a profit. It turns out that you get when you give; it’s a natural part of community building. There’s something almost mystical about how this works, but I assure you are wired to get more when you give than when you receive and this also works on the greater, business scale. Here are three ideas on how you can build some giving and volunteer opportunities for your business:

  1. Join Google One Today, a program that has you donate just one dollar a day, every day, to a charity doing something great for the world. Encourage your entire company’s staff (perhaps you can match or pay for the donations) to join Google One Today and share your giving experiences via your business Social Media networks.
  2. Think about creating a Corporate Philanthropy program, which is easier than you would think. A small community grant can mean the difference between a local organization making a great impact in your community (of course, tied to your business’ brand), or not being able to do it at all. In-kind volunteer support programs can even build up some organizations to a point where they can then become paying clients. There are many ideas and opportunities; click on the link above and get creative.
  3. You can additionally start a Community Volunteer program at your office, and require every staffer to give a certain percentage of his working month (say, 1.5 hours per calendar month, which is about 1% of 35-hour workweek). You can find many volunteer opportunities at Volunteer Match. It’s a marketplace for finding volunteers, and as its website says, “We bring good people & good causes together. Find a cause that lights you up. Get in touch with a nonprofit that needs you.” Why not bring this volunteering under one umbrella and coordinate the efforts with your company’s name at the forefront of benefiting your community. It’s the epitome of “doing well by doing good.”

Exit Strategy Planning

In the end, you cannot lead forever. While the science of rejuvenation is likely to see monumental progress in our lifetimes, endeavoring to possibly doubling some young generations’ lifespans, you will not live indefinitely. And, so you won’t be running your company that long either. Whether it’s by death, dissolution or deal, you will leave your company’s helm someday; why not decide how?

If you haven’t lately (or ever), now is a good time while you’re healthy and in positive spirits to call your trusts, estates and tax lawyer to work out details about how you want the disposition of your assets (including intellectual property) to be handled if you were to leave this life untimely. If you don’t have a legal adviser in an estate and tax advisory capacity, it’s best to find a specialist here at The American College of Trust and Estate Counsel; these are specifically-trained individuals to help you.

Of course, some of you hope that someday you will be able to sell your business for a billion dollars like Instagram or WhatsApp. Okay, perhaps something a bit more modest, say, a million dollars so that you can retire (if a million dollars is really enough to retire on nowadays). In this case, you might want to grab a copy of William Bumstead’s E4: Evaluating, Entering, Enhancing, & Exiting Privately Owned Businesses. A recommendation from my go-to exit strategy advisor and business broker, Lou Kastelic of Jordan-Crandus, E4 provides some valuable information on preparing your business for sale at any time during the phase of the company life cycle. Before or when you are ready to sell, I highly recommend touching base with Lou and seeing what your business’ value is and how to best position yourself in the marketplace.

 

Once you’ve made the first, small step in the direction of progress in any of these areas of business, you will feel like 2015 was already worth its weight in gold. What areas of business are most often not talked about and that you would like to make progress on in 2015? Leave your thoughts in the comments.