Lauren and Annie
The owners of the soon-to-be “StitchLA” have been immersed in the process of looking for space. Aside from sharpening up their negotiating skills, they have added to their vocabulary new terms like “triple net” (where you pay a base rent plus a share of the operating expenses such as taxes, insurance, utilities, common area maintenance).
One possibility was a storefront on Pico which was asking for affordable rent but lacked parking, heating and a/c. While 
negotiations went back and forth a couple of rounds, the place also came with a very difficult landlord, so Lauren and Annie decided to pass. Their focus now is on a much nicer space (wood floors, a/c, heat, parking) that–you guessed it–has a higher monthly price tag. The negotiations continue. Cross your fingers.
In addition to the space search, Lauren and Annie sat down with me this week so that I could help them think through partnership issues. The two are good friends and want to keep it that way. So it’s even more important that they discuss and agree upfront on major issues including: how decisions will be made, how/when money will be distributed, expectations of one another, and creating a system that will ensure consistent communication between them.
Any strategies for negotiating for space in the current market? Was renting space a learning curve for you?
Angela
In her own words: “Wishing I could re-create myself multiple times over so there would be enough of me to get all of the work done. While there is great joy in being on your own, the downside is you have to do everything – the work, the administration and management. While I am thrilled things are going so well in terms of client-development, I am feeling a bit tired and its only the 1st month of the year. That’s the price we pay as entrepreneurs. My goal over the next week is to work hard but definitely smarter.”
Who hasn’t been where Angela is? What are your best tips for working smarter?
