Tags |
|
|
Links |
|
|
Just Other Articles - Move Slowly Into Your First Office
Q: I have outgrown my home office and need to find office space for me and two part time employees. I am really excited about opening my first official office, but never having rented commercial space before I don't know anything about how this process works. What are some things I should consider
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
before signing a lease? I'm really eager to get started!
-- Jay P.
A: Congratulations on the growth of your business, Jay, and I understand your excitement. Putting your name on a commercial lease is one of the first tangible commitments an entrepreneur makes to his or her business and search
A: Congratulations on the growth of your business, Jay, and I understand your excitement. Putting your name on a commercial lease is one of the first tangible commitments an entrepreneur makes to his or her business and search
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ng for that first office or retail space can be a truly invigorating experience.
We entrepreneurs like to imagine ourselves as modern day explorers, going out into the cold, cruel, commercial world to plant the company flag in our own little piece of rented real estate. I remember that feeling of tri
We entrepreneurs like to imagine ourselves as modern day explorers, going out into the cold, cruel, commercial world to plant the company flag in our own little piece of rented real estate. I remember that feeling of tri
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
mph when I rented my first office so many years ago. Funny how you never get the same feeling when laying claim to future office space. For us old timers searching for new office space is about as exciting as watching paint dry on a new office wall.
For entrepreneurs who have never rented commercial
For entrepreneurs who have never rented commercial
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
space before, however, moving into that first office or storefront serves to validate their membership in the Official Entrepreneur's Club and makes them feel that they have arrived.
They are like business-minded debutantes at a grand cotillion. They stage an elaborate ribbon-cutting ceremony that i
They are like business-minded debutantes at a grand cotillion. They stage an elaborate ribbon-cutting ceremony that i
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
nvolves the mayor and a pair of giant scissors. They invite the entire membership of the chamber of commerce, all their customers and vendors, total strangers they meet on the way to work, and all their friends and family. The more the merrier!
There's a big cake with their logo on it and they hand
There's a big cake with their logo on it and they hand
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ut twenty-five cent pens that have the company name screened on the side and a good time is had by all.
Then reality sets in and they realize that they used one of those twenty-five cent pens to affix their name to an ironclad lease that is invariably slanted in favor of the landlord. By the time the
Then reality sets in and they realize that they used one of those twenty-five cent pens to affix their name to an ironclad lease that is invariably slanted in favor of the landlord. By the time the
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
use that pen to sign the next month's rent check, they often find themselves sitting in a leased space that does not suit their needs, staring at a 5 year lease that they really don't understand, wondering just what the hell they have gotten themselves into.
Many entrepreneurs get so caught up in the
Many entrepreneurs get so caught up in the
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
swell of their first commercial space that they fail to look beyond their immediate needs. You can't predict the future, but the biggest mistake you can make when leasing space is to put very little thought into whether the space will suit your needs for the long term.
So my first advice to you is
So my first advice to you is
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
to curb your excitement and call in a professional to help you find the perfect space for your business. A good realtor or commercial leasing agent can not only save you time and money, but can also help you avoid mistakes that can cost you thousands of dollars over the course of your lease. They can
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
elp you locate property, negotiate with landlords, and possibly spot problems with the space or neighborhood that you might have missed.
My second bit of advice is this: once you find a space that suits your needs have an attorney look over the lease agreement before you sign it. A commercial lease i
My second bit of advice is this: once you find a space that suits your needs have an attorney look over the lease agreement before you sign it. A commercial lease i
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
a legally binding agreement that should not be taken lightly. I have found that many entrepreneurs never even take time to read the lease until they try to get out of it, which is always impossible to do. When you sign a lease on behalf of your business, you are the one on the hook for the remaining
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
cost of the lease should your business decline and no longer have revenue to cover the rent. It's worth the money to pay an attorney to make sure you that your interests are covered.
My third bit of advice is to imagine your needs down the road, not just in the here and now. Rarely will you find a l
My third bit of advice is to imagine your needs down the road, not just in the here and now. Rarely will you find a l
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
andlord willing to grant a one year lease. Most leases are three to five years in length, which means you must take future growth into consideration when looking for space. It wouldn't be wise to sign a 5 year lease on a 1,000 square foot office if you think you might outgrow the space within a year
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
r two. That's why it's a good idea to request a clause in the lease that gives you an out if your company outgrows the space.
Here are a few other points to consider when shopping for commercial space:
Location, location, location. Is the location convenient to your customers? Is the neighborhood
Here are a few other points to consider when shopping for commercial space:
Location, location, location. Is the location convenient to your customers? Is the neighborhood
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
growing or going downhill? Are there major improvements or renovations taking place or are businesses moving out in droves? Also make sure the property is zoned for your kind of business.
Is there sufficient parking for customers and employees. Parking is especially important for a retail store, but
Is there sufficient parking for customers and employees. Parking is especially important for a retail store, but
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
also for any business that may have customers coming and going. Very few customers will park four blocks away and hike back to your door. A lack of parking can drive you out of business.
How many employees do you have? The amount of bodies inhabiting the space will help dictate the amount of space n
How many employees do you have? The amount of bodies inhabiting the space will help dictate the amount of space n
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
eeded. Employees get awful grumpy when stacked up like cordwood (trust me on this one). You should have enough space for everyone to work comfortably.
When leasing commercial space the devil is often in the (overlooked) details. If you will be using computers and lot of electronics, make sure the b
When leasing commercial space the devil is often in the (overlooked) details. If you will be using computers and lot of electronics, make sure the b
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ilding's electrical system will support your needs. It's a terrible feeling to turn on your computer and blow every light bulb in the place.
If you like a quiet work environment and your office windows are twenty feet from the street, you'll be in for a rude awakening when the rush hour traffic hits.
If you like a quiet work environment and your office windows are twenty feet from the street, you'll be in for a rude awakening when the rush hour traffic hits.
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
If the air conditioning in your office is controlled by the thermostat in a neighboring suite that is inhabited by an old lady who freezes in ninety degree weather, you will be in for a very long, very hot summer.
Move into that first office space slowly or you may find yourself quickly regretting it
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/5004/justotherarticles-Move-Slowly-Into-Your-First-Office.html">Move Slowly Into Your First Office</a>
BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/5004/justotherarticles-Move-Slowly-Into-Your-First-Office.html]Move Slowly Into Your First Office[/url]
Related Articles:
The Principle(s) of Negative Value - A Procurement Article
Cash Back Portals and Their Variety of Products
Bookmark it:
|