Certain sectors in our business community are evolving to become more and more virtual. As this happens, the convenience of having a full time office with dedicated work space may no longer be cost effective. If you telecommute, partnering with a professional office that will allow you to use their facilities and resources on an “as needed” basis can add tremendous value to your corporate image.
Securing flexible work space increases your ability to offer a full range of services to your clients. Meeting at coffee shops or conducting conference calls at copy centers is distracting and unprofessional. Especially if privacy is a concern for your clients, discussing their business in public is improper.
Office business centers were created to meet the needs of entrepreneurs who want dedicated space and appreciate the value of shared services. Now we are adapting our focus to meet the expanding needs of today’s mobile professional.
Located at the corner of Randolph and Dearborn, Theatre District Business Center is in a professionally appointed building near all CTA lines and public parking. Directly across the street from Daley Plaza, the State of Illinois Building, City Hall, the County Buildings and Chicago Title & Trust, the center is extremely convenient for work associated with the courts or government. Anyone who engages in business in the loop will enjoy its close proximity to the great restaurants and entertainment found within Chicago’s central business district.
We offer up to 16 hours a month of private meeting or office space for $300. Your workspace will include high speed internet and it can be accessed anytime Monday through Friday from 8:30am to 5pm. Use a private office for meeting preparation or to connect with clients when you are between downtown appointments. Additional onsite services include use of copier, fax and secretarial support. Mail and delivery receipt is also available. Training and board rooms, which hold up to 50 people, are ideal for presentations or company wide meetings. These can be scheduled for an additional hourly rate.
Call Ellen Sadler at 312-762-9200 to set up a tour of your new office today!
Learn more about Theatre District Business Center.
Archive for the ‘Small Business Advice’ Category
Workplace flexibility
November 12, 2008
The elevator pitch
November 6, 2008
Sometimes, all you have is 30 seconds to explain your business concept to a potential client or investor. Nicknamed the “elevator pitch” because it lasts as long as the average elevator ride, this short speech should be given careful preparation and consideration. Develop an engaging elevator pitch so that you will always be ready to sum up your product, its benefits and a little bit about yourself in a convincing and succinct way.
A good pitch will include the listener as a potential recipient of the company’s services. How could your product improve their life? How might it address their concerns? Make your concept relatable so your audience will feel invested. Always keep an open mind for improvements to your pitch. The language of business is constantly evolving so your words and ideas should seem relevant to the current business market at all times.
When you are ready to craft the pitch, start by writing it down and revising the words until you find what feels right. It can be up to 150 words and should last between 30-60 seconds (the shorter the better!). This is not the same copy found in your business brochure or on your website; these words will be delivered in person so they need to be engaging discourse. The written words can sounds stilted in conversation, so you’ll need to read it aloud to make sure it sounds natural. You’ll also want to be as concise as possible since the average attention span starts to wander after 30 seconds.
Here’s my elevator speech for “The Suites Collection”:
- “We operate business centers that provide private offices to individuals or small companies. Our offices come in a range of prices and sizes to fit up to 50 people. Staffing and technology systems are already in place – telephones, internet, fax – we provide it all. Our receptionists answer your phone calls and you can access your office 24/7. You won’t have high start up fees with us. Do you know how much it costs to equip a modern office? We’ve handled that so you can focus on what’s important to you. And, you can be up and running the day you move in. Unlike most of our competitors, we are a small business too, so, we can be nimble and respond very quickly to special requests. Our tenants appreciate our personal touch and find a lot of value in all of the shared services.” (142 Words, 45 seconds)
The day I drafted my elevator pitch, I met a businessman at a networking event who was looking to relocate his office to Chicago. He had already visited some of our competitors. It was the perfect opening for my speech so I launched into it and found that some of it seemed awkward when said aloud. I had to revise several more times before I found something that sounded natural for me. It does help to have the pitch written down because then you will have confidence that you are reciting the best version. As always, practice makes perfect so run it by your friends and family for their feedback. That will allow you to succeed in the all important subliminal part of your sell – showing your listener that you have confidence in yourself and that you know your product is superb.
Holiday party places in Chicago
October 22, 2008
A few weeks from now the trees along Michigan Avenue will be bright with lights and the store windows will glisten with holiday gifts. Every restaurant and hotel will be brimming with revelers enjoying their company parties. The best locations are booking right now! This year, plan ahead to have a great holiday event. Is your company the type to linger over 6 courses with wine pairings or more likely to order cold beer and pizza? No matter your tastes, the holidays are a time to celebrate and appreciate the people who make your company run all year long.
If you like the old swanky classics, Rosebud’s Ballo Restaurant offers a wine room for private parties accommodating up to 30 guests. Located at 445 N. Dearborn, Ballo is the ideal juxtaposition of a great Italian restaurant and fun-loving nightspot. The beat of the music, sparkling disco ball and plasma screens covering the walls set the party mood inside this unique space, converted from a 50′s diner.
Chicago’s new glamor scene is at David Burke’s Primehouse inside River North boutique hotel, The James, at 616 N. Rush. Dinner highlights include steaks dry-aged in their onsite salt cave and dishes like the spicy “angry lobster”. The “cheesecake lollipops” are the notable dessert. After dinner, everyone can relax in the J Bar, with deconstructed cocktails like the signature “James” served in a glass coated in a raspberry candy shell. The innovative dishes, modern design elements and video art installations will give your guests great memories.
Enjoy the stunning views of the Chicago River and city skyline and hold your celebration at Fulton’s on the River, 315 N. LaSalle. They offer seven distinctive spaces for private events including the plush “Murdoch Lounge” for a casual event or cocktail party, the “Main Branch Room” with windows overlooking the water or the “Riverfront Room” with access to the outdoor veranda.
Hub 51, named for its location at 51 W. Hubbard, has a lounge called “Sub 51″ on its lower level that doubles as a private-party space. This popular new restaurant from Lettuce Entertain You creatively blends entertainment, nightlife, and dining with fun nuances like quirky comments on the menu and the beer tap in the hostess booth.
For a sophisticated affair, hold your event at the Courtyard Marriot – Magnificent Mile . The chefs and staff of the chic restaurant, Viand, will cater your party in an event space in the Marriot or in Viand’s private wine library. Colleagues and guests from out of town or the suburbs will find it convenient to stay overnight at the hotel and indulge in the great holiday shopping on Michigan Avenue.
Why not call your favorite place and see if they provide rooms or menus for special events – most do! Restaurants like Shaw’s Crab House offer party menus featuring shrimp, lobster, seasonal crab dishes, sushi and regional oysters on the half shell. La Madia at 59 W. Grand has a private wine and pizza tasting room for you and your guests to enjoy their artisanal pizzas and their full global wine list. Creative and festive options abound in Chicago! Wherever you go this season, raise a toast to each other to recognize your accomplishments in 2008. Happy holidays.
Essential business tools
October 17, 2008
This week celebrates the 25th anniversary of the first commercial wireless call. It happened in Chicago at Soldier Field on Oct. 13, 1983. Bob Barnett, former president of Ameritech Mobile Communications called the grandson of Alexander Graham Bell who was in Germany at the time. The phone was a Motorola DynaTAC 8000X which cost $4000, weighed 1.75 pounds and was 13 inches long. Today the Apple iPhone 3G costs $200, weighs 4.7 oz. and is 4.5 inches long. The exploding market for business technology gives us faster, cheaper and easier tools every year. These gadgets can be fun for personal use and invaluable work tools. Take a look at the current market to see if there’s something new out there to help your business grow.
Wireless technology means we don’t have to be tethered to our desks when we need to get work done. Mobile phones have come a long way since that first wireless call at Soldier Field, and the Blackberry has become the quintessential business phone. The new Blackberry Storm features touch screen navigation and offers video recording and playback – a great tool for recording an event that your colleague or customer has to miss. Whether you use a Blackberry or another mobile phone, use Bluetooth technology for hands free and secure wireless communications. Bluetooth headsets make it possible to talk while driving, typing or working with cumbersome documentation or plans. Wireless Technology also allows you to access your desktop from anywhere. Not confined to “hotspots” anymore, broadband access is everywhere. Verizon and AT&T offer you access to their wireless networks via a card that fits into your laptop.
Check out the large array of new web based applications. These will allow you to create and share files on the Internet, instead of using a server housed at one location. Google Docs offers a free word processor and spreadsheet creator. If you are familiar with MSWord and Excel you’ll find them very easy to use. 37signals.com provides low cost web based business software including file storage and project management. Their innovations are exactly what a mobile or decentralized work force needs for effective collaboration.
Thirty years ago, I would be typing this sentence into a display terminal just like the one pictured above. Adjusted for inflation, it would cost me over $4000 to buy one of those today! What’s next in the evolution of business technology? Many Japanese have already replaced their wallets with their cell phones. “Near Field Communication” allows them to make purchases by “beaming” money from their bank account to a merchant’s. Computerized clothing is also on the way. One button on your shirt collar will record your voice memos while another one will place a call. Non-traditional wireless devices such as wristwatches with browsers on their “faces” and eyeglasses with built-in displays will project information to the wearer. We will see many milestone innovations during the next decade. Allowing time for new inventions to become affordable and more efficient is a good idea, but don’t get stuck using outdated equipment. Keeping up with new business technology is a great way to keep your company current, flexible and efficient.
Develop a small business plan for success
October 8, 2008
The creation of a sound business plan is essential to your company’s success. Not only is a plan necessary to obtain funding from banks or investors, the very act of developing it will enhance your ability to convey the good reasons your company should exist. Even if you constructed a solid plan back at the beginning of your venture, you should continue to reassess it based on current circumstances and goals. Experts agree that a well developed plan signifies your company’s strong foundation.
In order to write your plan as straightforwardly as possible, separate out the main components into sections. These are the key areas you will need to analyze:
Product – What are you selling and how is it innovative?
Market – Who are your customers and why will they buy your product?
Finance – How much money do you have and how much are you going to need?
Examining these elements will force you to confront all of the small details that go into running a business. Doing so will likely reveal many answers to questions you currently have about how your idea should be structured and pursued. Throughout the life of your company, you may find that expanding the original plan can enlighten you when obstacles or surprises force you to make important decisions or to change course.
There are a host of free resources to assist you while you create your business plan.
- Use the Small Business Administration’s interactive workshopto guide you through the practical steps of putting the document together.
- Talk with experienced business owners who have already met this goal. One benefit of working in an office business center, especially one where an atmosphere of congeniality is fostered, is that networking with other business owners allows you to gain from their expertise and advice.
- Refer to other business plan examples. Even though the examples may not be the same business model you propose, you can tweak certain aspects to conform to your own plan.
Once you’ve completed your work, don’t file it away. Keep it updated so that you stay on top of current trends and future possibilities. Maintaining an effective business plan means you are constantly in tune with your company’s position and always have a written plan for success.
Entreprenurial Qualities
September 29, 2008
Starting your own business is a dream many people have but few pursue. The vision of being your own boss and reaping direct financial rewards from your own hard work can be very appealing. Having a great concept or brilliant innovation will certainly open doors for your endeavor, but it’s the person behind the business that will ultimately direct its success or failure.
Though there is no litmus test for a successful business owner, many thriving entrepreneurs share similar personality qualities which indicate a better chance for survival in the daunting realm of self employment. If you have decided to work for yourself, consider your personality type to realize strengths in the areas that research has proven will help you. Conversely, try to face those areas in which you have weaknesses and commit to improving upon them so that you can make the best of your situation.
Many of the traits associated with successful entrepreneurs are exemplified by people who exhibit self-confidence and self-reliance. A confident person is a visionary who is courageous, idealisic, passionate and innovative. The confident person takes risks and adapts with flexibility and resourcefulness when things don’t go as planned. Someone with self-reliance is independent and dedicated. They are willing to sacrifice creature comforts and are committed to their vision, not quitting until they feel satisfied with the results.
Taking an online quiz is an interesting exercise and can jump start your own entrepreneurial self-evaluation. No test is a certain indicator of who you truly are or predictor of what you will become, but Monster.com has several types of interactive examinations and SCORE has a good start up quiz.
If you have recently decided to become self-employed or if you are already on the journey but feeling the strains of self-sufficiency, know that there are resources in the market to support your business endeavors while still respecting your autonomy. Office Business Centers like The Suites Collection offer you a private furnished workspace with internet and phone. We also have onsite staff to provide you administrative support. Contact us today for a tour and find the right place to begin or expand your dreams.
Let education work for you.
September 18, 2008
Enrich your business acumen and increase your company’s efficiency by continuing your education. Why not attend a free workshop or find one of the constant learning opportunities available online? Participating in classes and seminars will benefit your customers and be a great networking activity for you. We’ve researched the local programming options on behalf of our business center tenants and would like to share the news about these opportunities:
The City of Chicago Department of Business Affairs offers several free seminars every month. Classes are held at City Hall – 121 N. LaSalle St., Room 805. Call 312-744-5344 to reserve your spot for one of these upcoming topics:
Maximize Your Marketing Opportunities (9/19: 9:30 – 11:00 am)
How To Get Certified & Doing Business with the City (9/24: 1:00 – 4:30 pm)
How To Finance Your Business (9/26: 9:30 – 11:00 am)
Chicago’s SCORE chapter holds low cost seminars in their office located in the Citibank Center at 500 W. Madison, Suite 1250. Fees are $40-$50 for advance registration through their website and $50-$60 at the door.
Going into Business:Evaluate Yourself, Take the First Steps (10/7: 8:45 am – 12:30 pm)
QuickBooks: Quick Start for Startup Business (10/8: 8:45 am – 12:30 pm)
Accounting, Taxes & Risk Management (10/21:8:45 am – 12:30 pm)
Online ”webinars” are convenient because you can schedule them anytime and take them from anywhere. The Business Owners Toolkit is a website dedicated to giving small business owners the tools you need to start, run and grow your business. Their class list for online webinars is extensive. For an example, click below to learn how to:
Good luck. We hope you find the class that works for you!
What type of Office Space will fit your business needs?
September 15, 2008Why choose shared offices? #4: Flexibility
Many growing businesses will eventually need a strategy for their expanding space needs. For the small business owner, this decision requires understanding the long term benefits of leasing conventional space verses the flexibility of leasing space in an office business center.
Conventional lease terms are typically a minimum of two years long and can require a significant security deposit depending on the business’s financial condition. Longer term leases will allow your customization of the build-out and wiring for your own equipment. Once a traditional space is leased, you will purchase telecommunication and networking equipment and services in addition to furnishings and business equipment. This type of arrangement is a good option for companies with large space or predictable long term requirements. If that is not your situation, committing to a space with a traditional lease may be too complicated, lengthy and expensive.
The alternate choice is an office business center, also called a “shared office”, “executive suite” or “serviced office”. Business centers have large amounts of space within prestigious buildings with smaller offices for rental to individuals and companies. These offices come fully furnished, well appointed and pre-wired for telephone service and high-speed internet. Shared services will include copy and fax machines, conference rooms, kitchen facilities and a reception area. Utilities and nightly cleaning are generally included. Most importantly, though, you are able to move into your office right away. As time goes by, space can be expanded or reduced to accommodate seasonal, project or other growth requirements.
Another benefit of an office business center is the administrative team which is in place to help you create your professional image without investing in your own support personnel. When you are away from the office, the business center’s staff will be there to answer calls and accept deliveries. Because the center’s staff assumes the responsibility for running the office, you can devote yourself to running your business.
Find out more about offices in our centers!
60 W. Randolph – Theatre District Business Center
101 W. Grand – Court House Executive Offices
4 E. Ohio – Tree Studios, Historic Center for Creative Arts
The Virtual Office – what they are & why you may need one
August 8, 2008 
Remember the recent article in the Chicago Tribune reporting a single building in the Cayman Islands that serves as a business address for more than 18,000 companies?
How is that possible? They’re Virtual Offices!
Virtual Offices offer your company a desirable address and valuable support services. In the Caymans it equals tax-breaks. In Chicago, it signifies prestige. Established businesses can afford lucrative properties to impress their clients with ”location, location, location”. For a small monthly fee, yours can too.
Having a Virtual Office means the address you list on marketing materials, business cards and your website is actually a location other than where you work. Instead of asking clients to send payments to your apartment, you give them 60 W. Randolph, Suite 200, the unique north loop office building across from Daley Plaza. Once mail arrives at your Virtual Office location, it can be sent on to your home address or you may want to stop in and pick it up. Your choice.
Receptionists enhance the prestige of your Virtual Office. Calls to your business number are answered professionally and forwarded to your private voice mail box for your twenty four hour access. You decide how you want your phone answered and you retrieve your messages at any time. The receptionist will also accept packages delivered to your business. This affords ease of mind when you are traveling or making sales calls.
For important meetings or presentations, your Virtual Office includes easy access to well-appointed conference facilities. At The Suites Collection, you may select a conference room from any of our locations in downtown Chicago and River North. Through our business center partnerships we can arrange for conference rooms throughout the United States and the around the world.
Working from home can conserve costs, but with a Virtual Office you won’t have to forgo important services and corporate identity. When you reach your goals and your business needs outstrip your domestic resources, you can arrange for a physical office at the address your clients have come to know.
It’s not easy being green.
August 1, 2008
There are plenty of “how to be green” advice lists. Many of them tell you ten, twenty-five, even one hundred ways to go green every day. It can be overwhelming to try to incorporate them all! Sometimes it’s not easy to be green, especially at your office where the needs of your customers come first. At The Suites Collection we’ve found a couple really easy ways to incorporate better environmental practices into our daily routines. We invite you to join us in these three simple ways our shared offices are going green.
SIT, STAY, EAT - Reduce your use of disposable food and drink containers. Whether you pack your lunch in tupperware or sit at a restaurant and enjoy your meal without taking it “to go”, you’ll be doing a good deed for yourself and the earth. We no longer use styrofoam coffee cups in our business centers and encourage our tenants to bring in their own ceramic mugs.
DON’T BE A PAPER PIG - Consider the environment before you print. The old way to keep records was to print everything out and file it away. Now you can just set up an external hard drive to do the back-up work for you! We’ve added this note to the bottom of our emails and we encourage you to do the same. P Please consider the environment before printing this email.
GIVE IT A REST – A modern computer runs at about 175 watts when sitting idle, that’s the equivalent of leaving the light on in three rooms of your house. Windows has power-saving settings that can be easily tweaked to keep the waste to a minimum. We use these settings throughout the week and every Friday we shut our computers down so that they don’t consume energy over the weekend.
That’s all there is to this list. We’re doing our best to do even more, but even these simple rules really do help. After all, our earth can only take so much waste so we need to take care of it in any way we can.
