Cindy Hollowood: Commercial real estate about location, relationships

Cindy Hollowood said her current career in commercial real estate with Roohan Realty is hers “by choice, the other was my career by default.” For decades, she was the sole operator of the Holiday Inn in Saratoga Springs, which saw its own expansions through the years.

In addition to her day job, she became heavily involved with various business-tangential ventures, serving on committees and mentoring those who wanted to help develop Saratoga County.

“It was a natural transition. I wasn’t wanting to retire just yet,” she said, about her new job which she does alongside Anne O’Toole.

When someone is looking to start a business, what is the one most important thing they should understand/think about and why, through a real estate lens?

I think you have to think about a plan; certainly location is important. You have to be careful about oversaturation if there are multiple businesses in the same industry. It’s not so much how many businesses are in an area, but how many people we have to serve with these businesses. It’s hard to have the staffing. Saratoga has increased in terms of the cost of living, specifically Saratoga Springs, and it’s tough to get people in the service industries. They generally recruit in outlying areas.

Other important considerations to be mindful of?

If you’re working for someone and you want to start a like business, make sure you have an established clientele, particularly if you’re in the service industry, like spas or salons, that you have a base to get started. You also have to have a good idea of how to get your name out. Now it’s all social media driven, which is in a lot of ways good because it’s less expensive. Again, as an entrepreneur, you have to work your business. It’s one thing to open it up and hire people, but you should be the face of your business. Especially in our community, people are very loyal to local small business. They like to see that name and face, and to be recognized as a customer.

What should I be looking for, specifically, when finding a brick-and-mortar location?

Obviously size. And location - is (your business) dependent on street traffic or do they know your name? Even down the road, is there a potential for expansion? I would encourage someone establishing in service or retail, to think about being there a minimum of 5 years in one space. What can they afford? What are the sales projections? They really have to develop a business plan, and certainly how to finance a business.

What would you say is the biggest mistake someone can make, or something not considered, that an entrepreneur can make when trying to start a business?

I think probably the biggest mistake people make is that they don’t feel they have to be the face for the business, and do the work themselves. It’s not all about just opening your door. You have to have a draw or a new idea and you have to get to know your customers, and thank them for coming in. I know as our market (with the Holiday Inn) became more competitive, I thanked people for using us for their hospitality needs.

Finish this sentence: I’m most excited, when working with a business owner, when they…

When they’ve had a successful first month of business and they say, ‘You’re right, this is a great location.’