How To Pick The Right Neighborhood For Your Business
Navigating the world of commercial real estate in Nashville can be daunting. There are many different neighborhoods that are changing all the time. You know you want to put down some roots, but you just aren’t sure where those roots should go. There are many factors to take into account. It can be overwhelming, but taking each step one at a time can make it more manageable. Here are some factors to take into account as you start your search for the perfect piece of commercial real estate in Nashville.
Cost
Every consideration for a business begins with cost analysis. Rent can vary drastically from one neighborhood to another. Make an estimated budget and consider your ceiling for rent prices. Factor in the state and income taxes because your rent can be adjusted based on an increase in your landlord’s taxes. Likewise, if you plan on buying a property, these taxes will become an immediate concern. Narrow down your search by the areas in which you can foreseeably expect to pay a reasonable amount for the space. Another factor to consider is how much your employees will cost. More affluent areas will mean higher expected wages for your employees.
Accessibility for Customers
You’ve created a marketable business and you’re customers can’t wait to use your service. The only problem is they can’t get to you. This can be a major factor in the success of your location. Be sure there are no barriers or difficulties for your customers to find you. This could include the building being on an unused street, a lack of parking, or maybe it’s just hard to find. Find a neighborhood that will be easily accessible by your targeted consumer.
Explore your commercial real estate options in Nashville by contacting Southeast Ventures today.
Zoning Restrictions
Always check the local zoning rules before securing commercial real estate in Nashville. It’s easy to forget there are specific rules as to what businesses can operate in which locations. This is extremely important. It would be nothing short of a disaster if you were to lock yourself into a lease before finding out about restrictions that directly impact your business. Take the time to investigate these matters beforehand.
Available Employees
Unless your operation is quite small or mostly automated, you’re going to need employees. The best place to find employees is in the same neighborhood as your business. This ensures they have easy access to your building and a vested interest in staying with the company. Look into the demographic of the neighborhood to get an idea if there are possible employees. People are generally willing to travel for work, but there’s a limit to this. A business needs people to help it succeed. Help yourself by researching commercial real estate with access to employees.
Character of Community
Likewise, a business will need customers. Is there a market for your service in the neighborhood? Look into some trends to make an educated estimate into if your services are desired in a targeted neighborhood. You wouldn’t want to open a butcher shop in a neighborhood of vegetarians. The building could be beautiful and perfect for your business, but that doesn’t matter if people aren’t willing to visit.
Proper Utilities
Different sections of Nashville offer different utilities. Whether it’s electric service or internet access, not all streets are the same. An unreliable electricity grid can mean frequent power outages. Internet providers don’t often cover the entire city. If your business relies heavily on an internet connection, find a neighborhood that is serviced by your favorite internet provider. Speak to other businesses or look up reviews online to make sure the neighborhood can support your needs.
Other Businesses
Surrounding businesses can have a huge effect on the success of yours. This needs to be a major consideration when researching commercial real estate. Like-minded businesses can feed off each other. The ability to offer a similar customer base complementary services can magnify the appeal of a neighborhood to your target market. Conversely, surrounding yourself with direct competitors can flood the market and dilute your possible customer pool. Local Nashville businesses are generally very congenial and neighborly. However, a customer with too many choices is less likely to visit your location. It’s best to find a neighborhood that fits the general mood of your offerings without directly competing with them.
There are many factors to consider when trying to find commercial real estate in Nashville. The neighborhood can affect everything from your costs, to your employees, to you customers. Taking the time to analyze all of these aspects will give your business the best chance to succeed in its new location.
Visit Southeast Venture to see your commercial real estate options in Nashville.
