Are you considering building out a space for your business in Middle Tennessee? Whether it’s your first time seeking a commercial home for your business or your company needs a new location to grow, here are five things you need to consider before you get started on your project.
Location, location, location
The old saying in real estate still rings true. Having a location that is convenient for your customers and your staff is essential. If your business accepts or ships deliveries, proximity to major roads and interstates will also be a plus. You could have the most perfect building design with lots of amenities, but if your business is difficult to get to, your prospective clients and employees may never find you.
Another factor concerning location is the municipality within which you’ll be working. Your construction company will need to have a firm understanding of the codes of the city or county where your business will be located. Having this knowledge, as well as local relationships, can fast-track the process of getting your plans approved and your build- out started.
Depending on your business needs, you may also want to look at commercial space in areas with heavy traffic and lots of growth. Examining demographic information and population projections will help maximize the potential of your location.
Budget
Lots of us were taught as children that it was impolite to talk about money. But the sooner you can have this conversation with your build team, the better. In construction, even minor errors can be costly. And they add up quickly if you’re not careful. At Dow Smith Company, our design-build approach establishes expectations and reduces risk.
We believe it’s best that clients are clear about what they want out of their space from the beginning, and how much everything will cost. Getting on the same page regarding your budget from the start will ensure a smoother process throughout the build-out and fewer cost surprises at the end of the project.
With commercial build-outs, you also need to have a good understanding of who is paying for improvements—you or your landlord. Determine which things are “white box improvements” or items that are your landlord’s responsibility, and which items come out of your pocket. Landlords will typically pay for things that will be useful no matter the tenant, including lighting, restrooms, and air conditioning. Tenants usually pay for things that are specific to their business, like flooring, painting, and furnishings. Some landlords may even offer a tenant improvement allowance. Be sure to have these conversations up-front so everyone is on the same page from the get-go.
Custom features and must-haves
In many commercial spaces, you may find you’re starting with a blank canvas—an open space with a concrete floor and some windows. You’ll have to select flooring, paint, walls, and appliances for your business, just to name a few. For some companies, a few offices and a lobby will do the trick, but others are more complicated.
Realistic timeline
A typical build-out can take two to three months to complete. In a high-growth area, construction companies are busy, so they may not be able to get to your project immediately. We are based in Smyrna, Tennessee, and we know Middle Tennessee well. We know how to make things happen here and can get started and move quickly.
The importance of experience
Our team completes about a dozen build-outs per year. When we become involved in the beginning, we can provide a budget to help you understand all the costs associated with your project. The earlier we are involved, the sooner we can get a handle on the needs of all the stakeholders, which can even help you to better negotiate lease terms with your landlord. Many times, we will serve as a liaison between the landlord and the tenant, working closely with both parties to ensure a smooth build-out experience. Our design-build process allows us to plan ahead and get started earlier than other contractors, which means you’ll get into your new space faster and with fewer headaches.
If you’re thinking about building out a space for your business, give us a call before you get too far down the road. We can help you find a location, work out a budget, determine which features are a must-have for your business to thrive, and establish a realistic timeline for your project. Even if you’ve sketched out an idea on a cocktail napkin, that’s plenty for us to work with. From there, we can start the conversation about how long it will take to bring your ideas to life.
