Whether you’ve lived there your whole life or are viewing it as a jump-off point for your startup, Virginia Beach could be the best place to build a thriving business. However, making the most of the location would also require careful planning. You can’t always count on the city’s favorability among business owners as your only indicator for success. A bit of effort in understanding the local market and regulatory environment will help make sure that you get started on the right track:
1. Scan the Local Market
Every strategy relies heavily on the intelligence you have gathered from the ground, so it matters to collect the most essential insights for choosing ideal commercial areas that align with your goals. Consider analyzing the city’s demographic growth, recent commercial rent increases, and income growth. You can get such data from the city government itself or from third-party research firms.
Make sure to do competitor research as well, especially if you belong to an industry like food service or retail, in which competition is always tight, regardless of where you are. Map out the brands that exist in the area and see what they offer and how well they resonate with the locals. From this, it will be easier for you to develop marketing strategies that address the gaps your competitors may have missed.
2. Scout for Favorable Locations
Once you’ve done a thorough analysis of the Virginia Beach market, you should be able to identify high-value locations for setting up your business. If you’re launching a physical store, you will want to set up your brand at the Oceanfront Beach Resort and Boardwalk area, where foot traffic is high during Spring and Summer. Here, your business is likely to attract local buyers and tourists.
The only downside is that commercial activity tapers down by the end of Summer. An alternative option is to build your business in the Hilltop Commercial Area, which is ideal if you’re selling services and non-seasonal products. In case your business sells high-end goods, then consider the Town Center, which houses fashion brands and specialty boutiques. When it comes to office spaces, Lynnhaven can be a good option if you’re looking to start small with a low rent range in mind.
3. Know Whether to Rent or Build
You may already have a business plan in mind, but it matters to consider how you want to launch your business, considering what you’ve found out about the local market. If you’re setting up a boutique brand, you should look around for commercial buildings in areas where the average rent is within your budget.
Expect to spend about $20.07 per square foot each year, and office and retail spaces in premium locations such as the Oceanfront and Town Center could go well above that. With this in mind, you will want to balance how much you’re willing to pay in rent and your business’s potential for growth. Be sure to work closely with a recognized listing agent who can help you find commercial spots tailored to your niche.
If you’re looking to stay in Virginia Beach longer and build your legacy brand there, be prepared to shoulder $600 or more per square foot. This won’t cover site preparation and permit applications, which are even more critical if you’re planning to build a casino by the coast with the help of a design-build firm like I-5 Design Build, so be sure to review the requirements before undertaking the project.
4. Get the Right People on Board
For the most part, building your business in Virginia Beach won’t be possible if you lack local connections. If you’re from out of state, you may struggle with having your permits approved and navigating the possible legal obstacles pertaining to environmental protection.
You need to have people who are familiar with the local landscape to guide you through the next steps. Market research can only do so much as provide you with a general overview, so talk to local business owners and residents about the best and worst parts of doing business in the city.
For more professional advice, reach out to local commercial real estate brokers who may offer the best location based on your business’s needs and industry. Your network should also include a commercial lawyer and a member of the Virginia Beach Chamber of Commerce. Having such connections can lead to opportunities for future brand collaborations and ensure that your business stays in the city for the long run.
Endnote
Virginia Beach could very well be the best location for starting your business. The least you could do is to make the most of it. All it takes is to start on the right foot with these essential tips.
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