6 Considerations Before Remodeling A Business Space
Remodeling a business space can be a daunting task. There are many things to keep in mind before starting the project. The most important consideration is what you want the finished product to look like. Are you planning to adopt a modern approach, such as an open floor concept, or are you going for a more traditional design? After you’ve finalized your decision, there are still other factors left for you to consider.
Planning ahead of your remodeling is crucial to ensure the project goes smoothly. Remodeling a business space isn’t like remodeling a house. Of course, both projects require a good budget, but business space remodels also come with the need for permits, inspections, and code compliance. You also have to consider the impact it’ll have on your business.
You should make the following considerations before starting:
- Ensure You Get The Right Contractor
The first step to remodeling is ensuring that you have a reliable contractor who’ll fulfill your expectations.
Before anything else, you need to know that remodeling is complex because of the challenges of getting the right architectural engineering design, ensuring accurate compliance, and hiring the right construction crew. Therefore, you need to shop around for different contractors and get proposals from them. However, the best way to find a good contractor is through referrals from people who had similar projects as yours, or by reading online reviews.
You should also ensure that you check for their experience with remodeling. You need to get a company that’s been in the business for a long time, such as Capital Building, and has worked on a diverse range of projects, from small commercial properties to large-scale corporate projects.
Of course, regardless of the contract, there is always the chance for disagreements on the nature of the work to arise. When these happen, you want to ensure that you are as best represented as possible and, to that end, you should work with a construction dispute lawyer, keeping one at hand just in case you need them. Otherwise, it’s not unheard of that an investor might get bamboozled out of a situation in which they have the legal upper hand.
- Consider Your Budget
All remodeling projects need good money. You should, therefore, have a budget that’ll cover all the aspects of the project, from start to finish.
When making the budget, you need to consider the cost of materials, labor, and any other unexpected expenses that may come up. You should also have some money set aside for contingencies in case something goes wrong during the project.
If you feel your budget won’t be enough, you can always look for financing options, such as loans or lines of credit. However, you should only take out what you need so that you don’t end up in debt after completing the project. If you can wait until you have the right amount of money, it’d be best to save up before starting the project.
- Consider Impact On Your Business
During the remodeling period, your business should run as usual without disruptions. This can only be possible if you plan the project well in advance and communicate with your contractor on the progress of the work. You should also consider how the construction will impact your customers or clients. For example, if you have a retail store, you may need to close for a few days or relocate to another space during construction.
You should also think about the impact on your employees. Some may be relocated to other areas of the establishment or work from home during the construction. You should also have a plan for how you’ll maintain business productivity during the project.
- Think About Sustainability
When remodeling, you should also think about making the space more sustainable. This can be anything from using energy-efficient appliances to installing solar panels. You can also focus on bringing in more natural light or using recycled materials.
Making your business space sustainable has many benefits. It can help you save money on energy bills, make your business more environmentally friendly, and attract customers looking to support sustainable businesses.
- Think About Future Plans
When remodeling, you should also think about your plans for the business. For example, if you plan to expand in the future, you should ensure that the space can accommodate the expansion.
You should also think about how long you plan to stay in the current location. If you plan to move soon, investing a lot of money in remodeling the space may not make sense.
Additionally, consider how much your company is growing as that’ll affect how you remodel your business. For example, if your projection is to have a lot of growth in the next five years, you may need to ensure that your space can accommodate that.
Moreover, if you plan to add more employees or products, you’ll need a different layout than if you’re making cosmetic changes. For example, some employees may need private rooms, and you may need more storage space if you add more products.
And, if you’re planning to sell your business in the future, you should consider how the remodel will impact the sale. For example, if you plan to sell in the next few years, you may not want to make any major changes that’ll require a lot of money to undo.
- Consider Ownership Of The Space
Another thing to consider is whether you own the space or if you’re leasing it. If you own the space, you have more freedom to make changes. However, if you’re leasing, there may be some restrictions on leasehold improvements. For example, your lease may state that you can’t make any changes to the exterior of the building. Or, if you’re in a shared space, you may need approval from the other businesses before making any changes.
If you’re planning to lease a space, you should also consider the lease’s length. For instance, if you’re only planning to stay in the space for a few years, it may not make sense to invest much money in remodeling.
Remodeling a business space can be a great way to improve the look of your business, make it more sustainable, or accommodate future growth. However, there are a few things you should consider before starting the project. You should think about how the project will impact your business during construction and after completion. You should also consider whether you own or lease the space, as that’ll impact what changes you can make. And, finally, think about your plans for the business as that’ll affect how you remodel the space.
Mitchel Oliver is a business consultant and writer. He is passionate about helping up-and-coming businesses make the best decisions for business growth. In his free time, he likes to spend time with his family.