Opening a new building is a huge step in every business owner’s career. Not only are you expanding your business, but you get to see through the process of opening up a new place to gather customers and employees alike. Sometimes, the options for open commercial space can be slim and it may be better to open up your own space. If this sounds like you, here are five tips to help you when building a new commercial building.
1. Plan Your Finances Early
While it is easy to get caught up in the excitement of a new commercial building, it’s in your best interest to get your finances in order early. Many business owners may leave this to the end and find themselves with a ton of unexpected costs. These costs can add up quickly during the construction process.
You should figure out the budget for the project before everything else and stick to it as best as you can. Be aware that construction projects commonly run into delays, so you should allocate an extra 5-10% of your budget for unexpected costs.
When you come up with your comprehensive budget for your commercial build, you can begin to look for financing and resources that will help get the construction done promptly. Your budget will show all of the fees of the project including the land procurement, consultant fees, materials fees, and labor costs.
If you are still running your business while working on this construction project, you can work with a commercial contractor to help you draft it up.
2. Hire a Designer
Your designer will be the one that will take your idea for a building and bring it to life. Expert architects and designers understand how to utilize space. Instead of running into inefficient space usage later on, a designer can work with you to figure out exactly what you need in a commercial building. They will also be able to create a design that reflects your business’s aesthetic and values.
A good designer will know how to incorporate your needs into the space in an easy way. After you sit down and create designs for your space that you are happy with, you can get to making them a reality.
3. Find a Construction Company or Contractor
Once your designs are in place and your budget is set, you are ready to find a construction company. This company will be with you every step of the way. You want to make sure that they are knowledgeable in commercial building and have a track record of other successful builds.
Other than expertise in the space, it’s important to find a company that you can communicate with easily. They’ll be able to work with your designer or architect to bring your plans to life and keep the commercial building on track.
Your construction company can also help you plan the types of materials you may want to use in the construction of your commercial building. Depending on the type of building, they may suggest using certain building techniques to make it more efficient. Construction companies like FMP Construction can make planning the building process for a new commercial property for your business simple.
4. Get a Timeline Together
Your team should all work together to create a timeline for your commercial building. The architect and construction team will be able to estimate how long the project will take. At this point, working with a project manager can also help keep the project on track. All parties should work to get a timeline together.
This timeline includes the delivery of materials and deadlines for when certain parts of the build should be completed. The closer all parties can stick to the timeline, the easier it will be to get the commercial building done.
5. Gather Documentation
As the owner of a commercial build, you’ll need to make sure you have all of the correct documentation. You should have the correct permits and clearances for your commercial build. You may also need certain clearances due to environmental or space concerns depending on where you are building.
Without these documents, you can run into delays and high penalties. As the owner of the project, it will be your responsibility to have these documents handy at all times.
Creating a new commercial space for your business is an exciting process. It’s also a lot of work, but in the end, you’ll have a beautiful new space that helps your business grow. Communicating with your building team and sticking to your timeline will help the process go smoothly and get your new space open in no time.