5 things to consider before starting a commercial renovation

Renovating your commercial space is a serious undertaking. There is the initial excitement of starting a new process that offers limitless benefits for your business. Imagine the difference the new lighting system or wall will make; the potential for profit.

But without proper planning, the process can quickly become gruelling.

Before you even start the renovation, there are numerous factors to consider, from your budget to industry best practices and what you would like the end product to look like.

To help ensure you are considering every factor that might come into play during the renovation, we present you a list of things to consider before you start your commercial renovation journey.

1. What do you want the commercial renovation to achieve?

Why are you renovating your business premises to start with? Do you want to expand space and make room for more customers? Are you improving the layout so your team and customers will enjoy transacting more?

Look at the existing structure to figure out how you can fix the issues it has during the renovation. The best way to get the most out of a remodelling project is by solving the problems the old structure had.

A good question to ask is: how do you want people to feel when they walk through the door? Be thorough yet practical. Check all the aspects of the space. Do you need a new coat of paint? Is the plumbing okay? What about electricity and aeration? Create a checklist containing all the changes you want to make.

Of course, you might not end up making all these changes, but having a plan and a guide will go a long way in ensuring the success of the process. Talk with your employees too. They work all day in the space and know which changes are necessary.

If you’re having issues with this process, it might be time to find a contractor to help you.

2. What is your budget, and how do you hope to finance the project?

The next thing to consider is a budget. How much are you willing to spend on this project? Can you churn out this amount of money without affecting profitability?

You might have to make minor adjustments at the end of the day, but having a budget will keep you from exceeding your limit. It’ll also help you prioritise.

When creating a budget, ensure you have a certain amount, typically 15% of the entire budget, as contingency money. Things might happen during the renovation that you didn’t plan for, and the entire project might be derailed if arrangements are not made.

Having a budget is also important when looking for renovation services. The contractor will work with your budget to develop a realistic plan that meets your goals. If the plan does not match your brief, you might have to make a few changes or increase the budget.

Generally, it would be best to start a renovation when you have the cash at hand, but if you don’t, there are other financial options you can explore. A loan with a low enough interest rate may be a good option.

3. How will the renovation affect business processes?

How long will the renovation take, and how long is too long? A commercial renovation will affect your business, and you can’t afford to close down shop entirely for more than a couple of months. The business will suffer.

So, do the math and determine how long your business can wait. Can we optimise the process so that business can continue during the renovation?

Work with the contractor to create a detailed schedule that breaks down the renovation into steps. This schedule will help you plan better so you stay organised better.

4. How will it affect profitability?

What benefits do you hope to achieve from the renovation? Are these benefits worth the cost? Always look out for ways renovation can maximise productivity and profitability.

A commercial renovation will increase customer attraction and retention and boost sales when done right. Customers will patronise a service that is updated and exudes quality. You can also use the renovation to generate noise (not literally) that will attract new customers.

Spending on a renovation will tell customers you care about providing quality service. If the renovation means you have to close down for a while, your marketing team can use the opportunity to build anticipation in the heart of customers. You could even plan for an unveiling event.

A commercial renovation will increase sales. Statistics support this – a good remodelling project can improve sales by as much as 50%.

5. Who is your contractor?

This is the most important decision you must make during a commercial renovation. Your contractor could mean the difference between a profitable renovation and a complete ruin.

You will want to work with a contractor who understands your goal and has the expertise and experience with a solid reputation to support it.

Conduct thorough research and find the best contractor. A Google search will give you an idea of contractors to work with. You can also get recommendations from friends who have done similar renovations.

Get a list of contractors and check out their credentials and past renovations. Knowing your business is in good hands will give you peace of mind to plan better.

This is where Teck Guang Interior Design comes in

There are essential steps to every renovation project. Considering these factors will ensure a successful renovation. Check the existing structure for necessary changes, create a budget, and choose the right contractor.

Your goal is to make use of a renovation to maximise functionality and profitability. Ignoring the factors we’ve listed is the fastest way to a remodelling disaster. But if done properly and with the right commercial renovation contractor, you can be sure your renovation project will be a success.

At Teck Guang Interior Design, we can handle renovation projects of any size. We’ll work with you to create a viable plan that matches your goal. Our commercial renovation experts have helped many businesses like yours unlock their true potential.

Contact us today for the best business remodelling service.