As your business keeps
growing, your commercial space must also grow along with it. It may often mean
renovating an existing building, adding more facilities, or building an
entirely new structure. Unfortunately, there are a ton of things involved when
you plan a construction project for commercial buildings. Be prepared to make a
considerable investment of time, money, and effort to make this move
successful. It is also critical that you ask yourself a few of these crucial
questions: “Does this project suit my business’s needs? Is the additional
space needed to improve productivity or accommodate business? Is my goal to
increase revenue?”

Once you’ve already
decided to continue, you can proceed with the commercial building project, but
don’t think that everything will be smooth sailing. There can be different
hard-to-spot problems in the early stages, including delays, unreliability, and
even budget cuts. To be truly prepared, we are here to give you tips for new
commercial builds that will give you an advantage in your renovation or new
construction. Check them out to minimize the errors that can happen.

1. Evaluate Every
Single One of Your Choices

Before you proceed
with anything else, you have to determine whether you should add or renovate
your existing building or build a new facility. Once you have decided, it’s
time for you to find a general contractor who can guide you through the rest of
the process. It’s always advisable to
find a general contractor with established connections unless you have
extensive commercial building experience. A general contractor will be responsible
for hiring and managing the teams who will work on the various parts of the
building process. Some of the people that a contractor will employ include
brick masons, electricians, HVAC specialists, plumbers, drywall hangers, or
other professionals needed for the project. When looking for a general
contractor, make sure that you hire someone who has the right connections to
ensure that your team will be composed of capable professionals.

2. Look at Your
Revenue & Expense Projections

It would be best if you
projected what your business revenue and expenses should cover during the
construction. This step is for you to be able to plan on what you should invest
in the project. Next, figure out what capital you should have and what you need
in financing. When you have reliable projections, you will also be able to
determine what kinds of payment terms you can afford to avoid taking more debts
than you can reasonably pay off in a reasonable time.

3. Take Care of All
Legal Work

Aside from abiding
federal and provincial laws, every municipality has its requirements regarding
permits, zoning, etc. It would help if you chose an excellent general
contractor familiar with the specific location you’re building or renovating to
help guide you by selecting a property in the correct zone and acquiring all
the relevant permits before starting the construction process.

4. Don’t Try to Save
Your Money By Not Hiring A Professional Architect.

A time may come when
you probably think that coming up with a simple floor plan for a commercial
space is enough. Unfortunately, you will need a professional architect or
designer. Their services are essential for making efficient use of the area,
and for assuring the building comes with plumbing, electrical outlets,
HVAC units, etc. Furthermore, an architect can also help you plan for any
extra space you want to add to lease out.

5. Consider How
Overseeing Might Affect Your Ordinary Business Operations

It’s quite common for
those running a business to underestimate the time it will take to communicate
with their contractor and make decisions. Are they going to take time away from
operations and customers to answer questions, make decisions, and negotiate
with the contractor? Note that delaying answers your contractor needs will make
the project run longer in time and money.

6. Seek Professional
Advice Regarding Costs and Budget

Starting a
new commercial build would mean managing the price per square
feet, including contract inclusions and exclusions. You have to know everything
that will be covered in the contract before the build starts.

7. Add Some Breathing
Room into Your Plans

Please don’t keep it
too tight when you’re developing your building and costing plans. You always
have to consider the weather systems, market fluctuations, and other factors
beyond your control that can considerably affect the time and cost during the
build. Moreover, always add at least 5 to 10 percent to the budget for
contingencies.

8. Secure Financing
Before Starting

Start with your
already existing financers. Banks or other lending institutions you have built
a good rapport with are likely to fund you again for your next project. You can
also consider less common means for financing business ventures like building,
including venture capitalists and even crowdsourcing.

9. Trust Your
Contractor

There is no problem if
you’ve selected the right contractor because he/she can guide you through many
of these steps. Your contractor can also guide you to other professionals who
can help in your project, such as a real estate agent who is an expert in
commercial properties and knowledgeable in local zoning laws. The
contractor can also be your go-to person for learning about the
permitting and inspection processes required.

10. Never Make Changes
That Drive Up Cost and Take More Time

This tip is another
typical mistake that most people make when contracting for a new business
facility– lowballing on cost estimates and continually adding to the project’s
scope over time. Changing items or asking for additional features or costs will
bloat your bottom line. Don’t ever hold your contractor to a price if you still
plan to improve its scope and scale during the build. It’s better to
over-indulge initially than have a budget that may run short while the project
is underway.

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