When you’re starting a business, there are several important factors to consider, and many will be covered in your business plan. But once you’ve gotten through the research and planning portion, you’ll need to figure out where your business will live. And one of the first decisions you’ll have to make on this front is whether to lease a location or build your own. Whether you’re looking into a retail operation, manufacturing, or an office setting, you could elect to design and build your own commercial structure. There are, however, a few important steps you’ll want to take along the way. Here are some helpful hints to ensure that your commercial construction project goes off without a hitch.
- Create a budget. A good place to start when it comes to commercial construction is with a budget. You’ve likely already started planning for other startup costs, so you simply need to allocate a portion of your capital to building your structure. From there, of course, you’ll have to get preapproved for a loan or find investors to supplement whatever funds you’ve managed to amass on your own. But with a budget and a plan in place you’ll have a much easier time convincing others to lend you the money you need for your commercial project.
- Choose a location. In both real estate and in business, location is everything, or so the saying goes. And naturally, you want to choose a locale that is likely to deliver the business opportunities that will lead to success. Considerations could include zoning, traffic (car and foot), accessibility, demographics, and more. But cost will also play a major role in the location you choose. Once you have the location nailed down, though, you can move on to the fun part of the planning process.
- Find an architect. When it comes to planning commercial construction, you really need to find an architect that specializes in creating spaces meant for business operation, and more specifically, the type of business you’re planning to run (retail, warehouse, corporate office, etc.). It’s probably a good idea to research other commercial properties you like in order to find out who the architect was. In this way you can select a designer that best suits your company aesthetics and ideals.
- Get bids. Next you’ll want to find a suitable construction company to build your structure from the ground up. Again, you should look into existing construction that appeals to you as a way to get started when it comes to finding a builder. Or you might consider companies like Varco Pruden Buildings that offer sustainable building practices. Just make sure to familiarize yourself with the options available and get a variety of bids before you make your selection.
- Plan and organize. With an architect and a builder on board you can begin the process of planning your commercial real estate project from start to finish. And spending a fair amount of time on the initial planning and organization steps can save you a ton of time, money, and hassle down the line. If you want delays and overages, there’s no quicker way than by changing your mind in the middle of the construction process. So nail down details up front, account for potential problems, create a favorable contract for work, and stick to the plan as much as possible.