Building a new commercial building can be an exciting time for your business. However, it can also lead to a great deal of stress if you don’t approach the project properly. From finding the right property to managing your finances and time, developing a commercial building is not for the faint of heart.
If you are beginning to plan for your next building project, you’ll need to be prepared for what it could entail. Here are a few factors to consider before you dive in head-first:
Location, Location, Location
Before you can even begin to build, you need to find the right spot for your business. Obviously, it will need to be zoned for commercial use. However, location is important for more than just zoning purposes. You need to select a location that offers easy access to customers so they’ll have no reason not to come visit your establishment.
It may be possible to select a location where your customers are already hanging out. On the other hand, you might need to choose a location a bit farther away from a top competitor. Location can make or break your business, so be sure to choose wisely from the beginning.
Hiring a Financial Consultant
It probably comes as no surprise that developing a commercial building can be quite an expense for your business. Ensure that you are making wise financial decisions in the construction process by consulting a financial expert. They can help you understand what you can afford to keep you from going belly-up during the construction process.
Prepare for the Future
Once you have your finances sorted out, it’s time to start preparing for the future. How do you expect your company to grow over the next five years? How about the next ten years? You need to choose a building size that will ultimately allow you to grow into the dreams you have for your business. The size of the building can often determine what type of building materials will be required, so this is an important step that you shouldn’t skip.
Reduce Operational Costs
This is also a good time to consider how you can reduce operational costs for the future. Add in features that may cost more now but will reduce maintenance long-term. Consider your long-term operational costs when making specific plans for your building.
Figure Out Your Own Role
Unfortunately, many businesses lose revenue during the construction process. Why does this happen? Well, it’s usually because owners and managers become more focused on the construction of the new building and less focused on the daily operations. Be sure to evaluate how many hours you can devote to the building project and hire professionals to cover the time that you can’t spare.
If you want to hire some of the best commercial contractors in Albuquerque, DUB-L-EE can help you manage your pending project. We can handle everything from the foundation on up so that you can focus on what matters most to your business.