Have you been leasing a space to run your business? Are you ready to build a space of your own that better suits your team’s needs and better accommodates your services or equipment? If you’re ready to take your business to the next level, then we have some expert tips to help you get started with the construction process.
We know it can be daunting. How do you figure out which contractors, designers, architects, engineers, and suppliers to use? Where do you begin with your finances? Before you get too in the weeds, take care of some essentials that will help lay a good foundation for everything that follows. Here are four steps to help you work through the beginning stages.
1. Speak with a Financial Advisor
One of the most important steps of the building process is understanding your finances and determining a realistic budget. Your budget will impact every decision you make moving forward. It’s easy to assume that financing a commercial property is similar to financing a home, but there are some stark differences—such as the funding sources that are available to you.
To help you get your finances in order before beginning your building project, speak with a financial expert. An advisor can help you determine how much you can afford, how much you can borrow, and if your finances are healthy and sufficient for you to move forward.
After you speak with a financial advisor, ask yourself the following questions to dive deeper:
What land can I afford?
How many square feet can I afford to make my space?
What additional features can I afford to include?
How much can I allocate toward unexpected costs?
What is my relationship with my bank or commercial broker? (The sooner you know this, the better.)
2. Identify What You Need
Why do you want to leave your current space and build a space of your own? What is your current space missing? By identifying gaps and specific reasons you want to move, you will have more confidence and direction when it’s time to speak with a builder. Make two separate lists: must-haves and nice-to-haves. That way, when you meet with your builder, your priorities will be top of mind.
Also consider the size of your team and how fast your business is growing. Where do you see yourself in five years? 10 years? Where do you see your industry moving in the future?
3. Select the Right Location
Before choosing a location for your commercial building, think about how much space you’ll need—both inside and outside of your building. Consider how much land you can truly afford, as well as how much the same amount of land costs in different areas. Choose a location where you will have easy access to your clients. You also want a space that attracts the right types of employees.
If you don’t know where to start looking for land, a good building company can help by making recommendations based on your wants and needs. Read “12 Things to Keep in Mind When Designing Your Commercial Building” to learn other important factors you need to consider to choose the best land for your business.
4. Choose a Partner
Building a new commercial space can be a huge—and sometimes intimidating—project. To ensure you’re in the right hands, don’t just choose a basic builder to work with. Find a partner who will walk you through every step of the process—from start to finish.
Look for a building company with experience working in your community. Ask for recommendations and reviews from others who have worked with local builders. Look for a company that values relationships and prioritizes customer service; this will allow for better communication, more respect, and fewer misunderstandings throughout the process. Also make sure the builder you choose uses high quality materials (at affordable prices) and the best building techniques.
Partnering with the right team can make your experience a lot easier and more enjoyable. You can learn more about Pro-Line’s commercial building process by checking out our three-part blog series or by subscribing to the Pro-Line Building Blog.