When you have the right investment and enough time, you could truly see the benefits of building commercial property of your very own. You need both ample time and cash to make it happen, so you should be completely sure that this is the right move for your business before you get started. Projects this large need to be completely suited to the needs of your business. Of course, if your company specialises in construction or architecture, then a product of this level of complexity is going to be a part of your portfolio. Ask yourself whether raising a commercial property is going to suit your business need: are you increasing productivity, or do you need more space? Failing those reasons, are you planning on raising commercial property so that you can rent it out to other businesses in the same industry as you? The list goes on and with so many reasons you could have the ambition to build an outstanding commercial building, you should press ahead. However, you shouldn’t expect an easy ride. Commercial builds are difficult and with the risk of the budget overrunning, contractors being less than reliable and climate and regulation-related delays, the journey isn’t going to be a smooth one.
If you are ready to manage those changes as they come, then you need to make sure you are raising your commercial property wisely. Give yourself plenty of time for the project to get off the ground. Make a list of the help you will need to get your project off the ground and use the advice and help of companies like East Coast Geo Tech to get the site evaluated properly before you bring in the contractors to lay those important foundations. The sheer size of a construction project means that you are going to have to make a huge commitment, so you need to be prepared for the time and effort that this project is going to take. You’re going to be taking that time and effort away from your business and putting it all into the raising of a commercial property, so ensuring that you have someone on staff that can do what you do would be helpful. You need an eye on your usual business running so that your company standards don’t slip because of this commercial project. You will still need to have a hand in the day to day decisions, so be aware of your time management. If you don’t necessarily HAVE to build a property, check out the alternatives, such as renting a building, buying a building or giving an existing condemned commercial building the renovation it desperately needs. If you choose to go ahead with your building project, then you need to do it wisely.
Project It Right
Determining affordability, timings and the length of time that your project will take is important before you get going. Sit down with your financial advisor and make a business plan for the project from start to finish. Your projections for the actual project need to be as realistic as possible. This is so that when you approach financial institutions for support in the project they can be confident in you as a project leader.
Never waste time when it comes to your building permits. Once you are firm on your decision to get building a new commercial building, you need to get your building permits in order. You cannot begin your project without permits, and it’s the law that you need the permission to do anything with the land that you’re purchasing. Following the rules can give your project a smoother beginning, so play by the rules and you will come up trumps.
A lot of entrepreneurs and companies who build commercial offices will often skip the expense of a good architect or designer, but if you want your building to be both efficient in its use and functional at the same time, then you need to hire the experts to work alongside you and ensure that your building can accommodate what you want to use it for. Hiring an architect may feel like an unnecessary use of cash, but we can assure you that you will look back and thank yourself for adding that expense into your forecast and business plan. There is nothing worse than cracking on with a project believing that you can do it all by yourself, when actually you need help. There is no shame in asking for help.
Back-Up Your Plan
Raising a building isn’t an easy project. You can’t always predict your costs and you can find yourself halfway through the build and realise that you haven’t projected enough cash for the entire project. Fixed-price contracts with varying suppliers can still change, especially when it comes to plumbing and wiring which are – surprisingly – often overlooked and under-budgeted. Having a contingency plan financially is a smart idea for any company, and more so for you who is raising a building.
The Last Minute
Right before construction begins and your project date looms, you need to stick to the plan. The lesson here is never to set a date for the beginning of a project if you cannot stick to that. Being fickle about what you want is for the business plan, not the night before the contractors arrive on site. Never make any hasty decisions about changes, because all you will be doing is tripping yourself up. Don’t be the reason for your delays and your suppliers and staff getting frustrated. The only person sabotaging the project at that point would be you – and that’s exactly what you want to avoid doing.
Construction projects take a lot of your time and as long as you can keep your focus on your business as well as the building you are raising, you will be successful in your office endeavours. There’s no need to worry, as long as your business plan is solid and your finances are in place, you’ll have a shiny new building in no time at all.