Every company needs some kind of commercial space, though this often comes in different forms. Many would need one that boasts some kind of storage, office space for employees to work from, and much more. While renting can often be great, sometimes you’ll need to consider building your commercial space.
There are multiple reasons for this, with the most notable being it makes sure the space is perfect for you and your business. Actually doing it can be complicated.
It can seem like an overwhelming process, especially considering how many steps could be involved. Thankfully, this doesn’t have to be as difficult as you’d think. Taking the right steps makes sure it’s relatively straightforward. It’ll also help make sure there’s as little stress as possible.
It’s worth diving into the right steps to take when you’re building your commercial space.
Why Build Your Commercial Space Instead of Renting?
You could wonder why you should build a commercial space instead of just renting. Renting it could be much more affordable in the short-term, and you wouldn’t need to put too much time or effort into it. There are more than a few benefits to building, with having a customized space for your business being the tip of the iceberg.
Some of the more notable of these benefits are:
- It’s a lifetime asset that you’ll own for as long as your business keeps operating.
- You can sell up when you want to, and you could even make a profit with it.
- You’ll be eligible for tax deductions, making it even more affordable.
- You can rent out any extra space you have to generate more revenue.
- You’ll have more flexibility with the space than you would when you’re renting.
These can all be more than enough to convince you to build your commercial space. If you decide to take the plunge, it’s worth knowing what you’re doing.
Thankfully, this doesn’t need to be too complicated. While it can feel overwhelming, it’s just a matter of taking the right steps. Once you do, you shouldn’t have much to worry about. You’ll get through it relatively easily, and you’ll be in your new space before you know it.
Seven particular steps can be essential for this. They’ll help you make sure everything goes as smoothly as it should.
Building Your Commercial Space: 7 Steps You Need to Take
1. Getting Your Company Ready
Before you start building a commercial space, you’ll have to make sure your company is actually ready for it. It’ll be a time-consuming process and can have quite an impact on your business. It’s always worth making sure you have a realistic plan in place before you start off.
A lot of this focuses on finances and making sure you’re making the right move for you. Don’t overlook the importance of picking the right location to build your premises. This can be much more important than many people believe, and it’s worth spending a lot of time figuring out.
2. Designing the Building
Once you’re ready and committed to building your commercial space, you’ll need to start designing it. This doesn’t mean just coming up with a rough design and leaving it at that. You could run into more than a few problems if you take that path. There are a few other factors to keep in mind.
The actual space you have to build on will be a key part of this. You’ll need to keep existing infrastructure in mind, including roads and utilities. Factor in the various types of rooms, spacing, and much more when you’re putting this design together.
3. Pre-Construction Phase
Now you have the designs sorted and finalized, you’ll enter the pre-construction phase. A lot of this focuses on getting everyone in place to actually work on your commercial space. This doesn’t just mean the construction workers you’ll hire, though they can be one of the more important.
You’ll also need to consider an architect and similar professionals that can help with the overall process. Don’t overlook subcontractors that could work on the project. During this phase, you should also get a rough timeline for how long the construction should take from start to finish. Make sure you get this.
4. Procurement
Procurement is the stage of the process where you’ll get everything you’ll need to actually start construction. Most of this focuses on getting the materials you need to start and finish the entire project. A lot of this involves contacting suppliers and other third parties to get these materials.
Don’t be afraid to negotiate when you’re doing this. It could help you bring the overall price down. With how expensive they can be, there’s no reason not to give it a go. Make sure you focus on quality materials and equipment when you’re doing this.
5. Building Work
Now you have your contractors and materials, it’s time to actually get started on the process. You should be given a timeline before this starts, and you’ll have an accurate idea of what’s happening and when. This can still be one of the more complicated parts of the process.
As long as you’ve hired proper contractors, however, there shouldn’t be much to worry about. Keep an eye on everything as it’s being done, and make sure you’re kept in the loop. As time-consuming as this part of the process is, there shouldn’t be anything to worry about.
6. Testing & Certifying
Once the building work is complete, you could think you can move your business in and start operating straight away. That isn’t the case. Various parts of the construction will need to be tested and certified as safe to use. There are more than a few of these tests it’ll have to go through.
Some of these could depend on your industry, but most of them focus on safety when the building is being used. You’ll need to hire an external party to perform this testing, but it shouldn’t be too difficult or time-consuming to do. As long as you worked with great contractors, getting through this is easy.
7. Using the Building
Once your commercial space has been tested and certified to work from, there shouldn’t be anything stopping you from moving in. You can start moving your equipment, furniture, and other necessities in. It could be worth spending a little time making sure you decorate and furnish it properly.
Moving employees in can be one of the trickier parts of this. It’s worth having a gameplan to make this as straightforward for them – and you – as possible. Once you do, you’ll be using your commercial building, and you shouldn’t have a problem seeing more and more success going forward.
Tips for Building Your Commercial Space
Taking the right steps makes sure the entire process goes as smoothly. You’ll be building your commercial space before you know it, and it should be relatively straightforward. That doesn’t mean there aren’t a few other things that could make it even easier.
A few tips can be more than enough for this. Some of the more notable include:
- Work With the Best Contractors – The contractors you use on your commercial building make a significant difference in the entire process. They’ll also impact how high-quality the work is. Pick the right commercial building contractors for your needs. While this could mean spending more, it’ll be worth it.
- Have a Realistic Budget – Speaking of expenses, it’s always worth making sure you have a realistic budget when you build a commercial space. It’ll be an expensive process, and you’ll need to shell out quite a bit for it. Put together a budget that accurately reflects how much you’ll need to spend. Don’t overlook unexpected costs while you’re at it.
- Plan For Setbacks – Building your commercial space should be straightforward, but that doesn’t mean nothing will come up. There could be delays for more than a few reasons, and these could negatively affect the process. The trick to this is making sure you plan ahead for them so the setback isn’t as bad as it could’ve been.
These should help make building your commercial space even easier. While it’ll still take time and effort, it shouldn’t be as complicated as you could think. You could even avoid a decent bit of stress when you’re going through the process.
Final Thoughts
Your business needs a space to operate from. Usually you can rent this, especially at the start. At a certain point, however, you might need to consider building your commercial space. It offers more than a few benefits, especially compared to renting one long-term.
As much as you could need it, you could feel overwhelmed at the process. You might believe it has to involve a lot of stress and hassle.
That isn’t the case. It can be a relatively straightforward process. It’s just a matter of taking the right steps, and it should go much more smoothly than you’d think. Add in a few tips, and there’ll be nothing to worry about.
