Running a small company is a huge undertaking, let alone planning and carrying out a renovation for it while it’s still open for business!
Sometimes a business facelift (more than just a logo redesign) is much needed to kick-start stagnant profits, improve efficiencies, and increase customer satisfaction. Don’t shy away from this challenge — embrace it!
Before you begin, consider these four tips to help make your renovation project go as smoothly as it can.
Can you afford it?
Proper budgeting is key. Pick a budget and stay within it, no matter how tempting it is to stray from that number. Costs can add up quickly, and you don’t want to be in a bad financial position after completion. Make a note of the major and minor changes you want to be done and discuss the estimated costs with your contractor before signing a deal. It’s important to go over your specific desired changes rather than generic ones, as this could seriously affect your estimate.
Also, make sure you know how you’re going to finance this endeavor. Have you saved up enough to cover the costs? If not, where will the money come from? Will you reach out to investors, partners, family, friends, or get a bank loan? Whatever the solution, be cognizant of any potential lost revenue during the project and factor that into your overall cost. The last thing you want is a remodeling project to cause long-term financial instability.
What kind of unexpected issues will arise?
You’ve heard the expression “expect the unexpected” — this rings true when it comes to renovations. It is more than likely something will go wrong or at least not the way you had planned. Sudden surprise costs could sneak up on you, and even if you’ve padded your budget, for this reason, it still might not be enough. In an emergency, you can count on payday loans online from lenders to help temporarily bridge the money gap.
How long will it take?
It’s just as essential to know project timelines as it is to know project costs. Long-term projects are most likely infeasible if you have to close your business down for an extended period due to revenue loss. Working with your contractor to map out timelines for each phase of the renovation will allow you to schedule the work around your business’s schedule. A good idea is to have the renovations take place over long weekends, or during slower periods of the month, so you can avoid disrupting your customers as much as possible. Not only will this be more convenient for you, but your customers will appreciate being able to continue shopping without interruption.
What value will it bring to your business?
When planning a renovation for your small business, you need to seriously consider whether the facelift is superficial or self-serving, or if it actually serves a purpose for your customers or your bottom line. Launching a remodeling project because you’re bored of your shop’s interior may not be beneficial in the long run, but upgrading for efficiencies in operating costs (like adding solar panels for reduced energy consumption) or moving towards environmental sustainability certainly is. Upgrading to match a competitor or better serve customers, like improving a change room area, is also a beneficial and proactive approach, so think about your intentions and what will make your small business healthier.
Next Steps:
Small Business Failure Statistics SBA
Incfile vs LegalZoom Comparison Review
Business Idea Generator for Startups
