MANY businesses struggle when renovating or expanding their business on a budget due to scope creep or poor pre-planning, especially if they are using construction work to build new premises or a new location.
Apart from establishing a stable budget that encapsulates all of your costs such as equipment and tool hire, there are also other considerations that you need to take into account when performing building work on your business.
Why should you renovate?
- Renovating or expanding your business is important to keep your business updated for customers. This also ensures that it contains modern resources and stays in line with all current regulations, such as health and safety. Renovating can also help you to grow your business by enabling you to store more stock in a warehouse or within the store.
- Renovating can also help to contain any health and safety issues within your building, such as structural problems, roof damage, or issues such as damp which may cause medical concerns. This is also a good opportunity to rewire any old or dangerous electrics too.
How can you keep your businesses’ cashflow going?
- One of the major problems for businesses, especially when they are on a budget, is how they will be able to keep their cashflow running while their premises are undergoing repair. However, by utilizing an e-commerce platform, or even by starting a construction blog with an e-commerce store attached, you will be able to make money online from any location, even if you are without premises for an extended period of time.
- You should also consider having a portion of your business open during the renovations, especially if you are simply expanding old premises, as although the building work may be off-putting, this will ensure that you can maintain the loyalty of your existing customers.
- You should also consider alternative ways of making money during the renovation, such as opening other services such as coaching and online course during the time that your premises are being renovated, much of which you can conduct purely through other online or mobile communication.
What equipment will you need?
- If you are demolishing current premises or stripping the interior, you should consider hiring heavy lifting equipment or bulldozers which can help to deconstruct your premises quickly and safely, as well as remove any large substances. However, you should always make sure that you are safe when using large equipment, and if you are concerned, you should hire a professional.
- You will also need hand tools such as sanders and drills if you are not hiring professionals, so that you can complete smaller jobs such as polishing surfaces and flooring.
Should you rent or buy equipment?
- Many businesses believes that they have to buy equipment if they will be using it for an extended period of time. However, renting is, by far, the cheapest option when it comes to investing in the equipment that you will need to renovate, especially if you will not be reusing the equipment or if the equipment has a short life span.
- Renting has many advantages for businesses if you have little storage facilities, as this will prevent having to use a large area of your warehouse for storing tools, especially if you will not be using them in the future.