As your business grows, the space where you conduct business in would need to grow, too. This means you may have to renovate the current building where you do business at. Alternatively, may need to have an entirely new building constructed.
If it’s the latter, you’re on the right page. We’ve rounded up the top things you should know when having your first commercial building constructed.
- Getting the most correct and reliable projections matters.
Know what your business revenue and expenses will be while you’re having your first commercial building constructed. This will help you determine how much capital you can invest. It will then tell you how much more you need in terms of financing and what payment terms is best for you. With the right projections, you won’t find yourself taking on more debt than you can handle.
- Securing financing before beginning the project is the wisest move.
Let’s say that the capital you are able to invest isn’t enough to finish the project. Your next step is to find a bank or a lending institution which can fund your building construction while providing you with payment terms that will work best for you. Once you’ve secured that, you’re good to go with starting the construction of your first commercial building.
- Taking care of the legal stuff can be time-consuming.
Every state has its own requirements and laws when it comes to building permits and zoning. Before having the construction process started, it’s required that you secure all of the necessary permits. There are even times when the construction doesn’t begin until a building inspector visits and inspects the area where you’re having a commercial building constructed.
For this reason, it matters to have a reputable contractor by your side. They will help obtain the permits needed to begin your project the soonest possible time. They’re also knowledgeable when it comes to zoning. More importantly, they can help with potential snags caused by building inspection issues.
- Hiring a reputable contractor will save you money in the long run.
Unless you have a solid experience in the commercial building industry, it’s best to find a contractor with an outstanding reputation and established connection. This reputable contractor will provide you with the guidance you need in making your first commercial building construction a success. They’ll work with your specific needs and secure the price to fit your current budget.
Be Actively Involved in Your First Commercial Building Construction
The construction process from beginning to end can be daunting. Being knowledgeable about these things will help make the entire building process smoother and less stressful for you and your contractor. More importantly, it will save you money on your finished building. Be smarter. Live by these life-saving tips and gain some advantage.
Written by Hubert Builders, a full service commercial construction company in Columbia, MO.
