What to Consider Before Renovating Your Retail Business
Things to Consider Before Renovating Your Retail Business
As a property owner, it is your responsibility to keep your commercial buildings looking new for customers and potential renters. Whether that’s adding a new coat of paint or taking out a wall, simple modifications can make a big difference. Before you start any commercial renovation project, there are some things to consider. Headwaters Construction Inc., the best Sacramento commercial construction company, points out the key factors to keep in mind before renovating your retail business.
Your Reasons for the Renovation
Different retailers have different reasons for renovating, so first ask yourself why you want to renovate. Perhaps you want to expand the available space? Or you wish to rebrand the business? Do you want to modernize the property? Whatever your reasons, retail renovation contractors recommend that you develop a written plan that includes ideal timelines and details.
What Would You Like the Renovated Store to Look Like?
How do you envision your property to look? When consulting with a local commercial construction company, don’t be afraid to ask questions or share ideas. Our friends at Tureks Plumbing, a plumbing, and home-remodeling company in Appleton, recommend narrowing down the must-haves if you’re on a time-crunch. Establishing a complete design plan can take some time, so the sooner you have a general idea of what you want, the better. Regardless, Headwaters Construction Inc. can help. Our experienced construction team will give you their professional opinion and walk you through the construction process.
If you’re unsure about how you want to transform the space, our team can make recommendations. We also recommend that you ask employees, friends, family, or customers their opinion about potential design plans. These people, especially your employees, will give you practical suggestions since they are consistently in the space. This is also the time to work out any kinks so that we can finalize the renovation plan.
How Do You Intend to Finance the Retail Renovation Project?
Once you decide on a scope of work, and receive several bids from potential renovation contractors, add up the likely costs that you expect to incur during the project. The experienced retail renovation experts at Headwaters Construction Inc. suggest that you add a cushion of approximately 15% to your budget in order to cover any contingencies that could arise during the project.
Don’t worry if you don’t have the additional cash available to do so. There are plenty of financial options out there.
For example, you could talk to your bank about a loan whose repayment is spread out over several years instead of using your credit card to finance the renovation (which would attract high-interest rates).
How Will Your Renovation Project Affect Your Business?
As you plan the renovation project, think about the different ways your business will be affected. For example, what benefits do you plan to reap once the renovation is completed? Ensure that your expectations are realistic so that the cost of the renovation can be justified.
Adding a dressing room to a new clothing section can be a good way to generate more sales, for example. However, doubling the space allocated to an existing section in the retail outlet may not necessarily double the sales that you have been making.
Now is also the time to consider any temporary drawbacks that could result during the renovation. For instance, will you need to close the entire place or some sections can remain operational during the renovation? If you plan to close during the renovation, think of ways to create a buzz around your newly renovated premises so that you attract lots of customer traffic as soon as you reopen.
Have You Considered Your Competition?
Aim to offer a fresh shopping experience to your customers so that you are steps ahead of your competition. When your commercial renovation contractor does an exceptional job during the renovation, clients and competitors get an unspoken message that you are confident about the future of your business, and that inspires trust in your customers.
If properly planned and executed, commercial retail renovation projects can boost your business and position you as a leader in your industry. We at Headwaters Construction Inc. are available to help you during every stage of the renovation, so contact Headwaters Construction today!