When your company has outgrown its current office space, the next step to take is to determine what the best way to expand will be. Whether you choose to rent an existing building or construct one of your own, there are many considerations that need to be made in order to ensure that this expansion goes as planned. This article will review a few of the most important factors to consider when choosing how to expand your business’s office space.
Be sure to carefully consider where you’re putting your new office. It’s easy to look at a map and draw lines between neighboring cities, but it’s important to realize that driving between some of these places can take much longer than you might think. The fact is, there are many small-business owners who don’t feel comfortable with their employees driving as much as they have to; thus, they will pay an additional fee for workers who reside within walking distance of their building. For example, a real estate agent in Chicago may make an extra $1,000 per month for each employee who lives within 15 minutes of his office versus those who need a car—that could add up pretty quickly.
Finding a Contractor
Finding a commercial contractor to help you with your build can be a challenging process. Even if you don’t know much about construction, there are things that every business owner should look for when selecting a professional building partner. Ideally, you’ll want to work with someone who is licensed, insured, and has done a lot of work in your area. There are certainly benefits to going with an established company that has a great reputation, but it’s equally important to make sure they have relevant experience.
A lot of small business owners like to think big. They spend a great deal of time dreaming about their grand future success. Before you get ahead of yourself designing a giant office space, be sure you have an accurate budget in place; otherwise, your lofty plans could quickly come tumbling down around you. To stay on budget, consider three things: your projected income, your projected expenses (such as rent and utilities), and any additional costs that might arise over time. The more accurate your construction budget is, the better off you’ll be in terms of staying profitable.
A good rule of thumb is to estimate how long you think it will take to complete your project and double it. If you’re having a new building constructed, plan on starting at least six months in advance—building custom, high-end office spaces take time. Set up all meetings, surveys, and on-site inspections early so that nothing gets held up due to a scheduling conflict. A good general contractor will be able to walk you through all of these preparations in more detail and help ensure everything goes smoothly for an efficient construction process. Just remember: Be realistic about your timeline! Pushing deadlines can lead to unanticipated delays—not an option if you want your new space up and running by year’s end.
When you are building your new office, there are many things that need to be considered. Keep this information in mind as you prepare to construct a new office building.