By Brian McKay
So, you want to build some property for your business. You’re in a great position, being able to design a place that fits exactly the needs of your company and employees. But it’s not an easy process. That should already be obvious. You need to not only nail the build but consider financial viability as well as the logistics of it all. You need to wear the hat of an investor and a business owner. Let’s take a closer look at questions you should be asking about your project.
Before you start building anywhere, you need to make sure that you’ve got the right location. First of all, think of your employees. How easy is it for them to commute? Are you considering those that have to use public transport as well? Then you need to think of your shipping needs. An area in proximity to suppliers and postal services is going to be a lot more cost effective.
Starting from scratch
It’s just as important that you have all the right people working on the project itself. Have you never been involved in building commercial property before? Then you might want to consider how steps like construction project management can help. Advisors can not only help with designing and construction. You should also think about whether or not you have the expertise to deal with town planning and legal issues like permits. If you go into it without the proper knowledge at your back, you run the risk of screwing it up before you even get started.
Budget absolutely everything
Running a business and construction are two areas of life that need precise financial planning. When you’re doing both, then you have to be doubly careful. Make sure you have costs laid out for materials, services and permits amongst others. Consider the prices that go beyond just the build, however. When you’re looking at plans, particularly with electrics, you need to think of running costs. How you design the build could play a huge role in the shape of your utility costs. You don’t want to design a place that soon becomes too costly to keep running.
Think of it as an investment
The building isn’t just a place for you to use as a workspace, either. It’s also an asset that can be of great financial value to you. If you choose your location right, that can cause its value to shoot up by itself over time. But you need to make sure you’re doing work to manage your property as if you were leasing it. Invest in maintenance, from the outside in, to decrease the risks of wear and tear over time. Upgrade the HVAC and electronics from time to time, too. Even the business is sold on or fails, you can always bank on the investment of the building itself.
When building your own property, you need to think of it in a variety of ways. You need to think of it as a business owner using the property to make their business more profitable. You also need to think of it as a property owner with an asset. Balance these two roles to make sure you’re not missing any major considerations.
Brian McKay is a co-founder of zenruption. He has a B.A. in Political Science from Gonzaga University and an M.B.A. from Boise State University (yes that blue field). His goal in life is to look out for the regular guy and bring as much knowledge and change to this world as he can. His purpose in founding Zenruption was to do just that and help craft the world he wants his daughter to inherit. Please feel free to email him any feedback or article ideas at firstname.lastname@example.org. On twitter: @brianmckay71
On Facebook: https://www.facebook.com/briguy71