Business space is a milestone for every starting entrepreneur. It is considered a big jump since you will be having your working area, possible warehouse, and a business name going up on the signboard built with hard work through the years.
During the pandemic, there has been an estimated 440,000 businesses opened in July 2021. The applications to sort to business surged due to COVID-19’s effects on the economy. Several startups and small businesses have come up, and entrepreneurship in the US increased more than in any other economy.
Some people beginning their plans without knowing where they are headed can lead to extra costs and failure to continue business operations. Depending on your industry, you will surely need adequate space.
Renting a one-bedroom apartment can save you money, but the space might not be enough to support a flexible working area in the long run. But this depends on you and your budget.
Before jumping into big decisions, set up a plan and figure out your business needs and how much space you would need to occupy. If your budget is limited, you can opt to rent a commercial space and turn it into your working area.
But if you have decided to create your commercial structure for your business, it will save you money in the long run, and you would be able to operate without paying a lease nor feeling restricted by the owner. You can also be free to choose your location, sublet for additional revenue in case there is extra space in the premises, and use it as collateral since buildings owned by the business are considered an asset.
To ensure a successful process with building your own office, here are some things to keep in mind:
Don’t underestimate your cost
The most important thing you need to do is to figure out your budget for your office project. Determine all the supplies, equipment, and construction materials that will be used. List down everything and prepare for extra costs so you can be fully prepared for every material needed.
You can come up with a detailed spreadsheet that lists down each of your possible expenses per category which can help you calculate the total cost of starting your office. You will need a great deal of construction equipment such as heavy-duty track loaders, excavators, and dump trucks. Consider renting these products, but it might get expensive when it is needed for some time. Buying them might be a better idea since you might need them again in the future or can resell them to other businesses
Hire a good architect
Consult with an expert to discuss how you want your office to look. You would want someone who you can rely on and can help you envision your dream office. Hiring a good architect that will meet your needs and create a blueprint with your vision is a must-have for a successful commercial structure.
Plan your space well and figure out how many rooms you’d want to have and how you will divide it for your office. You might wish to have a good reception for clients, a small meeting room, a storage room for your products if applicable, and working spaces for your employees.
Choose an excellent contractor
After the design, find a contractor that can make your vision turn to reality. Choose a licensed contractor with experience. Make sure that you get along well and like their past works to see if it fits your preference. You will be spending a lot of time during construction hence why it is best that you like their personality too.
Acquire a commercial building permit
You must acquire a commercial building permit before you can begin your office construction. The requirements of a permit depend on your city and state. You will need to submit building plans, documentation, and sign several forms. Note that this might take time to prepare for it and note it as a possible setback.
Plan for setbacks
You may experience possible setbacks despite being fully prepared with your projects like bad weather and the time of your project. When a building permit is given, it might take one to two months for light modifications and four to six months to finish it. If you prepare yourself for them, they can be handled better and won’t have the capability to derail the construction.
Get the necessary furniture and office equipment
Once your construction’s fully built, you will need to have furniture and other office equipment like ergonomic tables, chairs, and whiteboards. Some pieces will be expensive if you want long-lasting furniture while some can be cheap which you can find on vintage shops or market items that are on sale if you’re on a budget.
Deciding to build your own office space is a big jump for entrepreneurs. It is no easy task but there are several benefits like a fixed cost, the lack of need to rent one, and the additional income if you decide to rent some rooms.