A business idea is great. However, without the right space to bring the business alive, it is nothing more than a thought. For this reason, both finding a great location and having a successful buildout is critical. A successful buildout process will help transform the space from an empty canvas to something especially designed for you. In order to make the buildout process as smooth as possible, make sure you know what mistakes to avoid.
Forgetting The Landlord Needs You
While you are thankful that the landlord has decided to go into business with you, don't forget the fact that they also need you to rent the space if they want to earn money. Don't overlook this idea and think you have to cover the entire cost of the buildout on your own. In some instances, the property owner might be willing to cover the entire cost or at least a portion, if you agree to rent the space for a set period of time.
Make sure you are putting on your negotiating hat to offset some of your costs. Research how long the property has been sitting as well as the average cost of other rentals in the area. If the property has been sitting for a while or the landlord is getting considerably more than other rentals in the area, this could serve as a bargaining tool.
Under Or Over-Building
A successful buildout requires you to design and retrofit a space that is somewhere in the middle of less than you need and more than you need. When you can design a space in between these two points, you can save money while also creating a space that offers a little wiggle room for the business to grow. As far as under-building, look at the term of your lease and compare it to your projections.
You can use this comparison as a guide of what you will need to sustain up to that period. Failing to include necessary upgrades that will get you to this point can actually hinder your ability to grow. In terms of over-building, remember that it's not your space. Once your lease expires you will move on. Don't make any improvements that will benefit the actual property owner more than your business.
In addition to these factors, working with a contractor that is well versed in commercial construction, such as Lehman Construction Services Inc, can also help increase your chances of success. A commercial contractor can help you from the early stages of design all the way through completion.Share