4 Tips For Successfully Renovating Your Retail Space
If you have a retail space that has become stagnant, it is time to remodel. Remodeling your retail space can give it an entirely new life and allow you to attract new customers and retain old ones as well. You need to have a plan and a great retail contracting to work with a retail remodeling project.
Create a Budget
Before you get your project started, you need to know how much money you can spend on the remodel. You will need to decide if you will pay for the remodel out of your surplus cash, and if so, how much money you have to spend on the project. If you need a loan, you will want to go through the pre-approval and qualification process so you can see how much money you can borrow.
Knowing what your budget is will allow you to shape your plans for the space. Once you know your budget, be sure to set aside at least ten percent for emergency expenses. There is always an unknown element when remodeling an existing space, and having a little wiggle room in your budget will allow you to make it through emergency situations and stick to your budget at the same time.
Create a Detailed Plan
Next, you are going to want to create a detailed plan for your remodel. The more detailed the plan is, the better. A detailed plan will allow for precise budgeting and allow you to look for a contractor who will execute your plan. You will want to ensure that you budget for everything and plan for everything, from the cosmetic to the structural. You will want to work with an architect or an interior designer and a structural designer as well.
Be Strategic with Infrastructure Change
When you are planning your remodel, be very strategic about moving existing infrastructure. Try to work around the existing plumbing, electrical work, and ductwork if possible. Moving this work can really increase the cost of your project.
Work with your contractor to figure out what walls are load-bearing, and if possible, leave them in place. Your contractor can help you figure out what walls are just partitions and can be easily changed and which ones should be left in place. Your retail contractor can help you be strategic about avoiding changes that are going to cost you.
Have a Realistic Timeframe
Finally, you will want to ensure that you have a realistic time frame for the remodel. You will want to work to minimize the time needed for the project, as even if you can keep your store open while construction is going on, you will probably experience less traffic. Work with the contractor to figure out the fastest way to get the remodel done that will have a smaller impact on your business performance.
When it comes to remodeling a retail space, finding the right contractor is key. A good contractor will be able to get the work done quickly and will be able to review your detailed plans and help you avoid infrastructure changes that will break your budget.