Constructing a commercial building is a huge project and most business owners don’t even try getting into it and settle for buying or renting a property. However, building your own building gives you much more freedom both in terms of construction and in terms of finances.
It’s something that a company should undertake only if they plan to use the building for decades and are ready to put a lot of money and time into the project. In the long run, it can be a rather lucrative venture since it’s a property you get to rent, sell or borrow against in the years to come.
A business plan
Firstly, since this is a large and expensive project, it’s essential to create a business plan for the construction itself. It’s something that shouldn’t be left to architects only; a financial advisor should also play a large role in setting up such a plan.
The plan should cover how the building will be financed; the stages of the work, and it should leave room for potential problems, delays, and unforeseen expenses. It should also project the revenue coming from having your own business HQ.
There are numerous permits that you’ll need to obtain in order to start the construction work. Some of them are the same regardless of where you build and how you do it, but others are local and reserved for certain types of construction projects.
It’s important to have in mind that obtaining these permits won’t cost you just in terms of money (since most of them come with some fees and taxes), but also in time. The government usually works at their own pace, and you’ll need to factor in the delays in your overall plans.
You’ll need to hire a whole team of experts needed to construct a commercial building, starting from architects all the way to a reliable roofing contractor. There’s also work to be done after the building has been completed. It will also take a team of interior designers and decorators to bring it up to the standards of a modern company.
As is the case with hiring any professional, shopping around for experts could save you quite a lot of money. It’s easier to hire one team to complete the work from start to finish, but it’s also a much more expensive way to go.
Set up a timeframe
There’s nothing more annoying to the contractors (and just a few things that are more expensive) than making a change at the last minute. That can be avoided by setting up a timeframe in which the work will be done. It’s best to set up distinct phases.
This is also a good place to exercise flexibility since there’s no way to plan a construction project to the last minute. Leave some time for mistakes that might come up and for the additional work that may be needed for them to be fixed.
There are not that many companies that are able to construct their own commercial building. Those who do could take advantage of the freedom and financial opportunities this opens up. It’s a complex process that needs to be planned out both in terms of its cost and in terms of the timeline for the work that needs to be done.
It’s also useful to shop around for both materials and the expert architects and construction workers you plan to hire. This will allow you to save on both of those expenses by finding the most lucrative deal.