Owning a business is not an easy feat and if you own the building that your company operates from, you’ll know just how difficult things can get financially! Starting out in business usually means beginning from a small office or spare bedroom and gradually building up to buying an office complex and running your company from there. If you are fortunate enough to be in a position where you own your office building, then more than anyone else you will be aware of the responsibilities at your feet to keep the building in a good condition.
Usually, an office renovation refers to the interior space available. This is often because the space you are looking after is rented, and so you won’t be responsible for the actual building foundations, concrete levelling for the building or installation of aggregate piers to improve the structure of the building. When you own a building, you are in charge of this, which means that if the building is falling apart it’s up to you to find excellent contractors to oversee a total building renovation. Decisions like that require careful planning, planning permission and financial planning to ensure that you are able to afford and manage such a huge job.
Renovating a building or warehouse you own can often feel like an excellent option. Firstly, you own the building and making improvements can only serve to help the cause if you should choose to sell up one day and move into bigger premises. It’s a cheaper option than moving, it’s convenient and you are able to truly enjoy how your money has been spent. It can be really tempting to pack everything up, sell up the building and move to a new area, but look at what you have before you make such a huge decision. Lots of businesses outgrow their space, so a renovation with a view to sell could actually line your business account and help you to buy better premises in a better location.
An office renovation can be disruptive, which is off-putting to many business owners who simply want to crack on and get some money made for their company. The thing is, a relocation to an entirely new building can have a similar level of disruption. Equipment can be expensive to uninstall, move and reinstall. It could also be fragile in nature and the risk of damage en route may not be worth the move. If all that you need to do is redo the interiors, then there’s no point at all in looking to relocate to another location, especially if the location your office building is already in is perfect for the nature of your particular business. Buying a bigger office building is an excellent solution to the problem long-term, as you can find space for storage, equipment and even people if you’re on track for an expansion. If you are moving because the building itself is crumbling, weigh up the cost of the renovation versus the cost of relocation and go from there.
No one wants to inherit a crumbling building, and so you have to plan carefully if renovation is the route you intend to go down. You should consider your business practices and your staff; if you need to move your workforce into temporary accommodation, you will need to prepare for that as it’s a lot of upheaval for them and for the clients you deal with. Planning is imperative for office renovation, and so you will need to do a few months of researching finances and planning what services you need to hire. Business doesn’t have to halt because the bricks are falling around you, you just have to know what to do to keep things running in the meantime.
Relocating is another option for your business and one that should be considered. If the building you’ve started out in is not in the right location for your business goals, then selling up and heading closer to the city could be the best option for you. It’ll be better for your people, too, because they may find it easier to commute to the city than to a remote location. There is a level of downtime that many companies expect when swapping offices, but actually this can easily be overcome. You could take the initiative of overlapping services, so that new services for IT and electricity and phone lines are all activated in the new premises the day before your staff and furniture moves in. This could make life easier for you!
Relocation gives you the opportunity to measure up and upgrade your space. So, if you choose to buy new offices rather than rent them, you can go and view offices that are slightly more modern, in a nicer area and once purchased, are all yours! It’s the very best of both worlds, as you would ideally have made some money on your sale from the last building you owned. You can pay for a designer to fit out the space to match your needs completely. You could also dither over swatches for colours and carpets. The new office could be upgraded completely from what you used to have, which is a huge advantage if you plan to have clients and customers visit you in house.
Choosing to relocate to a new space can prove costly, so make sure you sit and work out the financial side of things before you get a move sorted out. The situation for your business will differ from others, so you have to decide whether the changes you want to make are realistic for both your staff and for your budget. There is no point paying to renovate a building if it will be a simple patch up and make do job until the next crumble. There is also no point in planning a total relocation if you can’t manage the new costs! Sit down with your financial advisor and come up with a plan that is comfortable all round.
