Renovations are a great way to improve the aesthetics and function of a retail store. As more and more shoppers continue to walk through the doors, you may find that your current store isn’t physically large enough to comfortably accommodate everyone. Thankfully, you can solve this problem by performing some renovations. Before you go hiring a contractor, though, there are a few things you should consider.
#1) How Will It Affect My Normal Business Operations?
Small renovation projects may have little-to-no effect on your normal business operations, but larger ones could force you to close the doors to your retail store for days or even weeks. Talk with your contractor to determine exactly how long the renovations will take and whether or not your business can operate during the process.
#2) Are Renovations Allowed?
If you’re renting the building for your retail store, the landlord probably has certain restrictions on what renovations are allowed and what’s prohibited. Jumping into a major renovation project without getting prior approval from the landlord could be a costly mistake, so make sure you check with them beforehand. It only takes a couple minutes to pick up the phone and make call.
#3) Do I Need a Loan?
The good news is that retail store owners don’t have to front 100% of the finances for major renovations. There are plenty of banks and financial institutions who are eager to loan their money specifically for renovation projects such as this. Applying for a renovation load will take some of the financial burden off your shoulders.
#4) Is Cleanup Included?
Find out whether or not cleanup is include in the price of a renovation. Assuming you are hiring a contractor, you’ll probably want them to handle the cleanup as well. There’s nothing worse than being left with a retail store that’s riddled with dust, dirt and tools after a renovation. Some contractors include this in their price, but others may charge extra for cleanup services.
#5) How Will It Affect My Overhead?
The fact is that not all retail store renovations are beneficial. On the contrary, some of them could end up raising your overhead expenses. Installing new lighting, for instance, may increase your electrical costs. Be sure to weigh both the pros and cons of a renovation project to determine whether or not it’s worth the investment.