As your business continues to grow, you may find yourself short on space. If you don’t have enough room to house new employees, you will soon end up with a cramped office that is frustrating to work in, and this affects productivity. Having a tiny office that isn’t equipped for your needs also sends the wrong message to any potential customers that visit. So, it’s time for an upgrade.
Unfortunately, finding a new space is often easier said than done. Even if you do manage to find the perfect space, you then need to execute a seamless office move. Many businesses struggle to find an office that meets all of their requirements, which ultimately leads to them making sacrifices. But is there another way? If you can’t find the right office, why not build it? Building your own office has its benefits because you get exactly what you want and you have a big asset to fall back on if things get tough. However, taking on a big office build project is no easy feat and there are a lot of challenges you will face along the way. If you are planning to build your own office, these are some of the big hurdles you must be prepared for.
Finding The Money
Even if your business is doing well, it’s incredibly unlikely that you will have enough cash lying around to build and furnish a brand new office. So, finding the right commercial real estate financing is the first big challenge you have to overcome. Obtaining funding is more difficult if you are building an office rather than buying one. If you want to improve your chances of securing funding, keep the designs simple so you can keep the costs down. Make sure that your finances are in good shape too.
Finding The Right Piece Of Land
Before you can start building, you need to find the perfect piece of land for your new office. There are a number of considerations to make here. Firstly, you need to find a good location that is easily accessible but also affordable. Finding the right balance here can be tough. However, it’s not just the location you need to consider, you also need to check the condition of the land itself and whether it is suitable for building on. When you think that you have found a piece of land, make sure that you get a survey done to ensure that there are no underlying issues. It can quickly get very expensive if you buy a piece of land only to realize that there are problems that prevent you from building.
Dealing With Unexpected Costs
Whenever you undertake a large construction project, there will always be curveballs. It’s important that you plan your budget and work with a reliable contractor to make sure that you can manage costs. However, it is very unlikely that you will go through the whole project without any hiccups. These problems and delays are likely to add costs, and it’s important that you are prepared for that. Budget extra money for added costs and if you are unable to do that, you should consider holding off until you are in a stronger financial position.
If you are not prepared for these challenges, your new office build could end up causing you a lot of problems.