In the same way that many first-time homebuyers find that they could save money by building their own home, a lot of businesses, especially those who have very specific requirements for the kind of space they need, find that having brand new custom-built premises made for them can get the same result. As well as cost-savings, you will also have a lot more control over the facilities that are available to you and can end up with a much more productive space overall.
By Team Savant
Image: Mikhail Derecha
Of course, whether you’re opting for office or industrial building construction, it will also take a lot more time and planning to build your own business premises. There are several different factors that you will have to take into consideration before you commit to the project. Here are the things that you need to think about, what the advantages are, and how you should go about it.
Advantages and Disadvantages of Building Your Own Work Space
Pro: More Control Over Location
If you only have the options that are available on the market at the time you are looking for premises, this can limit where you put your next workspace. Whatever location you choose, it will definitely have several knock-on effects for you and your employees, whether positive or negative. It can impact the talent pool you can hire from, how people will travel to work, and how easy it is for clients or customers to reach you. If most of your workforce will be commuting from a faraway urban area, then building your own premises closer to them, for example, can have a very positive impact on morale and productivity in your team.
Con: Building Takes Time and Money
Anyone who has ever had to deal with a building contractor will know that the timeframe that they give is almost always overly optimistic. From a financial standpoint, finding the resources to pay for architects and contractors can be a problem as well. You will need to carry out a very careful cost-benefit analysis to be certain whether the increased inputs in the beginning of a build are going to be worth the costs in the long-run, and how quickly these costs can be offset.
You will need to keep in mind that as soon as you move into your own premises, you become your own landlord. You will be making a considerable saving every month by not having to pay rent every month. And at the end of building your own premises, you will be getting an appreciating asset, something which can ever happen if you keep renting business premises.
Pro: Customise For Your Requirements
Having the freedom to completely design a space that will meet all your specific needs should not be overlooked. If your industry is a more unusual one, like a brewery, bakery, or a tech firm, then finding suitable existing office space that will do what you need it to can be difficult. You will often have to settle for the next best thing or something that is only ‘good enough’. It is important though that you build with your potential future needs in mind too, and not just try to fulfill the needs that you have right now. In five or ten years’ time, your needs may have changed, such as needing space for a larger workforce or room for larger pieces of equipment.
Instead, try to build more than you currently need. This gives you the option to sublet the extra space out to another smaller company and make some more extra income (potentially for several years to come) until you need the extra space yourself if you end up needing it all.
How To Go About It
Before you make your final decision about what to do, you will need to spend a bit of time getting some assessments done, looking at possible locations, and getting quotes from architects and contractors so you can factor the numbers into your plans too. It is usually impossible to be completely accurate with these estimat4es, as unfortunately, every project tends to hit some unexpected issues or delays. If you factor in a reasonable safety net in your budget, then you can keep those nasty surprises that can be expensive to a minimum. It is also a very good idea, in the long run, to make sure that your contractor is working with subcontractors and equipment providers who are proven, skilled, and reliable. Don’t let them just go with the cheapest quote in order to line their own pockets. The more involved in the process you are, the better.
Step 1: Hire Building Service Consultants
When you really want to make sure you are building the best possible business premises, you need to source expert help and guidance. If you are serious about developing the perfect business premises yourself, you should enlist the services of Whitecode building service consultants, who can take charge of some of the key elements of designing and creating the ideal business premises. Their years of experience are invaluable in assisting you with this, and it is important to think about some of the leading options that are going to help you focus on this more effectively.
Building and developing your own business premises is essential for making your company more successful, and more prominent. You need to ensure you have plenty of help and support, and this is something that you need to try to focus on when looking to achieve this.
Step 2: Get Second Opinions and Involve Your Employees
Show your plans to as many people as possible, including the employees who will be making working in the finished premises. They will have a unique perspective on the issues that made you want to leave your old space in the first place, and will often have invaluable suggestions or will spot potential issues in the designs that wouldn’t have occurred to you.
Get Legal Advice
Getting legal advice and representation is always a good idea. You could need help understanding things like zoning restrictions, fire safety, environmental impact assessments, or dealing with contractors who aren’t delivering what they promised.
Once you have a rough final cost and timeframe, you will also need a plan for what to do in while your new premises are being built. If you’ve already run out of space, then it can help to let staff who can work from home.
When the time comes to move, avoid having to transport more equipment than you need. Start clearing out things you aren’t using anymore. This could be old furniture, broken electronics, or outdated machinery. You’ll create more space and have less to move as well.
Just like building a new home, building office space can be stressful, so be prepared. However, taking ownership of a shiny new building that’s just for you to keep is a great feeling, worth the stress.