When you have been running a business for years, seeing it flourish can be one of the most satisfying experiences. All of your hard work is paying off, and you can start to think about how you can make changes to accommodate this growth and where you would like to take your business as it moves into a new chapter.
For some business owners, upgrading to a better office space to house a growing team can be a logical next step. While it is important to make sure that you have a suitable workspace for your employees and overall operations, taking on a bigger lease in an office building, or renting another suitable workspace, might not be the right move. Although this can be more straightforward than building a workspace for your company, there are some perks to doing this that you may want to consider. This includes the benefit of not having a landlord to deal with, being able to customize your workspace for your business needs, and the opportunity to build equity over time.
If you think you would like to construct an office building, warehouse, or factory for your company instead of leasing, here are some important things to think about first.
The Cost of Construction
One of the main concerns that you need to take into consideration is how much a project like this will cost your company. Take the time to do some thorough research into this, and get some quotes from construction companies to get a rough average you can work with. You should also factor in any unexpected costs, as it’s not uncommon for this to happen in construction work.
As well as materials, labor, and so forth, you will also need to think about the cost of purchasing land to build your new offices on. This could also include taxes added to the cost of sale and other conveyancing fees.
What is the Purpose of Your Workspace?
To get the most accurate quotes possible from contractors, you will need to provide them with as much information regarding your project as possible. Therefore, you need to make sure you have carefully thought through the purpose of your desired workspace and make sure that these needs are met in your designs. For example, if you needed to include a warehouse hall structure for storing your business’s products until they are distributed, you will need. You can find efficient hall construction tips here.
You will also need to keep in mind issues like parking spaces for employees and visitors, entry onto the property, fire escape routes, and any other important facilities you need/want to include in your design.
It’s also important to make sure that you get the location right if you are planning to construct a workspace for your business. Factors like how long it will take employees to commute to the office, how the building fits in with the local architecture, and how this project will impact the local environment are all very important. You should also consider how well situated your new office building is in terms of other business relationships, particularly if you work closely with other suppliers, clients, etc., as part of your daily operations. Having easy links between these connections will be equally valuable. Therefore, locating your new offices somewhere that can enable this will work in your favor.
Room for Expansion
You might also want to keep in mind the possibility of expanding your office buildings/complex in the future. As your business continues to grow, adding to this workspace might become necessary, so find some land that can allow you to do this. You could even consider hiring office space or storage units for other businesses as an additional form of income if this is possible.
As mentioned previously, you will need to think about how your new build will impact the local environment, but choosing to create a sustainable building, in general, is a good idea. Not only does this mean that you’re helping the environment overall, but it could also help you to save money on energy bills in the long term. Things like solar panels on the roof, double or triple-glazed windows, quality insulation, sustainable wastewater systems, etc., are all things you should discuss with your architect and contractors to get the best results.
If you are interested in the idea of constructing a workspace for your business from scratch instead of leasing, think about the points above to help you start drawing up plans for this project.