When To Remodel Your Small Business – Part 1 of 3

Thinking about remodeling your small business can be daunting! When you first open it is hard to imagine there will ever be a time when your beautiful new space, clean desks and fresh carpet needs a remodel. However, the time can sneak up quickly. Now obviously, there are many factors for this, including the following:

  • What industry are you in and are you expected by your customers to keep up with trends?
  • How much foot traffic do you have and how much are your fixtures and flooring getting worn?
  • What do you do to maintain your working space?
  • Is there a way you can increase revenue by updating or is it just to stay current?

Three Possibilities For A Remodel or Face Lift

The first is a simple update of decor. This could include painting, fresh plate covers and new art. Pops of color and accent pieces cost much less than industry specific furniture, moving walls etc. So this option could be great for you. For this simple update you just need to prioritize what really needs replacing and what doesn’t.

The second is an update that includes some construction. However, it may include things you can do yourself or a friend or family member can help with as well. This could include fresh trim, paint, installing new ceramic tile, replacing faucets or doors. This can strike the right balance of a true face lift, but not a complete remodel.

The third and final option is a true overhaul of your space. This likely includes an architect, building permit and someone with a keen eye. This option should probably be reserved for further down the line. Possibly a time when re configuring your space could yield more sales or income for your small business.

In closing, the very first thing I would do is define your goals and make your decisions based on your goals. My opinion is that when you open your small business you should plan on a remodel of some sort within 5-12 years of opening based on your individual answers to the set of questions above.

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