One of the most significant steps that a business owner can take is to renovate his/her store. It is thrilling, but to tell the truth, it can be even frightening. New customers and increased sales are possible with a new appearance, yet a poorly planned project will drain your bank account and make you insane.
You must have a good game plan before you begin to tear down walls or extract paint colors. This is a basic, effective guide to all you need to know before you start.
Set Clear, Measurable Goals for Your Store Remodel
Ask yourself: Why am I doing this?
Without a clear target, you may have a pretty store but this may not really help your business to grow. Attempt to overcome such ambiguous objectives as “make it look better.” Rather, target particular results, e.g.:
- Increasing sales by 15%.
- Enhancing the speed of the checkout process.
- Providing additional room on the new product lines.
- Enhancement of foot traffic.
You will find it far easier to make every decision including lighting and layout when you know what you really want to accomplish.
How to Create a Realistic Retail Renovation Budget
Construction is not the only thing that needs to be covered in your budget. You also need to pay for:
- Design and architect fees.
- Permits and inspections.
- New signage.
- Moving inventory.
Always reserve a contingency fund. Professionals suggest you reserve 10 percent to 15 percent of your entire budget as a contingency. In an older building, that should be increased to 20. You can open up a wall and discover that the wiring or plumbing is outdated. With that spare cash on hand, you don’t have to panic when this happens.
Strategic Timing: Scheduling Your Construction Project
When should you start? This is critical. You certainly do not wish to be in the middle of construction at the time of your busiest sales.
For example, if you sell holiday gifts, do not renovate in November. If you are in a beach town, do not begin in July.
You can hire contractors to work at night so that you can remain open all day or can shut down parts of the store to reduce the cost of labor.
The idea of renovating a section at a time is a great way of keeping the doors open and the cash flowing, although it may cause the project to take a little longer to finish.
Protecting Stock with Commercial Storage Solutions
This is an aspect that is easily forgotten until the last minute: What are you going to do with all your belongings?
You cannot simply push your goods in a corner and have workers sanding drywall. You must have a secure and clean area to store your inventory, particularly the seasonal products or high-priced products. This is where commercial storage solutions come into the rescue. By renting a climate-controlled unit or portable container, you are certain that your inventory will not be lost, dusty, or damaged during the time of work being done.
Modernizing Your Retail Technology and Building Systems
The inside of your building is the best place to repair when it is being renovated.
- Wi-Fi: Do you have dead spots? Fix them now.
- Lighting: Change to LED lights. They are slightly more expensive initially but will save you a lot of money on the electric bill in the long run.
- Power Outlets: Include more than you believe you require particularly in places close to counter checkout points and display points.
Trying to save money by using less expensive finishes is tempting, yet durability is the king in a retail store. Shopping carts, dirty shoes, and foot traffic beat your floors and walls. You should have something that is presentable and yet can take the abuse. Good quality commercial flooring carpet can also be a good option as it absorbs noise, is comfortable when one is walking around, and is hard enough to resist wear and tear.
Navigating Permits and Legal Paperwork
Permits are not optional. You may require permission to change your sign, to move a sink, to do anything.
Failure to do this may result in the closure of your project or a huge fine by the city. Note that the process of obtaining permits may take weeks or months. You should include this waiting time in your schedule so that you do not find yourself sitting in the empty store waiting to get a stamp of approval.
Managing Finances and Accounting During Renovation
Renovations are a financial mess. You will be receiving deposits by contractors, invoices by suppliers, and daily surprises.
You must trace every penny to ensure that your business is healthy. It is important to implement strong Accounting Solutions at this stage. You require a system that would differentiate your normal operating costs and your renovation costs. This will assist you in knowing where the money is being spent and make sure you are prepared during the tax period because some of the improvements could be tax-deductible.
Communication Strategies for Staff and Customers
Sanity can be preserved through communication.
- Inform Your Employees: Keep them informed. It is they who have to put up with the noise and confusion on a daily basis. They can serve customers better in case they are aware of what is happening.
- Instruct Your Customers: Hang signs. Send out emails. Post on social media. Make people understand the reason as to why the store appears messy. The majority of the customers will be excited if they know you are making things better for them.
Final Thoughts on Retail Renovation Success
To renovate is not just a construction but a preparation of your business for the future.
With the help of planning your budget, securing your inventory, selecting the correct materials, and controlling your funds, you can make a stressful project into a massive success. You will not only have a new space when you open those doors again, you will have a better business.