For small businesses, renovating a location can prove challenging on various levels. Owners must figure out how to finance the renovations. They must then apply for permits and figure out whether tax credits are available for renovations. The planning stage for such endeavors can last for months before construction begins. In each case, renovations cost a lot of money, and expenses could extend beyond construction.
The True Cost of Business Renovations
Business owners must decide whether to remain open during construction or not. Sometimes, renovations force the closure of a location, and there’s no way around that. Most renovation projects are flexible enough to avoid long-term closures, though. Shuttering the doors during construction could cost a business thousands of dollars per day, and many small businesses cannot afford to lose so much money.
So, how can businesses stay open throughout this process?
Keeping The Customers (and Revenue) Coming In
A renovation project should be planned in stages to keep the doors open. For instance, construction can be broken into different sections. It’s possible to work on renovations during business hours while avoiding areas with customers. Businesses could opt to close certain areas for construction while keeping core areas functional. By working around certain areas, companies can remain open like normal.
Capacity could be limited by renovations during the day, though. To avoid that situation, an owner could have renovations completed outside of business hours. Renovation could occur throughout the night to avoid inconveniencing customers or restricting operating capacity. Also, any renovations scheduled for key customer and operational areas could be tackled at night at the beginning to avoid store closures.
Business owners shouldn’t hesitate to utilize some creativity here. Typically, customers are more than willing to deal with the hassles of renovations. If customers love a given business enough, then they’ll keep coming back no matter what. Renovations can be broken into stages with breaks in between, if necessary. Creative solutions can keep the doors open each and every day of construction.
What is the true cost of closing down temporarily?
For most businesses, closing for an extended period comes with dire consequences. That business loses money each and every day as mentioned before. Loyal customers won’t always wait out the renovation project with a full store closure. When companies lose loyal, repeat customers, then they pay even more money to acquire new customers. A small business can’t afford these tangible and intangible expenses for closing down.
Staying Open Isn’t Impossible!
Few renovation projects at business locations require an extended closure. Many businesses can continue to operate during construction, even in a limited capacity. In the end, keeping the doors open helps avoid financial losses from staying closed. Every day of closure hurts a business in multiple ways after all. Business owners should strive to remain open while construction is occurring.