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4 Tricks for Constructing Your Own Brick and Mortar Business (275 hits)

As a potential business owner going to business school, the decision to branch into a self-constructed brick and mortar business can be both exciting and scary. Exciting, because you’ve found enough success that you’re to the point where you can construct your own building to your exact specifications. Scary, because the large capital investment will require continued success to ensure you’re able to pay off the mortgage and cover ongoing operating costs.


In this day and age, taking a risk with a brick and mortar shop is intimidating. However, while planning right while you’re in school, you can be well on your way to having a great building that allows your business to continue to grow.


Prepare for Growth


As you design your building, make sure you consider your business’s future needs in addition to its current needs. Assuming you’re expecting your business to grow as a result of building this building, design a larger space than you’d need to meet your current needs.


After all, it is less expensive to build a larger building now than to have to add space to an existing building later. Also, prepare for any other future needs your business may have to keep up with growth, such as roughing-in extra capacity for electrical, water, and sewage needs. This ensures you can be more nimble, ready to adapt to change at a moment’s notice.


Pay for It


Once you have a good grasp of what your current and future needs are, it’s time to figure out how you’re going to pay for a building that will meet those needs; trust a professional consultant to figure out pricing and paying, like LCNB National Bank. You want to be sure to have every bit of financing in place before construction begins. You don’t want to make an assumption that you will be approved for a loan, only to be turned down after construction is already underway. By having a complete financial picture in place, you can move forward with construction while encountering fewer surprises along the way.


Get Some Work Done


One way to save money while constructing a new building is to do some of the work yourself. It might not be the first thing you think of, since this building isn’t being constructed for personal use. However, especially if you have a small business, getting involved and taking care of things yourself can set you up for greater financial success.


Not to mention that when the building is finished, the pride you’ll feel in the final product will be even greater than it would be if you remained hands-off. At the same time, it’s important to understand your limitations so you ensure that everything is ultimately completed correctly.


Do It Big


Once your new building has been completed, use its newness to your advantage as much as possible. Hold a big grand opening celebration to let everyone know you’re open for business and to create excitement about your brand. Bring in activities for entire families- even if your business isn’t necessarily a family business.


It’s important to let potential customers know that you care about the entire community, meaning you are a business that people can trust. Show off your building’s special features through tours, and make sure you have plenty of staff on hand to assist customers and answer any questions.


Celebrate


Beyond celebrating with the community, it’s important to take time in your own life to celebrate your business successes. Constructing a new building can be a time-consuming and sometimes stressful process, but at the end of it, you’ll receive a huge payoff that will set you up for future success. The world of business can be a scary one, especially if you plan on going out on your own after school, but with the right plan success is right around the corner.

Posted By: Emma Sturgis
Monday, March 5th 2018 at 2:11PM
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