Raise your hand if someone in your home watches HGTV. Whether it’s you or your spouse, it’s fun to sit and watch as couples all over the country decide on either which home to buy, or how to best renovate their property. Why? We all like new stuff. We get excited over new cars like a kid on Christmas morning. We treat our new smart phones as the best invention since sliced bread (side note: why is this phrase a thing? If sliced bread had never been invented, we all know how to use a knife on a loaf of bread. But I digress).
The epitomes of the American dream are to be a homeowner and entrepreneur. Both involve owning property. So, in a sense, getting to switch things around in a renovation project not only can be exciting, it’s also a sign of a promising future.
But you can’t just repaint the walls, add a few decorative items, and call it a day. Renovating a business requires careful planning. For example:
1. Don’t pass on the cost to customers: Let’s say you go over budget and realize the renovation costs are really hurting your bottom line. You’re going to have to get a grip and strategize about a viable recovery. If you’re providing an overall better experience (think a regular movie theater vs. Cine Bistro), then, by all means, increase prices. But if you’re planning on charging more for the same items just because your renovation costs got out of hand, you’ll be shooting yourself in the foot.
2. Get creative: Right after Hurricane Irma hit Tampa Bay, people were getting antsy with their cabin fever and tired of eating tuna and crackers. So what made everything better? Businesses who announced on social media that they were already open, and/or they were offering discounts; or that people could come over, charge their cell phones, and [insert any type of entertainment]. So an event that could’ve proven fatal for a new business (or a recently renovated one) provided additional business opportunities for creative business owners. You don’t have to wait for a hurricane to hit us (please, don’t). But if you just renovated your work space and it looks fantastic, still make a big hoopla about it on social media, and watch people flow in through your door.
3. Think outside the box: Let’s say you just renovated a pastry shop. Everything looks straight out of a magazine, and you’re looking forward to serving customers. Set up a booth at local farmers’ markets, and bring promotional materials. Tampa Bay alone has one in Hyde Park Village in South Tampa, one in downtown St. Petersburg, one in Safety Harbor, one in Dunedin… People who might’ve never heard of you before now have a reason to visit your business.
Renovating is exciting and the beginning of a new chapter in your business; but you have to go in knowing what you’re doing. The best way to ensure you’re making the best choices is to discuss your plans with knowledgeable experts. At Eclipse Building Corp., we can help you review feasibility studies, overview construction management, and even provide you with maintenance post project. Give us a call, and let’s talk about what you have in mind.