Renovations are a necessary expense for any business over time, but renovating a restaurant can be a huge undertaking. In addition to the actual costs of the renovation, there are a lot of “hidden” costs in employee downtime and a closed storefront. Fortunately, a skilled renovation company and construction management team can help you avoid many of these issues. If you’re thinking about investing in your property in the near future, here is what you need to think about.
What You Need To Think About Before Renovating Your Restaurant
WHAT NEEDS TO CHANGE?
Simply making changes to a restaurant for the sake of being new is a sure way to run out of money quickly. A better approach is to concentrate your budget on the areas that need the most work. Consider what needs to be changed in order to improve efficiency. These items typically need to have top priority, since they will directly affect your bottom line. Then, consider what things your customers want to be changed. Are there specific items that draw the most complaints? Read through online reviews to find out what your customers really think and use this as a basis to determine what areas need the most attention in a renovation.
DO I HAVE TO CLOSE MY DOORS?
As a business owner, you need to make the decision about whether you want to stay open during the renovation very early in the decision-making process. Your choice will affect all of the planning, demolition, construction and cleanup phases. Changing your mind halfway through the process can cost thousands of dollars as new plans have to be drawn up. Fortunately, a good construction company can tell you about your costs and allow you to weigh the advantages and disadvantages of both closing and staying open. Talk to your team about whether you can spread the renovations out in a way that would allow you to stay open without disturbing customers.
WHAT IS MY BUDGET?
Many restaurant owners have a limited amount of funds that they can spend on a renovation. Too many business owners fall into the trap of thinking that they should make small changes over time in order to keep their costs manageable. It’s crucial to make sure that this money is budgeted appropriately in order to avoid cost overruns. A good construction management company can help you to make sure that your renovations stay within the budget you set.
Of course, there are more costs than simply materials and labor. Construction companies that specialize in restaurant renovations can also advise you on budgeting for the costs of temporarily closing your business, handling employee pay and other miscellaneous expenses. While these costs may seem relatively minor, they have a way of adding up quickly. Restaurants tend to be a business where profit margins are small. Exceeding your restaurant renovation budget can be disastrous, especially if you have to pay back a loan in order to complete the work
WORK WITH ECONSTRUCT
If you need help with determining how to spend your budgeted money with the best return, call the professionals at econstruct. We have years of experience in renovating restaurants and would love to help you create the restaurant of your dreams. Contact us today to learn more about our design process.