As your business grows, you might find that your company and stock no longer fit within your current premises, and that this building is bursting at the seams. If this is the case, you might have started to look into building new premises for your business that will allow you to create exactly the property that your venture needs both now and in the future. As such, here is what you should do when you want to construct a new build for your customers and employees.
- Get a Hard Money Loan
The most important aspect of your construction project that needs to be sorted before anything else is your finances. Otherwise, you might find that your project cannot go ahead or that it must come to a halt halfway through. If you are struggling to get a loan through your usual avenues or have poor credit, you might look into getting a hard money loan through a private lender. This type of lender is more likely to accept a wide range of applications and can prevent your project from ending before it has begun. Then, you should look at contacting companies like Sachem Lending, which can offer you quick hard money loans for new construction projects. They will be able to support you through the duration of your building work.
- Work Out How Stable Your Business Is
Timing is important when you are about to expand your company through a new build. Instead of doing this just because you want to, you should make sure that your business is ready for it and that the project will not end up derailing your business or leaving you without the profit that you require to keep your business going. You should make sure that you have in-depth knowledge of your company’s bank account and expenses, and that your cash flow and sales are stable. By doing this, you will be able to ensure that your business continues to run smoothly for the entirety of the building work.
- Communicate With Customers
However, building work can be off-putting to the customers who are loyal to your business. To make sure that you do not end up losing them or that they do not wonder where you have disappeared to if you are moving across the city, you should keep communication channels open with them at all times and be transparent about your construction. You should make sure that they hear about your expansion through multiple channels, from an email to a poster or banner in the window or near your old premises. You should also keep them updated and showcase your progress on social media platforms such as Instagram.
- Design Your Build
You should also put a lot of time and energy into designing your build so that you know that it will meet your needs and so that you can stay on the same page as your construction team. If you are struggling to do this, you should hire a professional architect who has experience in designing buildings for commercial ventures.
