Some grow up knowing they’re not meant to work for others but to own their own business. For a few, those dreams come to fruition. Some do so well they begin to think of expanding. At that point, you need to shop for a contractor who can help with the practical solutions. Here’s what you need to know before engaging in serious talks with one provider.
Get Beyond Price
Every business person is aware of pricing. It’s what attracts some and repels others. Of course, you don’t want to break the bank. Minding your pennies is likely what helped make you successful thus far. However, being frugal in some situations gives you what you pay for. While you need to seek a competitive price, it shouldn’t be the sole reason to choose one provider over another. If quality is what you seek, it comes at a cost.
It’s Going to Cost More
While quality contractors do their best to provide an accurate estimate, in most situations, it’s going to cost more. The reasons vary from fluctuating prices of materials to weather getting in the way of production. The difference is that a quality contractor will keep you up-to-date and will look for ways to compensate when estimates go up.
Formulate a Time Frame
Nothing should be approached with a cavalier stance. Every day needs to have a purpose. Formulate a plan for the entire project. That way, just as with materials, your contractor can be forthright and open about any needed modifications. Even if the cost of the project stays the same, time is money to a business person. View case studies from civil construction services.
Pay On Time
Obviously, you want to provide others with the professional courtesy of prompt payment, but you can avoid feuds by establishing payment based upon milestones. That way, you don’t feel like you paid upfront and are now at the mercy of the contractor. Similarly, the contractor won’t feel as if time, resources, and production is taking place without compensation.
Shop for Subcontractors
Construction can get complicated when a contractor hires subcontractors. It makes sense; an office building requires much work. Seldom can you find a contractor that does all of the work ‘in-house.’ However, you’re relying on the public relations and connections of the contractor. You may know or find a person or group that can do a better job and at a lesser price.
Hire an Attorney
You should partner with an attorney when doing business with contractors. A lawyer can orchestrate a legally binding contract. It also gives you some leverage in case the contractor is being lazy or a situation arises when you’re in a disagreement over price and materials. An attorney with a basic understanding of business practices will do, but you may want to find one that specializes in construction, etc.
Get Referrals
You want to get a list of referrals from your potential provider. At times, finding a reputable referral can be as challenging as finding a good provider. Assume that their top referrals could be family members or friends, so you want to do a bit of added homework when it comes to researching your provider. Any reasonable complaints from prior clients should raise red flags, especially if you hear more than one person making a similar kind of complaint (took too much time, went over budget, etc.)
Do a Walk-Through
Your contractor should accompany you on a walk through of the new site. Depending on the nature of the job, they should be able to physically visit a site or use digital tools to provide you with a virtual tour of what the new business space will look like. Contractors differ. For example, some can give you a picture of an end-to-end product, meaning everything from the base interior to the fine details of decoration are covered. Others may provide you with a portion of the project and rely on intelligence from subcontractors for the rest.
Leave Money for Equipment
You don’t want to blow your bundle on the new location. Once it’s up and running, you’ll need business equipment. At that point, you’ll need to consider whether it’s better to rent or purchase needed equipment. If you need additional funds for equipment, you can speak with independent lenders and banks about a bundled loan. Depending on the nature of your business, your equipment may be what supplies the demand of customers. Therefore, your equipment may cost more than the actual construction.
