Questions To Ask Before Renovating a Retail Store

Planning a renovation project for your retail store in the near future? Doing so is a great way to improve both the function and aesthetics of your business. Rather than moving into a different location, you can modify your current building to fit your professional needs. Whether it's a small or large renovation, though, there are some questions you should ask before starting.

Will I Have To Close My Business?

One of the first questions you should ask before renovating your store is whether or not it will force you to close. Even if it's just for a couple of days, the lost sales and profits during this time can quickly cut into your margins. You can expect smaller renovation projects like painting, installing new fixtures, lighting, etc. to take less time; therefore, your business may continue to operate throughout the project. However large-scale renovations like flooring, tearing down or installing new walls, structural modifications, etc. will typically force a business to close temporarily.

Is The Renovation Cost-Effective?

It's a good idea to perform some research beforehand to determine how the renovation will affect the future of your business. Replacing all of the incandescent lighting in your store for compact fluorescent lighting (CFL) may drastically lower your monthly power bill, making it a cost-effective renovation. Sit down with the contractor and discuss the estimated cost of the project. Next, ask yourself what benefits come from doing this renovation. If the benefits outweigh the cost, proceed with the renovation.

Do I Have The Finances For a Renovation?

You might be surprised to learn just how costly a major retail store renovation can be. The good news is that you don't have to front 100% of the finances. There are dozens of banks and financial institutions that specialize in business renovation loans. Acquiring just one of these loans can yield more than enough finances to perform the renovation. Just remember to shop around and choose a loan with attractive interest rates and financing terms.

Are Renovations Allowed?

I'm sure this is common sense to most store owners, but you should check with the landlord to see what types of renovations are allowed and which types are prohibited. Tearing down a wall or performing other 'prohibited' renovations could end up costing you in the long run. It's a always a good idea to get your landlord's approval before doing any renovation (small or large) to your store.