Let’s say there are two pet salons in your neighborhood. One has been recently remodeled and has a sleek, clean look. The other has the same interior as it did in the 1980s with flickering lights and peeling wallpaper. Most likely, you’ll bring your pet to the newly remodeled space.
The right business remodeling ideas attract more clients and opportunities. They ensure you’re similar to the first pet salon, bringing in more business than your competitors. To maximize a renovation’s ROI without breaking the bank, consider these six business remodeling ideas.
6 Steps for a Successful Business Remodel
For a successful business remodel in Virginia Beach and nearby cities, follow these steps:
- Decide on what remodeling ideas will result in the most revenue
- Find a few local contractors and ask for proposals
- Compare the proposals based on their timeline, price, and scope of work
- Choose the contractor with the most green flags
- Communicate regularly with your contractor
- Organize an event to capitalize on the business remodel
These six steps ensure you have the right contractor and vision to complete a business remodel on time and within budget. However, many businesses forget to reflect on what business remodeling ideas will have the biggest impact on the bottom line.
If a renovation is necessary, start by listing out any nice-to-have or necessary renovations, remodels, or repairs. From there, you can prioritize based on how much they contribute to the vision of your business.
Most likely, must-have projects are a necessity since they keep your space operational, which should be a goal for your Virginia-based business.
The unnecessary projects can be trickier to prioritize. When you don’t have the budget for them all or are hoping to stagger their completion, you can prioritize by how they:
- Relate to revenue-generating services (ex. creating space for medical equipment necessary to your practice’s operations)
- Align with the vision for your business (ex. renovating an office to reflect how much headcount has grown)
- Enhance the patient experience (ex. maximizing square footage for a more spacious shopping experience)
5 Business Remodeling Ideas
While these three criteria are useful, it can be tricky to picture how they relate to real-world projects. For a better idea, we’ve outlined six of the most profitable business remodeling ideas, including how local Virginia businesses benefited from each.
Maximize a store with limited square footage
Before Kawaii Corner’s grand opening at Lynnhaven Mall, the company renovated its small storefront intending to make the space appear more roomy. Their vision was an inviting space where shoppers would stay longer and feel comfortable.
Kawaii Corner worked with an experienced contractor to maximize the store’s square footage in less than eight weeks. This allowed this retail business to expand useable space without having to rent a new storefront at a higher price.
Balance Quality and Affordability
AAMCO’s recent renovation fell into the necessary category. EIFS (Exterior Insulated Finish System) was falling from the soffit and exterior walls. If left unfixed, this may have caused harm to pedestrians, cars, and vehicles.
AAMCO turned to a trusted contractor who could balance the necessary repairs without going over budget. While business remodelings that transform a space are fun, those that maintain a space are also necessary. For those in a similar situation to AAMCO, finding open, transparent contractor matters.
Remodel in the Off-season
To avoid losing significant revenue, consider remodeling in the off-season. While this won’t work for all businesses, it was a great option for Ruff House Stay and Play.
Ruff House is a seasonal business, with many furry residents staying during vacation seasons like summer or spring break. To best serve their customers, Ruff House was cognizant of getting the project done quickly and out-of-season.
To ensure the project started AND finished in the off-season, they found a reliable contractor who met deadlines. Disorganized contractors can prolong projects due to poor management skills and weak relationships with subcontractors, meaning the remodel could creep into your primary revenue season.
Phase Your Business Remodel Appropriately
Some remodels take significant time, but most businesses can’t shut down for three months or more. If this sounds like your situation, consider working with a contractor who can phase the work. Phasing is a construction concept where the work is completed in stages.
With a phased remodel, a contractor performs smaller parts of the project. This could look like shutting down one room in your office at a time for remodeling or completing projects over the weekend or on days when your business is closed.
For Bay Lakes Retirement Community, this looked like renovating rooms between tenants. The room renovations took place slowly, only completing 10-15 rooms at a time. Bay Lake Retirement Community turned to Carlton Building Services because they knew we could handle a phased, multi-year project with many moving parts.
Renovate to Rent
Becoming a landlord can be a lucrative revenue stream, but only in certain industries. Nationally, commercial real estate value has dropped in the office and retail spaces, but not in the industrial space. Buying, remodeling, and renting an industrial rental property can be a great way to make passive income.
A private owner in Chesapeake, Virginia recently did this. The purchase was an investment, and the owner went into it knowing work was needed before they could cash rent checks. Fortunately, they chose a budget-conscience contractor who finished the project quickly and affordably.
Frequently Asked Questions
How do you plan a successful office renovation?
Planning a successful office renovation often starts with listing any necessary renovations or repairs. If the budget is larger, consider nice-to-have renovations that can boost your bottom line, such as renovating office spaces for enhanced collaboration or adding a more spacious, modern waiting area to your healthcare practice.
How do I start planning for renovations?
For a successful commercial renovation, start by creating a list of what needs to be done. After, interview multiple contractors, ask for proposals, and choose the one with a proven track record, great communication, and a realistic budget and timeline.
What is the difference between a renovation and remodel?
Renovation is when a contractor adds a new coat of paint, improves the flooring and wall coverings, and completes minor finishes. Remodels take it a step further.
Compared to a renovation project, a remodel takes it a level deeper. It doesn’t just renew the surface of the space, it changes the structure of a building. Because of this, it’s a bigger investment in your building’s future and should be used on spaces in need of a complete transformation.
