You may eventually consider remodeling if your business relies on a physical establishment, like a storefront. Remodeling is a very vague, open-ended term, but therein lies its power; remodeling allows you to totally reimagine and reconstruct your physical space, allowing you to more aggressively pursue your most important business goals and connect to your audience in new ways.
But why is remodeling so effective? When should you do it? And how should you approach it?
Why Remodel a Business?
Different types of businesses have different motivations for renovating.
For example, suppose you own commercial or residential rental properties. In that case, remodeling can instantly make your property more desirable to tenants – and potentially correct any underlying issues that could prevent you from reaching maximum profitability. A single renovation with a rental property could spark interest among thousands of prospective new tenants – and help you justify charging a higher rent.
If you’re running a restaurant, you might remodel to make more space for new kitchen equipment, expanding both your capabilities and the number of customers you can serve at a given time. Once the renovation is complete, your restaurant will be able to do much more.
Remodeling can help you achieve the following:
- Increase aesthetic appeal. In most cases, remodeling means improving the aesthetic appeal of your location. Depending on the nature of your business, this may be absolutely critical to your success, or it may be “icing on the cake” that isn’t strictly necessary but could meaningfully benefit your business anyway. This is especially important if your business looks or feels outdated.
- Add new amenities/features. Renovations are also an opportunity to add new amenities or features. For example, you could update the electrical wiring, add superior air conditioning and insulation to create a cooler environment, or even make room to install new equipment.
- Increase energy efficiency. Some business owners get excited about remodeling because it’s an opportunity to increase the energy efficiency of their buildings. With new equipment, upgraded insulation, and other new features, you can greatly reduce your utility costs and improve your sustainability efforts simultaneously.
- Relaunch the brand. Established businesses often benefit from periodic rebranding efforts. If you’re updating your brand or launching an entirely new brand, a physical remodel is a perfect opportunity to complete the transformation. Your customers will experience not just a different conceptual identity but also a different physical identity from your business.
- Improve the property value. Of course, most remodeling endeavors increase the value of the property in question. You probably won’t make all the money you spend back, but if you eventually sell the property, you should make most of it back.
- Raise morale. Remodeling a business can also increase morale. Your workers may be happier, more productive, and less likely to leave in a more modern, more beautiful space.
When to Remodel a Business
So, when should you consider remodeling your business?
- Missing features. You might consider remodeling your business if you notice key missing features. For example, if you don’t have effective heating or cooling, you might consider a broader remodeling effort to bring your business up to snuff.
- Outdated looks. Beauty is in the eye of the beholder, but some businesses clearly look outdated from an objective standpoint. If the interior of your business looks old, decrepit, or otherwise not with the times, remodeling might be the solution.
- Customer or employee complaints. If you collect feedback regularly, pay attention to anyone complaining about the physical space. If the comments are consistent, it’s a sign you should probably do something to upgrade the space.
How to Plan Your Business Remodel
When planning your remodel, remember that the only real limits are on your imagination. You can upgrade your business however you like, with any number of upgrades. What’s important is that you find a solution that works for your business, so carefully consider:
- Features and impact. Which features are likely to benefit your business directly and objectively? How much value do you think they could add?
- General timing. Is it possible to plan this remodeling effort to coincide with a rebranding effort or a major anniversary? Is there a period of downtime in which it would be convenient to remodel your business?
- Finances. How much can you truly afford to spend? How quickly will your remodeling efforts pay off, and how exactly will they pay off?
- Personnel. How can you be sure you’re hiring someone competent, reliable, and trustworthy? Shop around and read prospective contracts carefully to choose the best partner.
Business remodeling can completely transform your physical environment and ultimately make your employees and customers happier. It’s a somewhat expensive investment, but it’s one that can boost your business’s profitability indefinitely.
