There is no doubt that building a new office space is a huge undertaking for any practice. With the many steps involved and decisions that need to be made, it’s easy to make mistakes which can end up being costly and time consuming. Below are a few common mistakes to watch out for and avoid when building or renovating your new practice.
1. No legitimate plan
It takes time to design and build a practice. You’ll need to take care of a lot of factors such as leasing or purchasing the physical space, working out the funding, purchasing equipment, getting permits, and negotiating with vendors. With all these things, you need to have a legitimate plan to make the whole process simpler.
A plan will help you eliminate any unexpected costs that can occur due to timing delays. When starting your practice, it is advisable to create a plan and stick to it. Make sure you don’t spend any money before you create a plan. The plan should include the following:
- Detailed budget
- Realistic timeline
2. Choosing price over potential
Location is a vital element when building your new practice. When choosing a location ask yourself the following:
- What is your budget?
- How much square footage do you need?
- Do you have plans of expanding in the near future?
- Do you want to share your building with other businesses?
- Do you want to buy or lease the property?
The answers will help you choose the appropriate office space that meets your budget. No matter your choice, you should never compromise on the price over the potential. Never make the mistake of choosing a cheaper location. Keep in mind that the right location will contribute to the success of your practice and help you to remain competitive.
3. Failing to understand your contracts
You will be communicating with vendors, lenders, insurers, lawyers, realtors, and other parties, so ensure everything is documented. Make sure you review the agreements and understand them before you sign any contract. Even slight misunderstandings in contract language can lead to problems down the road so it is important to understand and review the language of the contract.
4. Not planning for the future
A long-term strategy is essential to achieve long-term success. You, therefore, need to plan for everything including strategic hiring to effective forecasting. Have a business plan that you can revise as your business grows.
The plan will give you a road map that you can refer to and monitor the performance of your practice. Even though maximizing your space is vital, you still need to consider future provisions. It’ll be expensive to plan for the future when you wait until the need arises.
5. Not customizing your space
Maybe you have a specific idea of what you want, or maybe you are relying on your architect to help you, but your space needs to be practical and meet your professional needs. Additionally, you also want it to be unique and impressive. Not prioritizing your requirements or just going with the recommended plan can lead to a cookie cutter practice that doesn’t include your own personality. Make sure you communicate clearly what your vision is and make sure it is included in the plan.
Starting your practice can be exciting but also overwhelming. You are bound to hit certain bumps along the road. With a little help, you can avoid making the above mistakes and be confident in building your practice. This is where we come in. We have the expertise and the experience to avoid these mistakes which can be costly and cause delays in your build. We work with you from the start to make sure that the entire design and construction process runs smoothly and you end up with the building and practice of your dreams. Contact us today to talk about your project!