If you’re looking for a successful commercial construction project, it’s important to understand the different stages of the process. From start to finish, many factors can affect how smoothly things go, including budgeting, planning, and timing. If you want to know how to ensure your project is a success—from beginning to end—then read on!
1. Choose the right construction partner
The first and most important step in ensuring the success of your commercial construction project is to choose the right partner. A good partner will have experience with similar projects, an excellent reputation in the industry, and a team of experts who are experienced in all aspects of commercial construction. This will ensure that they can provide you with everything you need during each project phase, from initial design through final completion. Plan ahead to ensure you choose the best construction professionals and avoid unexpected mishaps down the line.
2. Develop a solid business plan and budget
Before you begin construction, it’s important to have a solid business plan in place.
In order to do this, you’ll need to:
- Identify your target market
- Create a budget for your project
- Set a timeline for completion
- Make sure you have all the right permits and approvals from local authorities
- Set aside enough money in contingency funds for unexpected costs (like when you run into unforeseen complications).
This can help ensure that the construction process goes smoothly without any last-minute problems cropping up at the most critical point of execution: right before opening day!
3. Understand your construction process and timeline
A successful commercial construction project begins with a clear understanding of the steps involved, the amount of time it will take to complete each step, and how much money will be spent along the way. The first two items are relatively easy; however, you should also make sure that you have all of the right people involved at each stage of construction as well as an organized plan for handling unexpected surprises throughout your project.
4. Make sure you have all the right permits in place
You’ll want to make sure that all of your permits are in order before you start work on a project. It’s not uncommon for a small oversight like missing a permit to cost you days, weeks, or even months of delays. People who don’t have the right permits are often denied access to certain areas and sometimes have to halt work completely until they receive them.
Also, keep in mind there may be different requirements depending on what type of construction project you’re doing and exactly where it’s being built. At BnK Construction we can help guide you through this process so that everything goes smoothly from start to finish!
5. Set aside a contingency budget for unexpected costs
A contingency budget should be set aside to cover unforeseen issues that may arise during the course of your project. It’s important to know how much you’ll need to set aside and how much it’s safe to spend on this type of cost, so you can make informed decisions about what needs to be done in case something happens unexpectedly. If there are still unexpected costs after using this amount, then it may be wise for you or your team member(s) on-site to seek out alternative solutions (such as renting equipment or hiring extra workers).
6. Keep an eye on overhead costs throughout the project
It’s easy to get caught up in the details of your project and forget about the big picture. While you want to ensure that you’re spending as much time as possible on your project, it’s also important to keep an eye on overhead costs throughout the entire process.
What are overhead costs? Overhead costs are everything that doesn’t directly relate to a particular task or job—they’re expenses that occur during the course of completing a construction project but aren’t related directly to any one item or action.
Examples of overhead include:
- Employee salaries
- Administrative support personnel
- Marketing materials
- Cost-plus contracts with suppliers
- Bank fees for processing payments made in foreign currencies (for example: if your company pays its subcontractors or suppliers abroad)
- Insurance premiums
…and the list goes on!
These may not seem like they’re impacting how well your project is going at first, but these hidden costs can add up over time and eat into profits faster than expected!
7. Make sure you have all the right insurance in place
It’s important to have the right insurance in place so that any losses can be covered. Depending on the nature and scope of your project it may be necessary to purchase professional liability insurance, property damage insurance, and workers’ compensation coverage. You’ll also want to consider purchasing equipment breakdown protection (or pin-in-place coverage) if you’re using heavy construction equipment during your job site’s operation phase.
Your general contractor will be able to recommend an experienced insurance agency that can help you determine exactly how much coverage is needed for your commercial construction project!
8. Execute a sound marketing strategy to create buzz around your new space!
Marketing is one of the most effective ways to promote your construction project, even before it is finished. A well-executed marketing plan will help create interest in what you’re doing and generate demand for the space as soon as it becomes available.
The first step in creating an effective marketing strategy is figuring out what type of campaign would be best for your business needs. You need to consider several factors including how much money you want to spend on advertising, how much time you have left before opening day, and if there are any competitors with similar projects opening up around yours.
9. Learn from mistakes made during previous projects, but don’t live in the past
Mistakes will happen, but that’s OK. In fact, it’s inevitable that mistakes will happen—there are countless ways a commercial construction project can go wrong. However, learning from past mistakes and making sure you don’t make them again is an important part of ensuring future success.
If you’re putting together a team to handle the construction process and they’ve had experience with previous projects, ask them what they learned from each one (and how they could have avoided those mistakes). That way you’ll know where to look when something goes wrong, so it doesn’t become an issue later on in your own project!
10. Be realistic about your expectations, but don’t let anyone else limit your goals because of their own limitations!
Takeaway – The more successful companies (big or small) have one thing in common–they set high standards for themselves and work hard every day to achieve those standards! If you want success with commercial construction projects, focus on these critical areas first before moving forward with any idea or plan!
Start your commercial construction project today!
We hope that these strategies will help you avoid common pitfalls and set yourself up for success in your construction project. Are you ready to bring your commercial construction plan to life? BnK Construction is here to make this process a lot easier! Our team is dedicated to working with you to meet your unique style and vision.
Contact us today to learn how we build spaces that exceed expectations.
