Before you start your construction project, there are several factors to consider that will help you determine your goals. Is it time to expand your company’s operations? Are you ready to begin something new from the ground up? Construction projects offer businesses a chance to develop and establish their place within a community.
Your Construction Project Goals
The chance to build is exciting and energizing, the hope of something grand and personal; however, it’s not always easy. Before diving into the endeavor, owners must think ahead, planning out details like property insurance, zoning regulations, and budget. Get a solid start by implementing the following tips.
What To Do Before Starting Your Construction Project
Know where you want to go. Establish short-term and long-term objectives for your establishment. Forbes magazine emphasizes that business owners should think about the end goals. Ensure construction fits with these aspirations, helping you achieve results. Decide whether you need the space to accommodate more patrons or additional house merchandise. In other words, have a clear purpose and build to meet it.
Complete a business plan and financial review, learning about budget possibilities and loan opportunities. Construction projects cost money and can quickly escalate depending on issues and choices. Spend time with your accountant, verifying what you can and cannot afford. If needed, work with a financial institution to secure a loan. Set a firm amount for the project, including wiggle room for any unexpected issues.
Hunt for the right spot. Locate a property that suits your demographics and needs. In addition, check local regulations and zoning laws to ensure your operations won’t conflict with the city’s rules.
Things To Do Before Your Construction Project Begins
Interview contractors. Ask about their timelines and costs. Discuss your interests and develop a model of what you want this group to accomplish. Consult with them about insurance and licensing. When you hire an organization, sit down with the project manager and review the upcoming construction stages, establishing a clear timeline. Expect delays but work closely with the team to stay on track.
Talk with your insurance agent about property insurance, and learn how policies work. Know who to contact and how to file a claim. Discuss your coverage amount, including liability amounts. Make sure you build this cost into your project and annual budget.
Create a temporary office space so you can work on paperwork and conceptual design. Try to remain nearby so you can plan pop-in visits and establish lines of communication with key players. Have the phone numbers for project managers on your phone and text for updates every so often. Stay present and part of the process. Ask questions; don’t sit back. It’s best to find answers sooner rather than later.
Construction projects involve numerous pieces; thus, owners should consider multiple details before authorizing renovations or builds. Ponder what the goal is and work toward it. Then, ensure your concept is financially feasible, acquire the necessary property insurance and work closely with contractors to develop a timeline.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
