Published by pongointerior
Posted on April 17, 2017
As experienced Interior Design Professionals we have completed a variety of commercial projects each with a different budget, timeline, and set of requirements. Over the years we have observed a few common mistakes that can easily be avoided through education and proper planning. In this blog series we’ll divulge our top 5 tips to ensure your project is successful.
Whether you’re preparing to renovate or build new, today’s entry is for you; it’s all about the interior design BUDGET.
By this, we don’t mean have an astronomical budget, but it is very important to have a realistic one. It’s not an inexpensive venture to open a new business, or to move or expand your existing organization. It’s an investment, and with any investment it is important to spend wisely. The last thing you want is to get halfway into your project and realize you’ll go broke trying to complete it. Read on to learn how to assemble an adequate budget.
1) Do your research.
Call a few experienced commercial contractors to see if they can offer baseline cost/sq. ft. figures. These figures should only act as a baseline for a construction budget because typically they allow for the most basic of finishes – always tack on a few extra dollars per square foot if you want a medium or higher-end look and if you have more involved electrical or plumbing requirements.
2) Involve your design team early in the planning stage.
It may seem like an extra cost up front, but your design team comes with a wealth of knowledge stemming from years of previous project experience; we also have access to published data regarding projects costs across Canada and BC. Hire a Registered Interior Designer or Architect, even on an hourly basis, to help you determine a project budget. The extra time and small amount of money you’ll spend to be properly prepared will prevent budget headaches in the future.
If you decide to hire your design team after determining your project budget, let them know at the initial consultation what that budget number is. If it’s too low, they will be able to work with you immediately to determine a more realistic number.
3) Remember, this budget is not just for construction.
When putting together your budget, don’t forget to consider the following items; we find they are often overlooked.
Now, what if you’ve run the numbers and discover that you just don’t have the capital to move forward with your project, what can you do? Here are few options.
1) Consider a phased plan.
Rather than putting your project off completely perhaps you can tackle a smaller area now, and save money for additional future changes. Look at how you can revise the scope of work to meet your current budget.
2) Consider contacting a leasing agent.
Many of our clients have found themselves without the existing capital to fund the entire project, but with adequate cash flow. In such situations, we always suggest contacting a leasing agent. Perhaps it is possible to lease items such as furniture and equipment rather than buying them at full price up front.
3) Wait until you have the adequate funds to complete your project properly.
Sometimes you just can’t create a phased plan. Perhaps the project is more involved, or you’re starting a new business, or moving to a new location. In those cases, we strongly recommend that you wait until the adequate capital is available. It’s never a good plan to spend your hard-earned money on a space that you’ll need to re-do a year or two down the road; it’s a wasteful practice environmentally speaking, but bottom line is it’s harmful to the business finances. What’s best? Spend money wisely to ensure you have a space that will work for years to come.
We hope this information helps you put together a realistic project budget. Want to ensure your Interior Design project is successful? Check back for our remaining 4 tips.