Managing Restaurant Renovation Costs
Restaurants need to remain up to date if they are going to compete in most markets. As such, restaurant renovations are relatively commonplace; still, whether you’re planning a major overhaul or even basic upgrades to carpet or paint, costs can add up quickly. Unfortunately, it’s very difficult to estimate the costs of a restaurant renovation and depending on the job you could be looking at spending tens of thousands of dollars. Instead, let’s focus on some simple tips that well help you manage restaurant renovation costs.
Set Goals Early
Before you even begin renovations, take some time to consider your remodeling options. You want to know in advance which aspects of the job are necessary and where you can be flexible. Typically, restaurant owners know their budget, and it’s not likely that you’ll always have the budget you need to achieve all your goals. So, prioritize your goals in advance so you know where you can make adjustments if needed.
Consider Every Element
Some upgrades will have a much greater impact than others regardless of the cost. Paint, finishes, lighting, and landscaping will make a big aesthetic difference without impacting your budget too severely. Sometimes even a deep carpet cleaning can revitalize the look of your entire restaurant. Other tips including adding a feature wall at your entrance or highlighting more expensive finishes around the restaurant.
Avoid Infrastructure Changes
Sometimes you’ll want to make major remodeling changes, and that’s just a fact of life. However, wherever possible you should avoid infrastructure changes as they can increase your costs significantly.
Base your Décor on Budget
You always want to keep your design and decoration choices on budget, so you should choose design elements based on your budget. Moreover, consider the price point of your restaurant. A fine dining establishment should spend more on décor than a casual eatery.
Are there remodeling investments that can generate revenue? When you are remodeling, consider additions such as a long bar or outdoor patio that will attract new customers and generate increased revenue. Ultimately, all renovations are intended to increase revenue, but there are choices you can make that will have an even more significant impact.
Budget for Closure
Don’t forget that during most remodels your restaurant will need to be closed. This means you won’t see income during closures and you must budget for this time. In addition, you should be careful to plan every detail of your remodel in advance and work with qualified contractors to ensure that your project is completed on time thereby limiting the impact on your income.
Allow for Flexibility
With any renovation project things come up that can impact your budget. Perhaps contractors discover an electrical or plumbing problem or the project gets delayed. Extra padding in your budget will help you adapt to the unexpected without worry about timing or money.
Article Source: http://EzineArticles.com/expert/Alex_Pupkin/464140
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