Business Planning Process Planning & Strategy

Is It Worth Renovating a Run-Down Office for Your New Business?

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With more and more companies backtracking on flexible work, startups and small businesses will likely be following the trend of moving back into offices. This will likely reinvigorate the real estate market, but it could also provide more opportunities for smaller companies to secure commercial space for business operations. There are no doubt advantages to working with colleagues in person, and most agile businesses will likely continue with hybrid workflows to promote both working from home and in the office.

But renting or even buying a commercial space is expensive. So what if you found a run-down office that is just ripe for a renovation? Is it worth taking on a project like that, or should you pay a little more for a fully furnished office?

Assess the Damage and What Can Realistically Be Done Alone

First, assess the damage to the office space (if applicable) and decide what you can do alone. Be realistic here because most of the savings will come from your own hard work. However, it’s totally understandable to spend a bit of money on things such as restoration equipment rental if you know how to operate it and it can make a tangible difference in the office. However, if there’s simply too much work to be done, such as installing new networking and electricity outlets, then it might be a little too much investment unless you plan to stay for the long term.

If you do think it’s worth your time to work in a run-down office, then it’s vital to have a plan in place. Write down all of the things that will bring the office back into good condition, then think about what equipment or services you’ll need to hire. If you already have several local employees, then it might be a good idea to bring them in if they’re available so they can help out. However, you’ll most likely be working with a contractor, so don’t forget to shop around for quotes to get the best deal.

What Are Your Long-Term Plans for the Business?

If you don’t have long-term goals for your business then it might be better to simply rent an office space. This will end up being cheaper and easier in the long run. However, if you do have long-term plans and want to stay in your new office location for a long time, then it could be worth renovating because it means you’ll have an office that is fully customized to your needs. Everything from where the outlets and network cabling go to all of the decorations will be handled by you.

If you have long-term plans for your business, then you ultimately have more control over your office. You can make your office look professional with unique touches, you can plan exactly where your staff will be, and you might even save some money since you’re working directly with contractors instead of doing it through a third party. But if you don’t have lofty business goals, then it’s probably better to rent an office space or even stick to an online-only workflow.

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