How to avoid going over budget for your new commercial space

There are plenty of exciting things to think about when it comes to designing and fitting out your new commercial space. But there’s one thing people often fail to consider – their budget.

While there are other factors that may rein in your grand plans for your space, such as body corporate or building management rules and regulations, there is nothing quite as limiting as underestimating how much it will all cost.

It’s a mistake Moltus Construction managing director Mayukah Senanayake says is common, particularly among first-time business owners. And as building and material expenses have risen over the past few years, he says more people are underestimating the cost of a fitout, particularly in the case of commercial kitchens, which are one of the most costly features.

“Their estimations when they go and get their lease are often much lower than market cost, which they don’t realise until they come to us, and unfortunately, often by then, they’ve already signed a lease,” says Senanayake.

Senanayake says to do your homework and get a ballpark quote before signing on the dotted line for a commercial space so you have a realistic idea of how much you’ll have to pony up. He says many companies will offer an estimate based on the square meterage of a space.

On top of construction, you also need to think about the design of your space.

You can either engage a construction company who offers both design and construction or choose an interior designer and builder separately. The two will then work closely together to bring your space to life.

A designer can not only turn your lofty ideas into a functional plan, but also consider important aspects that your average person may not think about, such as layout, acoustics, and lighting.

“Quite often when I visit businesses that are relocating and I ask them what they like and don’t like about their existing fitout. Lighting is one of the first things that comes up all the time,” says interior designer Nicole Smith, owner of YOLK Design Studio. 

And don’t forget about what is going to go into your new commercial space. Smith says a common design mistake is business owners not allowing enough budget for good quality furniture. 

Whether you’re fitting out an office or a cafe, the pieces you choose need to be harder-working than your furniture at home, and you need items that will last the distance. Smith says investing in quality furniture will not only save you money in the long run, as you won’t have to replace it so often, but it can be reused, reupholstered, or reconfigured if you move down the track, making it a much gentler option for the environment.

“It’s disappointing when clients fitout into a beautiful space and then haven’t thought about the furniture,” she says.

“The most successful fitouts are where the end result has been thought about from the beginning.”