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Whether you're starting a new business from the ground up or looking to give an existing space a much-needed makeover, you'll need to undertake a fit-out. However, while an attractive and practical shop fit-out may be essential to the success of a business, it can also be expensive.
Read on to find out how you can reduce your costs and find the funds you need.
There are myriad factors that can affect the cost, including:
You'll need to take all the above factors into account when calculating the cost of a shop fit-out. Costs vary substantially depending on the nature of the job, so the best way to get an accurate idea of how much you'll have to spend is to phone around and get several quotes.
The costs you need to consider will vary widely depending on the type of shop you run and the space you want to create. Basic expenses include installing flooring, having the walls painted or applying wallpaper, plus the necessary lighting, display shelving and signage.
After that it all depends on exactly what your shop needs to get up and running, which may include:
The other factor you need to consider is the cost of contractors, with labour for these kind of renovations generally costing anywhere from $50 to $80 per hour.
So, what's the total cost of a shop fit-out? As a very general guide, prices rage from around $250 per square metre for a basic job, right through to $2,000 per square metre for high-end projects with premium fixtures and finishes.
There are several simple things you can do to reduce costs, such as:
If you need a business loan to finance the work, the good news is that plenty of Australian lenders provide fit-out loans. To apply for a loan you'll need to provide:
While a refurbishment done right can substantially increase the appeal of your business to prospective customers, there are a few key risks you need to consider before starting the work.
The biggest risk is biting off more than you can chew, especially if you're taking out a loan to finance the fit-out, so make sure you can afford whatever project you have planned. Taking the time to compare your business loan options, not to mention compare the services and quotes of a number of shopfitters, is also essential.
Finally, remember that a fit-out is not the be all and end all of business success – there's plenty more you need to do to keep turning a profit, and there are always plenty of ongoing expenses to contend with. Remember to budget for those future costs, making sure to leave some money aside and don't blow all your funds on a fit-out.
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