Before you undertake a commercial renovation project for your Nashville business, it’s crucial that you establish a realistic budget for your project. Create a simple financial plan so that you can keep track of all spending and the management of extra expenses as they emerge – because they will.
Here are a few steps that can assist in determining a realistic budget for your commercial renovation:
What Are The First Steps To Take When Establishing My Renovation Budget?
You can follow these steps to create your commercial renovation budget:
- Financial Forecast. Forecast your expenses a few months ahead. Then make sure that any set-aside amounts are going to be adequate to cover the whole renovation process. Gather all pay slips, bank account information, average monthly bills, and the totals of actual funds you may have invested in other projects.
- Gross Income. Estimate your earned income, to include salary, bonuses, and interest received. This should also take into account grants and all other financial sources.
- Expenses. Determine all fixed expenses, as well as discretionary money, that has or will accumulate after making fixed expense payments and subtract your savings. Include all fixed taxes, targeted savings, and bills, such as rent, insurance, and other necessary expenditures that help with the running of your business. Also, discretionary expenditures will include such items as entertainment, advertising, travel, and any other miscellaneous expenses.
- Net Income. Renovation costs are very specific. They depend on condition of the building and any items that will require renovating, as well as the design and branding of your commercial organization. By subtracting the expenses from your gross income, you will get your revenue totals. You can use this information to determine the extent of renovations you will be able to schedule.
How Can Ascension General Contractors Help Me Stay Within My Commercial Renovation Budget?
The Ascension General Contractors team is a group of professional contractors with all the skills and experience needed to complete your commercial renovation on time and within your budget. We are:
- Fully bonded
From roofing and paint to additions and remodeling, we’ve got you covered. After all, we are Nashville’s repair specialists!