Margins are tight in the restaurant industry, so it’s important to keep costs low wherever possible. This includes during the buildout phase of your restaurant so that you are in a good financial position when you are ready to open your doors.
Some of the most expensive parts of a restaurant construction project, including sourcing equipment, can eat away at your budget and leave you with little left to make functional or aesthetic improvements.
Fortunately there are ways to reduce your costs when it comes to making expensive restaurant upgrades or opening a new space altogether.
How to Reduce Restaurant Buildout Expenses
The following tips will help you make cost-effective decisions when it comes to building or renovating your restaurant.
- Look at existing restaurant leasing opportunities – It can be much cheaper to renovate an existing restaurant than it is to build new – just be sure to do your homework before signing a new lease. Consider why the previous restaurant closed and what challenges and opportunities the given location presents.
- Consider ways to save on equipment – A new range and hood system can easily be one of the most expensive line items on a restaurant budget. You may be able to save quite a bit by searching for used equipment alternatives.
- Do things right the first time (including hiring the right contractor) – Do-overs are expensive. So are fines, fees, and other penalties that could come if your contractor fails to secure the right permits or their equipment installation doesn’t meet life safety specifications.
If there’s one area where it pays to spend a little more, it’s in researching and hiring the right GC for your restaurant buildout. What’s more, an experienced contractor will be able to help you save in other areas of your build as well, and they will make the entire process run smoothly, including completing it on time and on budget.
If you have questions about how to best navigate restaurant buildout challenges in Florida, give us a call at 786-433-8740.
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