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Office Renovation Ideas

Find tips for using a term loan from Citizens Bank to cover the costs of office renovations

You've worked hard to promote good citizenship in your community, and now you're ready to expand the space your practice calls home. If you're thinking of growing your private practice, renovating an old home in the neighborhood may give you the space you need. Consider these office space ideas and learn what you need to know about making law or medical office renovations in this unique space. When you're ready to begin your renovation project, use a business term loan from Citizens Bank for the financing to expand your business.

Office space ideas

The look and feel of your business's office can say a lot about your practice, and a new space or office renovation may be just what you need to welcome new clients and cultivate a more enjoyable workplace for your employees. Find a few renovation ideas below to help you utilize the space to its full potential:

  • Create a waiting room or reception area from the living room.
  • Renovate to divide larger rooms or turn bedrooms into exam rooms or offices.
  • Paint the interior with a new color palette.
  • Update the flooring.
  • Purchase new office furniture or medical equipment.
  • Consider going green with eco-friendly lighting or energy-efficient windows.
  • Create a storage closet for office and cleaning supplies.
  • Purchase a larger filing system. You may even want a room devoted to client or patient files.
  • Make the kitchen a lunch or break room for your employees.
  • Ensure stairways, entrances and rooms are accessible for clients with disabilities.

If you're ready to grow your legal or medical footprint, there are several different financing options to choose from. Consider using a Small Business Administration (SBA) 504 Development loan or small business mortgage from Citizens Bank to purchase an old home you can turn into an office space. Or if you already own a property, you may want to get a Business Flex Loan to cover leasehold improvements and new equipment purchases. Another option is a business term loan, like the SBA Express or SBA 7(a) Program loans that can be used for both needs.

Structural office renovations

If you plan to do a major overhaul of the house, you may need to receive building permits from your local zoning commissioner. Based on the scope of your renovations, you will probably want to hire an interior designer and contractor to handle the work. When you're updating the infrastructure, changing the functionality and installing new, modern technology in an old home, it's important to get quotes from contractors up front to help determine your budget and the level of investment you'll be making. Consider the following questions as you start brainstorming structural office renovations:

  • How many rooms will you need to accommodate the number of patients or clients you typically see?
  • Will you need to add another bathroom?
  • Do the ventilation, electrical and plumbing systems need to be upgraded?
  • Do you have adequate parking space?
  • Is it handicap-accessible?

Whether you're upgrading the utilities or updating the exterior to be more accessible, contractors can help ensure the job is completed efficiently and may be able to save you money on your office renovation in the long run, as they will likely have deals with suppliers and specialists.

Additional considerations for your office renovations

In addition to the costs associated with the office space ideas we've listed above, you may encounter other expenses like installing security systems, replacing furniture, updating technology and installing better lighting in your law or doctor's office. Set a budget for how much you can spend on updating your business office, and consider prioritizing where you will allocate your funds. If your budget won't allow you to replace all your office furniture or décor at the moment, consider reusing older items that work well in your new space. Also determine if you will need to close shop for a couple days while the work is being completed, or how the office renovation will impact the daily operations of your company in other ways. Be sure to notify your clients of any disruption of services.

Get a business loan from Citizens Bank to finance your office space ideas

Whether you're ready to modernize an existing office or simply want a bigger space for your growing client list, you need a lender that wants your business to grow as much as you do. A business term loan from Citizens Bank helps you borrow what you need during your office renovation project. From small business mortgages to flex loans to business term loans, contact a Business Banker today to determine which banking solution is right for your company's needs.

 

 

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