Business research: estimating renovation costs?

[gruegoo]

Hi,

I'm looking into starting a small business, but before I do I'm trying to calculate all the costs and estimated revenue involved to see if it's even worth it. I'm having some difficulties trying to estimate how much renovations of the space will cost. To give a general idea, I'm looking to divide a space (1500 sq ft) into about 8-10 meeting rooms, with 1 transparent wall (glass?) on each room to let some natural light in.

Any advice? Again, I'm still in the research and numbers phase, so I don't have a location to call a contractor in to. Is there any general rule of thumb when estimating renovation costs? Thanks for your help!

[FearSonic]

Hi,

I'm looking into starting a small business, but before I do I'm trying to calculate all the costs and estimated revenue involved to see if it's even worth it. I'm having some difficulties trying to estimate how much renovations of the space will cost. To give a general idea, I'm looking to divide a space (1500 sq ft) into about 8-10 meeting rooms, with 1 transparent wall (glass?) on each room to let some natural light in.

Any advice? Again, I'm still in the research and numbers phase, so I don't have a location to call a contractor in to. Is there any general rule of thumb when estimating renovation costs? Thanks for your help!

You could get the contacts of several contractors and get them to give you a solid quote. Average it out.

[gruegoo]

You could get the contacts of several contractors and get them to give you a solid quote. Average it out.

Will contractors give out quotes without knowing what the space is? The description above is basically all I have at the moment. I've never dealt with contractors before, so I'm quite far out of my element.

[FearSonic]

Will contractors give out quotes without knowing what the space is? The description above is basically all I have at the moment. I've never dealt with contractors before, so I'm quite far out of my element.

No real experience here, but you could always describe the space as best as possible, just know that without seeing it, most contractor estimates will probably be slightly off.

[grant]

Until you have drawings, the estimates from contractors will probably vary significantly. But probably will be close enough for your purposes.

I have called several contractors in to discuss a renovation, and even standing in the space drawing sketches I have estimates from 30,000 - 60,000.

i don't see how you have any other option than asking for estimates..

[aww1970]

If you do ending up getting estimates increase the cost and timeline by at least 50%.

[gruegoo]

Hey thanks for the good advice. I'll give a few contractors a call then.