There are many articles about renovations that can increase the value of a home. However, you rarely come across things you can do, aesthetically, to increase the value of your business.
This obviously applies to only a few businesses, particularly, brick and mortar businesses. Nevertheless, it’s something to consider aside from having your operations and financials in order. For example, Michael Bonitatibus, Marketer at Vaughan Electrical Supply Co., an electrical distribution business, mentioned that “as a business owner the lighting is suppose to reflect your products or services. High-quality services and products such as a law firm, or BMW dealer will have high-end lighting as it suits the environment of the clientele they’re catering to and the quality product they are offering.” As per this example, potential buyers will also notice the visual aspects as it reflects the personality of the business. Aside from upgrading your lighting here are 6 other renovations you can do to increase the value of your business in anticipation of its sale:
1) Invest in a fresh coat of paint in order to brighten up the place.
It is important to choose a color that represents the business. The psychology behind color selection is an important aspect to consider. Here is a great article from entrepreneur.com that discusses the colors you choose and what it says about your business. Click here.
2) Invest in artwork & amenities that represent the culture of your business.
Just like the color of your walls, your décor and amenities should speak for themselves. A great example of a business that is doing this well is Kit and Ace. Their storefronts are equipped with a coffee shop and the artwork displayed inside comes from local artists. Customers will definitely take note of this. Overall, it enriches their culture and also adds value to their business.
3) Invest in furniture and equipment that represents the year you’re living in.
Have you ever walked into an office or store that smelled old and looked old and made you uncomfortable and not excited to either do business or engage in their services? Let’s ensure you’re not that business! You do not need a huge budget to do this. Stores like IKEA have very modern, creative, beautiful and cost effective pieces that can make a difference.
4) Think about transitioning to a green and eco-friendly environment – example: solar panels for energy!
Engaging in eco-friendly practices can save you money and can be very appealing to potential buyers of your business.
5) Invest in new signage to represent the strength of your brand.
Stay current and keep all of your signage fresh. It shows that you care about the details of your business and the consistency of your branding.
6) Invest in landscaping (if applicable)!
Your business should be fresh and exciting from the outside in! I like to call this the ‘Starbucks Effect’ – show your culture and get people excited from the moment they approach your business/storefront to the moment they walk through your doors and engage.
Is there something else you would add to this list?
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