This week the construction bids came in from 3 different commercial contractors. I am looking at the costs and even the lowest bid is significantly beyond my budget. The building requires sound insulated, raised flooring and it’s throwing my budget off.
Before getting the bids we understood that they were going to come in higher than expected and in anticipation of that we broke up the floor plan into 2 phases of construction. This shaved off a significant amount of money, but not enough. The bids are still out of my range.
I’m looking for possible solutions…
- Talking to the contractors who did the bids to see if we’re on the same page about everything and to see if there is more we can do to reduce the bid without sacrificing the quality of the center.
- Talking to contractors who aren’t involved in the project to see if they have any insight or suggestions.
- Applying for grants, contests, additional loans or other means to bring more money to the project.
- Looking for a business partner who can bring capital and experience to the project.
- Asking the bank for a lower down payment percentage which would further leverage my savings.
- Talking to small business resources like the SBDC to see if they have suggestions or resources to help this project get built.
- Kickstarter! I need about $30K. I don’t have the social media network to bring in more than $10K, but it might be worth a try.
If you have any thoughts or know of anyone who might be able to help, please have them contact me at 503-442-7177.