Wayfinding projects are instrumental in helping area users understand their physical environment. They save time, increase safety, avoid confusion and create a more positive overall experience for anybody passing through. In general, a Wayfinding project, due to the nature of it, can cost anything from £70,000 upwards. So, how do we fund these projects? Let’s take a look at the different options…
The first option we look at when it comes to funding a Wayfinding project is in-house funding, essentially funding it yourself. Once we have developed your wayfinding project we will provide a clear budget breakdown to make sure your project is implemented successfully. This budget will allow you to see exactly where the money is planned to be spent so you can plan accordingly.
We can also assist and take your project to tender, this will ensure that you get the best value for money. Tendering is the sourcing and allocation of an integrated supply team for a project or contract.
When a Wayfinding project is being requested and completed by local authorities, there is the option for co-funding. This can be either match funding or part funding from the various connected local authorities. Match funding is where a contributing party agrees to match the donation or payment of the other party. Whereas part funding is where a local authority or contributor only agrees to pay a certain agreeable amount.
If you are looking to co-fund through your local authority, we can make sure you connect and comply with their goals and expectations. For example, increasing sustainable transport, improving walking, missed deliveries or ease of navigation.
Outsource funding is a great option if you want to have the full project delivered at one time instead of splitting over a period of time. This type of signage project can be funded in connection with finance partners and other investors.
Some signage projects can be completed in one go, while others benefit from being split into different phases. If you cannot have the full funding up front, we can work with you to split the project into sections. This allows you to plan accordingly for each section’s financial needs while still having a date of estimated completion.
Similar to most aspects of design and development, there is no set rule book as to how something must be funded. Therefore, there is always room to explore other options in terms of funding. In the world of design, the two most powerful things are technology and people, so it’s a good idea to look into innovative ways to utilise them when it comes to funding.
While well worth the investment, Wayfinding projects can be expensive and you will most likely need external funding. Hopefully, this article has provided you with an insight into the different types of funding available.
If you have any questions, please don’t hesitate to give us a call. We’d be happy to help.