Estimated reading time: 5 mins
It is time for a change. Business is good, sales are up and the additional room is required.
Perhaps you work from home, but working from the kitchen table is no longer an option. Or perhaps you need to expand in order to take your solid business to the next level.
This could entail the development of your current buildings or plot, the purchase or renting of an extra site, or even a total relocation to a new location, depending on whether you own or rent your current premises.
Whatever your circumstances, physically growing a business can be a costly and time-consuming endeavor, not to mention stressful. Every business is unique, and the road you follow to expand will be determined by the type of company you run and the market you serve.
To make the change work, you will need to do some research. Here are some things to think about before jumping into the abyss.
The site
Figure out exactly what you and your company require from the growth before moving further.
Do you work from home and have found yourself in need of more employees? Alternatively, you may require a larger office space with meeting rooms. If you own and operate a retail shop or service, you may decide to expand by opening a second location. In this scenario, you will most likely be looking for a site that is similar to your current location and will already have a good notion of the specifications you require.
Perhaps you require additional sales, service, or production space at your current location. Is it possible to make changes to your present site? Will customers be paying a visit to your place of business? Is it necessary to be aesthetically pleasing? Do you require a large amount of open parking space?
Make a list of your requirements and desires so that you may plan your time effectively. Even if you already have a solution in mind, thoroughly explore all of the alternatives accessible. You may discover an alternate, less obvious solution that works better or even saves you money in the process.
The location
Depending on your type of business, the geographic position may be critical – for example, if your company has to be prominent, it may be best to locate it in the heart of town or on a busy main road. You could take advantage of lower rents on industrial estates or even relocate even further out of town if this is not the case.
The costs
It goes without saying that the cost of construction, the purchase of a new site, or the renting of a property would be high, but it is also important to examine the financial ramifications for your company during this time of uncertainty. A time of unproductivity may occur while construction work is being completed such as the putting in of reinforcing mesh or new foundations. or while employees and equipment are being relocated.
In the case of setting up a second location, you may need to spend time away from your primary location in order to set up procedures and educate people in the new location.
Consider what you expect to gain from the expansion of your operations. Will it be worth it in terms of cost versus increased revenue? How long do you think it will take? What will be the ramifications of the transition on the business?
Would it absolutely be necessary to go through with the physical expansion? If more space is required for storage, a storage container may be able to assist in freeing up additional space. Is it necessary for all employees to work at the same location? Additional employees may be able to work from home, reducing the need for office space and saving money on overhead.
Get second opinions before starting anything
Plan and layout revisions should be run by as many new perspectives as possible, including those of the employees who will be using the finished area! As a result, they have a unique insight into the challenges that drove you to want to leave your precious space in the first place, and they can often provide helpful comments or point out potential flaws in the new designs that you would have never noticed otherwise.
Aside from that, seeking legal advice and representation is always a good idea. You may require assistance navigating regulatory constraints, conducting environmental impact studies, or dealing with contractors who are not delivering on their promises to you.
Your competition
Maintain an edge over your competitors. What is the location of your competition? What kind of office space do they have to work out of? Has any of your competitors recently extended their operations?
Knowing what your primary competitors are doing and where they are located is not only beneficial, but it may also reveal fresh ideas for going forward in terms of location and business premises – or it may even serve as a model of what not to do.
Make sure it is necessary and worthwhile
Make it worthwhile. Or, at the very least, be certain that you extend sufficiently. It may seem perilous, but if you are investing a significant amount of your hard-earned money in extending your premises, you do not want to discover a year later that you require even more space and have to go through it all again. If you do not require all of the space yourself, you have the option to sublet it to another smaller company and earn an additional income.
Make a backup plan, and make sure to take into account all of the possible consequences. Identifying and planning for potential challenges ahead of time helps to deal with them when they arise all the more manageable when they do occur.
Expanding your business’s physical footprint is advantageous to your reputation and image among competitors as well as customers and clients. It is also favorable to investors and other stakeholders. It also sends a clear statement to the surrounding community that you, as a company, are committed to remaining in the area.
It helps to establish a positive impression of a company that places a high value on its physical assets, in addition to its employees and customers. In addition to giving the impression of a forward-thinking company,
