When your business starts to grow it’s great news all round for you as the owner. A larger business means more revenue, a wider target audience and a whole lot of satisfaction. Now that you are ready to commit to your business fully, it might be time to consider to a bigger office. Many entrepreneurs begin working from the comfort of their own home or in a shared workspace with other aspirational business owners. It is not uncommon to outgrow these working environments so you might be thinking about taking the next step in your career. Transitioning to a bigger office seems like the most logical stage to take right now. Your workload is growing and you are thinking about hiring more employees. A bigger space will bring a whole load of benefits to your business, but you need to think about the bigger picture for a moment. A professional office space costs money in both the long and short term, so think carefully about the commitment you are about to make. These seven fundamentals will help you to make the right decision for your business.
Find a Trusted Real Estate Agent
One of the first stages of looking for a new property is finding a reputable agent that has plenty of experience and advice to offer you. Looking for homes and commercial properties can be extremely stressful, so you need to make sure your real estate representative is ready to assist in anyway possible. You will need to let them know about your budget, the purpose of the office and any specifics you are looking for in the new property. It is always best to choose a real estate agent who has good reviews and recommendations from locals in your area. As soon as you have found someone you trust, you will be able to get started with your big transition.
Start Saving for a Deposit
It is no secret that properties are incredibly expensive nowadays. The real estate market leaves no room for people who don’t have the cash. The bigger your deposit, the easier your monthly payments will be, so think about this before jumping in the deep end. It might take months or years for you to gather together a deposit for your own business property, but it will be worth the wait in the end. If this is something you are really passionate about, then you won’t let anything stand in your way.
Location is Key
When it comes to choosing your new business office, you need to consider the location carefully. Many business owners don’t think about the bigger picture when moving to a brand new property. The location of a business can have the power to make or break your company so you need to make sure it is everything you are looking for. From passing trade to local transport links, you need to figure out the ideal location for your new office.
Will You Need More Employees?
If you are already based in an office at the moment, you might not be thinking about expanding your workforce anytime soon. However, if you are working solo in your home there is a good chance that you will be hiring new workers quite soon. Not only will this help with your workload, but it also sets you off in a positive way for growth. Think about how many employees you can afford to pay and what type of roles you will need to open up. It is best to organize the new office before putting out job advertisements though.
Consider The Overhead Costs
A new office building is going to come with higher overhead costs. From insurance to energy, you need to make sure you have budgeted for the change in monthly bills. You will be able to keep overheads to a minimum by choosing eco-friendly options in your office, but this is something you need to consider once you have purchased the property.
How Will You Minimize Disruption?
It is likely that your business will go through some kind of down time whilst you get settled in with your new property. Consider the impacts of a couple of weeks or even months without making as much money as you are accustomed to. As long as you factor this into your plans, you should be able to survive with the correct precautions.
Is Your Business Ready for this Change?
It is quite easy to talk about how a big move like this works, but every business will react in a different way. It is up to you as the business owner to assess whether this is going to be a profitable move for your company. There is no denying the initial expenses, but you have to be confident that your business will thrive in the long term. Once you are certain that your have made the right choice for your business, you will be able to get started with the process. These ventures take time so try not to put a tight deadline on it. Keep your business running smoothly and take the big move in your stride; you will settle into your new property sooner than you think.
As you can see, moving to a bigger office is going to have a huge impact on the way your business runs on a daily basis. It is a natural step that many entrepreneurs get to at some stage in their career, but it is up to you to make the final choice. You need to assess whether it is going to be a financially beneficial for your business. Putting off your office move might not be such a bad thing, especially if you are worried about your finances. On the other hand, a bigger office might mean that you can embrace more opportunities for your business. This big transition could bring you higher revenue, but every company is completely different. Consider your options and make your office transition a smooth and risk free venture.