Expanding your small business is an exciting milestone. A bigger business nearly always needs space to expand into, whether you’re introducing a new range or product line, hiring more help, or looking for better storage for stock and equipment. So, there are quite a few considerations before you dive in.
Define Your Needs and Budget
Start by assessing your business’s specific requirements, because while some factors affect all businesses, all businesses are also unique so what fits one won’t necessarily be good for yours. You need to think about the size of your team, desired amenities, proximity to clients or partners, and how you see your future growth. Your budget will likely dictate some aspects of your move, so make sure to do your financial homework. You need to consider office rental costs along with additional related expenses such as business rates, utilities, maintenance, and insurance. If you need to compromise, self storage for business might suit you better than dedicated office space.
Research the Market and Location
Office space is available all over the place, from city centres to out-of-town business parks. Like before, what you need depends on your business, so figure out what’s most important and search with those things in mind. You need to think about your customers (present ones and the new ones you hope to attract), the amenities, communications, accessibility, services, storage, and how all of that might affect your working practices and your brand.
Visit and Evaluate Potential Spaces
Once you have a shortlist of potential office spaces, arrange visits to each location and ask questions. Pay attention to factors such as layout, size, natural lighting, ventilation, and overall condition of the space.
Consider the potential for customisation or modifications to suit your business’s needs. Consider aspects like parking, public transport, as well as nearby restaurants, cafes, or shops that may be important to your staff or clients.
Consider Lease Terms and Flexibility
Carefully review lease agreements and understand the terms and conditions before making a final decision. Pay attention to details such as lease duration, likely rent increases, maintenance responsibilities, and any additional associated costs. Ask about flexibility in the terms and evaluate how those terms might impact your future. Being locked into a long contract, for example, might feel too restrictive. Look at flexible office spaces to lease, where contracts roll from month to month, giving you room to adapt to any changing circumstances.
Assess Infrastructure and Amenities
Consider factors such as internet connectivity, security systems, common areas, conference rooms, and shared facilities. These amenities can enhance productivity, collaboration, and client interactions.
Even if you’re looking for a tiny office for one or two workers, having a shared or common area where you can meet other business owners in the same building can keep your ideas fresh and your office productive. Or maybe the opposite would be true for your business, and a common area would be the last thing you’d want. Every type of office is available – the key is knowing your needs and making sure your office meets them.
Get Advice and Keep an Eye on the Future
If you’re already working with a team of people, take their opinions and needs into account. They can provide valuable insights and perspectives that you might not have considered. But while it’s great to have a wish list from everyone involved, you also need to monitor the finances and be willing to compromise.
Funding an expansion can be tricky, especially in the early days when the unexpected can creep up and bite you. You need to have funds for initial expenses plus a cushion so you can meet unforeseen costs. Things always take more time and cost more than we expect. Talk to your accountant, your bank manager, your business mentor, or anyone else with experience in financing business expansions or overseeing office moves.
Plan for the Move
You’ll need to notify clients or customers of your new address, update your business information, social accounts, business directory listings, change your advertising and bring websites up to date. Then there is the legal side, with tax matters and bank accounts, plus letterheads or digital templates, contact numbers or customer services. This just scratches the surface of nitty-gritty details that need attention, so keep a record of all the tasks and tick them off as you go.
Make a floor plan of the new office, if possible, so the physical aspect of setting up your office space goes smoother. Allow plenty of time for the transition so you don’t get overwhelmed with too much happening at once.
With so much to think about, you could be tempted to give in before you start. Take it one step at a time and remember that thousands of business owners do it every day. You can too. When you have a business you love and are passionate about, getting more of it through expansion is the most satisfying thing you could do.
