The Ultimate Business Blog Citygirlbusinessclub.com
When you start up a business, it is always wise to start as small as you can. Most start-ups began life as a little extra income earned from the comfort of the kitchen table! Many entrepreneurs are still working full-time for an employer in their first year of trading. Taking the next step into self-supporting financially is a serious move forward, but we’ve all got to take it. If you’ve taken the plunge and things are continuing to look good for your business, now may be the time to make the next move.
You may need to find a larger office space to accommodate staff and stock. If you’re in retail, you may need a bigger unit so you can increase your display area, or so you can better reach your target customers. Thinking about a move can easily give you a headache when you’re trying to run a business and stay in profit. We give you the five most important things to consider before you make that move:
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Can you afford it – It may be expensive, but can you afford not to do it? Every business needs to grow and evolve to remain profitable. Providing you are now making a profit, moving premises should not be risky. Live within your means though. Base your rental on the last year of profits. Don’t move into a space assuming things will be better straight away.
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Can you manage the time – You’re a busy manager with a lot on your plate. Do you have time to move right now, or can you wait for your quiet season? You can find commercial moving companies to take all the pressure and work out of the physical move. But you still need to find the time to check out the local neighborhoods and complete your market research. No matter how busy you are, you must understand the demographic shift you will encounter if you move a retail unit.
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Can you find it – You may need to move quite quickly to continue trading, but finding the right premises could take months. You may want to consult an agent to see what is available in your price range.
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Can you use it – Once you have found a unit to move to, you need to consider its longevity. How long will it be useable according to your current business plan and forecast projections? Will you need to move again in the next five years? You will also need to consider how accessible it is for deliveries, customers, and your staff.
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Can you get out of it – Many commercial lets are contracted for several years. Some go as high as twenty years. If things don’t work out, or if your business outgrows the space, are you able to make a quick getaway? Perhaps you can consider buying the property.
Business is tough to predict these days, but when you move to a new premises, you need to have a pretty good idea that it is a good move for you. If you have any doubts, it might be worth leaving it for a while rather than rushing into it. If you have done your research and you know you’ve found a good deal, then you can move in with confidence.