Is it Time to Upscale Your Business’ Workspace?
Your business venture’s first office is an exciting time for any entrepreneur, but what about when you expand beyond your workspace’s means? By this, we mean simply being able to house all of your equipment and members of staff comfortable without impeding any laws on how many members of staff can be in the workspace per square foot (for an idea, you shouldn’t have more than nine people per 500 square feet).
You could, conceivably, be left in a position where the only way you can expand your team is to move into bigger premises. Of course, that doesn’t come cheap and it’s far from an overnight decision. You have to factor in a lot of logistical variables such as location, transport links, parking, workspace and more.
Do You Need it or Want it?
Need and want are two very different things. You might want to upgrade to bigger premises, but is it really the right thing for your business at this time? While space might be a little on the tight side, can you justify the additional investment on new premises, as well as additional staff that might come with it?
Many businesses have made the mistake of trying to expand too quickly, which in the worst case can lead to going out of business altogether. As a business owner, you have to ask yourself if the demand is truly there to support the extra supply you wish to provide.
There is also the risk that your business hires the wrong people as you rush to fill the extra space and meet new, higher targets. The best small businesses work because of the well-oiled machine that is the team spearheading the company. When new employees come onboard that don’t completely buy into the business and/or aren’t willing to go the extra mile as the ‘original’ team, that’s when all of the hard work that came before could go to waste.
Knowing When to Make the Move
For a small business owner, it can be easy to become comfortable with where your position is in the market. As long as the bills are being paid then what’s the issue? If your business stands still for too long, eventually, the only way it is going to go is backwards. Businesses must keep constantly moving forward if they are to thrive and, most importantly, stay profitable.
If your business has been in a state where the possibility of new projects has reared its head, but the current logistics don’t quite make it work, this is when you should consider expansion. With clear demand, you can begin to grow your business based on a solid foundation, rather than employing the ‘if you build it they will come’ approach.
Taking the First Step
When you decide that your business needs new premises, this is when you need to sit down with your accountant and weigh up the numbers. Realistically, how much can you commit to a move? Also make sure to discuss the potential of a move with your current members of staff and gauge their thoughts on the possibility of moving their place of work. You might find that, depending on where you might move, it simply wouldn’t be viable for them.
Luckily, there are a number of online businesses that can help with your prospective move. One such is https://www.bizspace.co.uk/ that has a wide range of working spaces available around the country.
Once you have your funds in place and know what you are looking for in your new premises, then the look can get started, as can the next chapter of your business.
Related Articles
