Expanding your business has a lot of elements to it, and there’s a lot you’re going to have to keep your eye on as you go. You’ve got people and equipment to move, and you’ve got the address to update and plenty of new admin to get through, but you know it’s all worth it when there’s money to be made.
However, business expansion cannot be undertaken lightly. It needs to be something to prepare for, and hopefully, something you considered when you were first writing out your business plan.
So, let’s go through the top three main concerns when you’re about to grow your business and move on up.
The Costs of Expansion
Expanding a business won’t be cheap. It’s going to take a lot of money, and you’re going to need to set up a budget for it. But how do you go about that? Well, first of all, you need to know where you’re moving, and the commercial real estate prices around there.
And then you’ve got the moving company quote to consider, as well as mileage and fuel, and then the cost of getting the WIFI and the electric set up in your new location. If you’re not working in a building that’s already fitted, and the utilities don’t come as part of the package, that’s a sizable extra cost on your budget.
The Logistics of Moving
Moving an entire company, or starting up a secondary location, is going to take a lot of time and effort. As we mentioned above, there’s going to be a lot of admin to get through, and who knows if you’ll have the time to file away each bit of paper or update every single registry you’re a part of. And then there’s the customers on your mailing list and in your database to consider – Do they need your new address? And how much marketing will your new location need, to make sure there’s a buzz spreading through your customer base?
So, to try and make it easier, get ahold of a commercial moving company, to sort through your business possessions and get them transported safely and quickly. That leaves time for you to focus on the marketing side of things, to make sure your expansion efforts don’t go to waste.
The Surrounding Market
And finally, before you throw yourself into this move, make sure you’ve properly researched the market around you. You need to be sure you’re moving into an area where there’s a gap in the market for your product or service, or a proven profit for a company like yours to make. You need a customer base you can fit into, to offer alternatives or better deals to; it might be worth it to double check the numbers before you call the moving company!
Being in a position to focus on business expansion is a huge milestone for your company, so make sure you’re going about it right. After all, there could be a lot to lose.