There is no denying that location can have a big impact on business growth. Hence, many entrepreneurs consider moving into business premises to a more prosperous locations or even open a new venue. This notion can be both terrifying and exciting, and preparation is key to a successful move that could ultimately lead to significant growth.
First things first: finding the right location to move your business premises is essential. Taking your type of business into consideration, remember that you want your employees to have easy access to the new location. During your research, make a list of requirements you cannot compromise on, this will make it easier to narrow down your list of choices. It is also worth factoring cost into your search as some locations are more expensive than others.
Could it be that you as a business owner are ready to take the next step, but your finances are not quite there yet? As you put your plans together, try to roughly cost up the price of your move and work out whether this is feasible with your current budget. If your current budget doesn’t cover the costs, consider looking into funding options that can provide you with a cash injection help you with your move. However, before making a decision seek expert advice for a funding model that best suits your business.
Buy or Rent
Should you buy or rent? Buying your new premises can be a great long-term investment as you can gain benefits if the property goes up in value. It also allows you more freedom when it comes to renovations, changes, and saves you having to communicate with a landlord. However, renting offers you the freedom to make an easy move once your lease is up. Both options have their pros and cons, plus ultimately it will depend on your available budget, so remember to consider the costs.
Security and Safety Measures
Valuable assets like stock and equipment are a target for thieves. Therefore, security should be a priority to ensure your property is protected from day one. The security responsibilities will differ depending on whether you choose to rent or purchase the property. If you choose to rent, make sure you are informed of the security protocols and measures before you sign a contract. If you choose to buy, check planning regulations before installing any security equipment and systems.
Due to recent events, it is likely you will need to adhere to new safety measures, especially if you have employees who might be uneasy about being back in a workspace. These can include ensuring there is space for staff and customers interact at a safe distance and regular cleaning protocols.
Bear in mind the reminders above and take your time going through your move, this will ensure the process will be less stressful and more rewarding.