As your business grows and develops from its startup phase, chances are it will also outgrow your first office space
As your business grows and develops from its startup phase, chances are it will also outgrow your first office space. When you start hiring new employees you will notice your office will become a bit cramped. It may be time for your business to move on to bigger and better things.
When you reach this point of expansion and have decided the time is right to move, ensuring a smooth transition to the new location is crucial. Considering that your business operations could take a hit in productivity for a few days, it is important into account some key factors that will facilitate the move.
Here are just a few measures you can take to help make for a seamless and efficient transition:Outgrowing Your Office Space? 5 Tips for a Smooth Expansion Click To Tweet
Be on the Lookout
As you start searching for a larger office, be sure to lookout for new locations that hit the market. New office spaces become vacant every day.
It’s important to be vigilant to find the one that best suits your needs. These spaces fill up at the same rate that they become open, so keeping an eye on new listings will help you spot great deals and new opportunities as soon as they arise.
As the U.S. Small Business Administration, you’ll want to consider many factors when choosing your new location, including:
- Neighborhood: rent prices, reputation, crime rates and foot traffic
- Transportation: access to public transportation and parking
- Zoning regulations: possible restrictions on proposed locations
Calculate Your Costs
With office expansion comes increasing costs. Whether this includes increased rent prices or higher monthly utility bills, it is important to determine any added costs that will come with a bigger space. This way, you know exactly where your budget sits and can work around it to find the best price.
One thing to keep in mind is the potential of business insurance rates rising. A larger location means more space that needs to be insured, so don’t be surprised if your rates increase.
To get a better understanding of how your premium may change, experiment with a business insurance calculator to get a rough estimate.
Consult with Your Staff
Although the decision ultimately lies in your hands, it’s important to talk to your staff about the move. Not only does this help them prepare for the relocation, but it can also give you ideas about any features or amenities that would appeal to them. The happier your employees, the more productive they’ll be, and a new office space provides an opportunity to meet their needs.
Work with a Professional
One surefire way to get the scoop on any new office listings is by contracting a commercial property professional. With so many things on your mind when moving, the last thing you want to do is have to spend hours searching for a spot. Hiring a commercial real estate agent can facilitate the move, as they will help find you the right place, make sure you’ve considered all costs and let you focus on the business during your transition.
Plan Ahead of Time
The last thing you want is to be unprepared when going through this major transition. As you start to look for new locations and get the move underway, make sure you have a plan in place to account for any loss of business that can occur when busy moving. Tell your staff to be prepared and to take care of any urgent tasks beforehand to minimize the impact it may have on productivity.
When the need for your first big office space arrives, the excitement is abundant. However, it’s important not to let this excitement get out of hand, especially during such a major change.
As you start to consider the transition, there are certain measures to keep in mind to ensure a seamless and smooth expansion. The list above will give you a starting point. Researching the process will help you identify specific steps to take for your business.