While small business owners agree that outgrowing your business space is a great problem to have, most aren’t exactly looking forward to the day they have to find that next, perfect location. In fact, many business owners may be in denial about their need to upgrade their business space. Here are a few clues that it’s time to move up.
- You always need something. If your business needs more team members or more equipment to meet demand, but you don’t have the space for them, you’re probably limiting your business’ potential. If your business is making enough money to hire more people or buy the equipment you need without going into debt, it’s time to look into a bigger space.
- You’re storing office supplies in the hallway and stashing team members in the conference room. There’s a difference between “making do” and a really uncomfortable work environment. Most people are willing to put up with a little inconvenience, especially if they’re committed to your business. But if every nook and cranny of your current building is stuffed with people, storage cabinets or office supplies, you’ve got to make room to breathe.
- You have lower productivity and higher turnover. Of course, these can be symptoms of bigger problems, but a cramped workplace can affect your bottom line as well. It’s hard for your team members to get their jobs done if they’re tripping over each other all day. Some may become frustrated enough to leave if they don’t see a solution in the near future.
Selecting Your New Space
Once you’ve decided to start looking for a new facility, you’ve got a lot to think about.
- Take a look at your business’ budget to see how much rent you can afford, or, what kind of facility you could buy—without debt!
- Project your company’s growth for several years. Since most leases are for at least five years, you don’t want to select a building you’ll outgrow in two years.
- Location is always a big consideration for business. Your new building will have to balance cost, convenience, safety and efficiency while looking good enough to attract high-quality customers and employees.
Get Professional Commercial Real Estate Advice
Dave’s Endorsed Local Providers are experts in commercial real estate in your area. Your ELP will help you find a great location and get a great deal on the lease. And you can trust your ELP to handle the details and free up your time to run your business. Contact your ELP today!