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Expanding your business premises

  • Blog
  • 23 January 2018

Many thriving businesses will reach a point where it’s time to expand, enabling them to take on more work and facilitate further growth.

When your business reaches this position, one of the issues you’ll come across is deciding on the best way to expand, and what will benefit your company the most. With this in mind, we’ve created this blog to help you when expanding your business premises.

Expanding your business premises

Starting from scratch or using existing property?

Depending on the budget and scale of your upcoming expansion, it’s worth thinking about whether or not you’re going to buy land and build new premises there, or look for a space that already exists nearby.

Building your own premises might seem a pretty drastic move, but that doesn’t mean it will be the wrong move for you. Choosing to opt for purpose-built premises brings with it certain benefits that you might not find in existing properties. For example:

  • Unique architecture – You could choose to create a building that presents a striking and memorable image for potential customers
  • Designed with your needs in mind – A self-designed premises can be tailored to exactly what you need, as well as allowing for further projected growth.
  • Expanding capacity – Perhaps you’d like to increase production capacity in your current premises by expanding the buildings you have
  • Generating PR – It’s worth mentioning that when you start the building process, you could use it as a bit of good PR to promote your company. You could announce the development in a press release, which you could distribute to key industry news sites and publications. You could also provide updates of the build through your social media channels

However, the decision can boil down to what you’re looking for, whether what you need is already available, and whether or not you want to invest extra resources into a brand new development.

Using additional space in the same building

Expanding your business might actually be a simple process, depending on your current organisational structure. Making it as quick and simple as possible has the added benefit of letting you focus more of your efforts on the day-to-day smooth operation of your company.

If you’re renting an office in a large building, for example, you could just rent an additional office in the same building.

Expansions like this can be quick and effective, and the time you have to spend organising the move is kept to a minimum. You don’t have to spend time scouting for the right location, and you can get your business running at full capacity very quickly.

New location, new start

There are still many business benefits that come with moving to a completely new location to expand your company, which could make all the time and effort spent doing so more than worth it. For example, you could be primed to take advantage of a gap in the market that you’ve identified elsewhere in the country. Or your additional premises could be used as a way to add a new service to your business. Although you may have to spend more time analysing your local property markets to find a location and building that meets your needs, the time you spend researching may help you uncover the ideal location for your business.

Things you might want to look for in a new location include:

  • Area – Is it in a good base for staff and customers to access easily?
  • Space – Can the new location fit what you need while still allowing for extra growth?
  • Design – Perhaps you want a building that looks quite unique in style so you have something that makes your business immediately stand out from the crowd

It’s worth considering that balancing the operation of your business alongside looking for new premises might make your search take a little longer. But the effort you spend will likely pay off when you find a location that has the potential to meet your business goals.

How can FSB help with your business expansion?

Whichever way you choose to expand your business, you’ll want to make sure the process is as quick, smooth, and efficient as possible.

That’s where our FSB Legal Documents service can help. This service is intended to provide you with a wealth of legal knowledge and information that can help you push your business to new heights, without being tripped up or slowed down by legal hurdles. Benefits of this service include:

  • Access to factsheets and documents on a wide range of business law regulations
  • Documents that are downloadable and fully editable in order to suit your needs
  • Access to our monthly ‘Legal Bulletin’ email to keep you informed of new legal developments that might affect your business

To find out more about this service, please take a look at our FSB Legal Documents page. This service is included as standard in our Business Creation and Business Essentials packages. You can also take a look at our package comparison page to see other benefits of these packages.

FSB Legal Hub from FSB

Factsheets and downloads for: Employment Law, Taxation Matters, Business Law and Health & Safety information. All free. As well as monthly bulletins.

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