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