If you're running a business and have considered whether a new stage of growth in your company's outlook for the coming years would benefit you, the question has probably arisen in your mind as to whether office space might help you to achieve your professional goals.
In fact, we may find that an increase in yearly product sales or a need for more manufacturing space are in turn creating a need for a new and more spacious location for our business. Moreover, for many entrepreneurs, the transition from a home-based business to an office-based business is an important milestone towards bigger profits and a roster of new clients or customers, but the transition requires much thought. For example, a move to office space may require hiring on new employees, negotiating finances, dealing with new expenses, and making other commitments that can feel intimidating to consider. The rewards can be enormous however, especially when a new location permits us to increase our profit and productivity margins on an exponential level. Had Steve Jobs kept his operations at the Apple computer company limited to his parents' garage, for example, he may have missed out on a great deal of opportunities for success. Here are just a few ways to determine if your business is ready for change.
Top 4 Ways to Know if Your Business is Ready for Office Space
- Decide on Funding
- Consider Your Options on Space
- Listen to Your Heart
- The Current Setup Just Doesn't Work
The Top 4 Steps Explained
Since new office space is likely to have extra rental, employee, and utility costs associated with a change in location, a good first question when deciding on a need for new space is whether or not your profit margin will increase enough to handle the transition, or whether funding sources will need to be used to pay new bills. If your business is at a stage where profits would allow for the funding of new space, manufacturing, or employees, this can make the process easier, but savings or loans can also provide the kind of funding that will make your dream office a reality.
Additionally, you'll want to give thought to the amount of space that you'll need, and where you'd like to rent or purchase space. Do you want your office to be near where you live? Is there a commercial area in your town or city that would help you establish more business? Do you want an office that involves a sizable commute, or one that you can get to in 10 minutes or less? Considering questions such as these can help you to narrow down a list of potential sites for your company, which in turn will allow you to estimate the kind of rent, mortgage, or down payment you'll need to secure your new location.
One of the biggest indications of your readiness to take on new office space will also include a good understanding of your own wants and needs as a business owner and as a person. If the prospect of taking your business to a new level fills you with excitement and a sense of anticipation about the years to come, you may discover that your passion for business will make the time preparing for your new location fly by. When considering a new course of action in your professional life, a good rule of thumb is to take a look at business owners you admire, and who have themselves opted to expand their business operations, and ask yourself if you want to be in a similar place in your own life in the next five to seven years. If the answer is yes, you probably want to take the steps necessary to build your company into a bigger enterprise.
Another key indicator that will help you to determine whether you need office space should include an assessment of whether or not your current level of business is hampered by your lack of space. If you literally can't deliver the amount of products necessary to keep your customers' or clients' needs fulfilled, you may be feeling a type of stress that is difficult to be rid of without major changes to your business plan. Some business owners find that their business's capabilities aren't up to speed when product storage or machinery capabilities become more difficult to manage due to lack of space. Whatever the case may be, a good cost-benefit analysis on your current environment will help to clarify which types of resources you'll need to do your job at your very best. After all, if you're not hitting your production demands, a change of scene may be just the thing that your company requires to strike it big!
For these reasons, it can feel at times like the securing of new space for a business can feel stressful, but remember that the potential rewards of expanding a business can be many. Like any big decision in life, a good plan of action is crucial in seeing through a goal, but with a positive attitude and trusted advisors to encourage you, you may find that the outcome for your company that you've dreamed about is finally within reach. And that is business at its best!