Bursting at the Seams: Should You Renovate or Relocate Your Booming Business?
This could be happening to your business: Sales figures are shooting through the roof. You’ve barely got enough staff to keep up with demand. There’s no space to put all the new equipment your booming business requires. While there are some great options for storing extra equipment, it’s getting harder and harder to deny. Your business needs more space to grow before it stagnates. You only have two options, so should you renovate or relocate?
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Stay and Renovate
There are many reasons a business might choose to renovate rather than find a new location, such as:
- You don’t want to leave a great location.
- You worry that you might lose business if customers can’t find you.
- You and your staff have a simple attachment to the spot that has brought you so much success.
In these cases, renovating or expanding your existing premises is an attractive option.
Consider Your Needs
Could your space concerns be fixed by some clever storage solutions? How much extra space do you need, and what are your options for expansion? It’s rare that the space next door will be conveniently available for you to expand into, but if you happen to be that lucky, then congratulations, your problems are solved.
For those of you who aren’t so lucky, check to see if there’s any space in your current location that you could utilise better or use more effectively. Could you renovate these areas to fix your space concerns? Will your local council allow your business to expand upwards or backwards? In most cases, performing such an extreme renovation will be more expensive and inconvenient than relocating.
Downside of Renovation
Renovations as a rule, will almost always cost more than you expect them to. Things can go wrong, deadlines can get pushed out, and this all costs money. Even if everything goes to plan, you still have to close your business for a time while you undergo the renovations.
Why Choose a Relocation
If you need a much larger premises, then relocation is probably the most sensible option. The best thing about relocating is, you can keep your existing business running while you set up the new location. This is an advantage over expensive renovations that could put you out of operation for months.
Advantages of Relocating
You now have the opportunity to choose a great new location that could benefit your business in numerous ways. If a big part of your business is generated from foot traffic, then you might want to choose a new premises in a high-traffic area where you can reach a whole new customer base and expand your business even further.
Downsides of a Move
There’s always the danger that some of your existing customers will not go to your new location. It could be inconvenient to them or an area of town they don’t normally visit. However, the added space will allow your business to grow and build up an even bigger customer base in the new area.
Carrying out the Relocation
So, you’ve made the decision to relocate. Now all you have to do is transport all of your office equipment, stock and other business items from the old location to the new location. It sounds simple, right? Actually, it can be. There are some great companies out there that routinely perform business relocations. They can help you by providing expert advice and support.
It can be a tough to decide whether to stay where you are and renovate, or find a new and larger location. There are risks and benefits associated with each choice, all of which will be different, depending on your business needs. Weigh both the pros and cons, as well as the costs involved for each, making sure you’re honest in your evaluation.
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