As your business grows, the size of your operations, staff or even the quantity of your stock may mean you need to move to larger premises. You may even consider diversifying your products or services and decide you need to open multiple premises to capitalise on customers in different suburbs or states.
Deciding to move
Before you move, you should carefully assess the right amount of space for your business requirements. Your decision could depend on your type of business and may need to accommodate your employees, equipment or your stock.
Choose a location
Before you decide on a location or even multiple locations, you should carefully research each area’s demographics and economic characteristics to see if they are suitable for your type of business. Visiting the area and speaking to local government authorities is often useful as they can help you familiarise yourself with the area and inform you of local laws and grants.
Deciding to buy or lease
Choosing to buy or lease is a very important decision, as each option will have different financial implications for your business. Sharing a serviced office is also a low cost leasing option for those operating from an office for the first time.
Posted in: Running A Business