Business growth often leads to more staff, expanding operations or increased production. This, in turn, can easily create a situation where you outgrow your current business premises.
Find larger business premises
Several options exist to help you meet the demands of your growing business. You could, for example:
- rent new property
- buy new property
- extend or alter your current premises
You may need planning permission if you're thinking of extending or altering your premises. The building work may also disrupt your operations and may not always be possible. Find detailed planning advice and guidance for businesses.
There are pros and cons to both renting and buying business premises:
- Buying requires a major commitment, but gives you greater stability than renting. It's often an expensive investment and will require some ongoing funds for repairs, maintenance and similar. Read more about buying business property.
- Renting can provide more flexibility for your business as it grows. Depending on your rental agreement, you may need permission to alter or improve the premises. You may also be liable for the rent for the entire period of the lease, even if circumstances change and you need to move on. However, renting typically ties up less capital than buying and can free up funds that could be used elsewhere in the business. See more on renting commercial property.
When considering your needs for new premises, consider if different ways of working - for example, outsourcing certain processes - could reducespace requirements. Any change in your working practices should be carefully considered, so make sure to weigh up all the advantages and disadvantages of outsourcing.
Managing the move to new premises
If you decide to move to new business premises, you will want to minimise disruption. Have a clear plan for moving. Provide instructions to staff and create a consistent labelling and packing system. You could hire a professional removals firm. This may minimise legal risks of personal injury or property damage.
See below how TotalMobile found the right premises to suit the needs of their growing business.