When you’re thinking about moving your business to a different location or opening another venue – there’s a lot you need to think about. It is a daunting, but exciting, prospect and you need to be prepared to put the hard work in so your business will successfully grow.
Cash Flow
You might be on the cusp of being ready to expand, but you’re not quite there yet. This is where cash flow can come into play. Cash flow lending can help finance your company to the next level. You can take out a loan to help your business grow and establish a secure way of making your return payments. Before taking on cash flow investment be sure to seek financial advise and see whether it’s a model that can benefit your business.
Location
One of the most important things you need to think about when moving to new business premises is the location. Whether you’re a shop or restaurant and want regular customer foot traffic, or you want a new office to be accessible to your employees. You need to think about transport links and how easy it is for people to get to. Make a list of your requirements to help your search. It’s also worth considering that some neighbourhoods will be more expensive than others, so be sure to research your location thoroughly.
Buy vs Rent
You also need to ask yourself whether you want to buy or rent. Both options come with their own pros and cons. Buying is a great investment and you can reap the benefits if the property goes up in value. It will also save you from having to communicate with the landlord. Renting property could work in your favour – it allows you to move easily once your contract is up, and requires a smaller deposit. For either option, you need to be aware of your budget, and the costs involved.
New Safety Measures
Covid-19 has impacted every industry in some form or another this year. It’s likely to have long-term implications so you need to be prepared to adhere to new safety measures in your new premises. These can include ensuring there’s enough space for staff and customers to social distant, regular cleaning protocols, and ventilation systems.
Expanding your business has so much opportunity for your brand to grow and gain more customers. Do your research, be patient, and stay safe. Do you have any tips for growing a business?
