Small businesses often reach a point where they outgrow their premises. They then face a decision of packing up and moving their entire operation or expanding the location they currently have. Of these choices, the latter is often the most cost-effective option, but that doesn’t mean that it necessarily an easy path to tread. Luckily, you can make the entire process much easier by reading step by step guide below.
The figures
First off, before you do anything else, you really need to run the numbers. We’re not just talking about the costs involved in expanding your business location here, although these are important, but the space you need to make an expansion viable too. You will then need to compare this to the additional room that is available at your site, along with factoring in the landscaping, building, and other costs that it will take to get things up to specification.
In fact, without first doing a rough estimation of the figures you are very unlikely to be able to get the go-ahead to proceed to the next stage at all.
The finance
The next step to consider when expanding your business location is whereabouts you will source the funding from. Some business may be lucky and able to fund or partially fund their expansion through profits they have retained.
However, even if this isn’t the case you do have other options. One is to find a provider that will grant you a small business loan that will fund the construction work that you need doing. The best ones will even offer you a fixed interest rate, so you know exactly how much you will have to pay back. Something that can make it much easier to budget and get the go-ahead from other decision-makers in your company.
Alternatively, you may wish to go down the crowdfunding route, where you apply online for the sum you need. Although, it is worth noting that you may suffer a backlash from supporters if your expansion schedule doesn’t work out.
The schedule of works
Talking of schedules the time plan for the expansion of your business locations is the third step to consider. It need to contain every task that is to be completed, put into the right chronological order. This means that things like walls must be completed before the electrician can start wiring up the new buildings.
In fact, it’s crucial to create a schedule of works because it gives your business and those that work there an idea of how long the expansion will take. It will also allow you to gauge, and where possible account for, any disruption to your current business as well.
The construction work
Finally, once you have all the other tasks mentioned out of the way you can begin construction of your business expansion. Here, it is crucial that you employ reputable builders that comply with safety precautions.
It is also imperative that any staff that will remain on sight during the work are briefed on safety as well. Otherwise, your expansion could end up costing much more than you originally bargained for.
