The goal of every entrepreneur is to make their business as structured and stable as possible. Structured in the staff you hire, and structured in the business model, so it’s no surprise to find that the building needs to be structured properly too! And while this isn’t your responsibility, the fact of the matter is that your choice of business premises is a vital component to the success of your company. And whether you’re looking to make an upgrade as your business is getting more successful, or you are flagging somewhat, and you finally realise the importance of location, here are some reasons to make the upgrade.
Upgrading your premises costs money, and that’s a surprise to nobody at all! And you’ve got to spend money to make money, but when you’re upgrading your premises for the purpose of extra facilities, be it staff or machinery, you need to do the math first. The cost of changing property includes rent, fees, and the cost of moving. But the cost to erect a 50×100 metal building, while no doubt is cheaper, requires additional space on your existing premises, so you need to weigh it up. If you’re on an industrial estate, the additional space is easier to come by. So tot up your finances and look at what is better.
If you are on an industrial estate, you’re nowhere near the center of anything, and the amount of foot traffic is going to be very low. So, more foot traffic = more potential customers. It’s a big part of the numbers game. With the cost of renting in a central location you’re hardly going toachieve financial security anytime soon, but with the increased custom, you will have more sales, and more money to invest. So it will be a more sensible approach if you have a business that relies on sales and custom more than anything else. Retail is an overcrowded market, so don’t expect your central location to be a bargain by any stretch of the imagination, but by having a place that is in the eye of the storm, half the battle has been won.
Giving Your Business An Overhaul
You might have realized that you have been doing it all wrong for some time, or it might be time for a change, but giving your business a makeover by changing the location is akin to a fresh start. It works for a lot of companies that are either hoping to move towards a market that is better for them, or they have realized that their business model needs altering, and the fresh start looks to be the better option. Cost is the big one for this and not just for the change in location, but the branding, the marketing, even the staff are likely to change. This will cost a lot, and the change will be seismic. But for every reason to change your location, it can be a risk, but one that may very well pay off.