How to prepare for physical business expansion

4 Min Read
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Startups are on the rise across the world. The global pandemic at the beginning of this decade impacted many industries and caused a swell in unemployment, leading to a surge in entrepreneurship in 2021 and 2022 as increasing numbers of people decided to go it alone. Sticking it out with a startup is a stressful process, with the first few years in particular often proving to be a rollercoaster ride of highs and lows. However, for those who make it to the magic five-year mark, the future is likely bright. 

If you are fortunate enough to have achieved stability in your startup, you will be looking ahead to growing your business and finding further success. Business development involves varied factors from product creation to reaching out to new markets, as well as the all-important improvement of your company premises. Even in this online age, having a tangible space that exudes quality is a vital part of inspiring confidence in both consumers and investors. 

Whether you want to improve your office space, update your manufacturing area, or simply elevate your building a luxury lift, here’s how to prepare for physical business expansion.

Assess your finances

First and foremost, you must assess your finances and see how much money you have to invest into the project. Be realistic: forecast minimal profit and assume higher renovation costs and make sure that you are still in the black. Once you have your final figure, create a step-by-step budget and track project progress against it to ensure that your spending stays strictly within your limits.  

Arrange temporary premises

Unless you currently operate exclusively online or as a remote solo startup, you will need to arrange temporary premises for you and your staff while the project is underway. Modular building hire is a rewarding option as these temporary structures have all the benefits of a permanent building and can be tailored to your requirements. Alternatively, you could look into short-term rental of offices nearby or simply co-working spaces where desks can be booked by the day.

Photo: Shutterstock

Consider your requirements

When designing your new physical business space, consider your requirements. For example, take stock of your current staff numbers and make sure to include additional space for future growth. You should focus on features that are vital for the smooth running of your business, from desks, meeting rooms and a staff kitchen to product development areas such as laboratories and warehouses.  

Prioritise sustainability

It is becoming increasingly important for business to be green. The majority of consumers in the US would pay more for a sustainable product, and a strong environmental policy is an essential part of inspiring brand loyalty in 2023. In addition to looking at ways to make your product more eco-friendly, you should practise what you preach and prioritise sustainability in the workplace as well. Automatic LED lighting, water-saving measures, paper-free offices, and using recycled materials during construction are just selection of the simple ways that you can significantly reduce the environmental impact of your business operations.

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