Nibletz Staff
Have you outgrown your business headquarters? Have you taken on more staff or have you got more stock than you can store? If you’re tight for space, it’s time for a change. Here are some options you could consider.
Extension
If you own the premises, it may be possible to extend the building to fit in with plans for expansion. This could be a much cheaper option than buying new premises, but there may be a limit to how far you can go. If you plan to continue investing in the company, and you expect it to grow significantly in the coming years, adding an extension may not be sufficient. If you are thinking about this as an option, it’s wise to get in touch with some local building firms, get some quotes, and run through some ideas. You’ll need to come up with plans that are practical and cost-effective to make the venture viable.
Renting new premises
If you’ve outgrown your current premises, renting may be an option, especially if you’re not tied into a long-term agreement, and you already rent. Look out for larger spaces, but consider other factors when you’re searching for the perfect property. Don’t just opt for somewhere because it’s enormous if location is essential for your business. Narrow down your options, have a look at the numbers and consider what would work best for you.
Buying and building
If you have long-term plans for your business, you may wish to weigh up your options when it comes to building or buying. If you buy or build premises from scratch, your outlay will be significantly higher, but you’ll be investing in an asset. If you plan to build, you can clear the site fast and then hire building firms to erect the structure. If time is of the essence, you could even order a prefabricated structure, which can be assembled in weeks. If you don’t like the sound of building or you’re worried about the time-frame, keep an eye out for properties that come onto the market. You don’t have to look for office spaces. Nowadays, businesses use all kinds of premises, such as old warehouses, converted mills, religious buildings and residential properties. Once you know what you’re after, you can start coming up with design ideas.
Hiring additional space
If you’re currently using the same building for every aspect of your business, it may be worth investigating the option of hiring additional space and relocating some areas or departments of the business. This may work if you have distinguished teams within the business or if you have an office and a warehouse in the same location, for example. You could consider moving either part to a different location, and then you’ll have more space at your current premises. Even if you have a very small business, you could think about hiring a storage unit if you’re currently working around piles of stock.
Is your office bursting at the seams? Have you got a warehouse that’s packed to the rafters or a shop that can’t possibly fit any more displays in? If you need extra space, there are various options to consider. Set a budget, have a look around and weigh up the pros and cons of each option for your business.
