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At some point, most small businesses inevitably feel forced to evaluate their space needs. Assuming that you want your company to grow, it’s more a matter of when you decide to upgrade your space, rather than if you will need to do so.
You might find yourself asking this question as your staff grows, or when you find yourself holding meetings in cramped rooms. It can be exciting to see a visible sign that your endeavors are paying off with growth. Plus, increased space can equal increased opportunity.
Since moving is an enormous decision, carrying long-term consequences, it pays to weigh that decision carefully.
Evaluate Your True Needs
Are you in violation of fire codes? Obviously, a move is needed, and fast.
Are crowded conditions impeding productivity on a daily basis, and not just occasionally? Then yes, a move to a larger space will probably pay off.
If your business involves a retail component and you’ve run out of room to display products efficiently, then a roomier, better designed space might be in order.
Most importantly, can you afford the move? Calculate the monthly cost of the new lease, renovations that might be needed, and the price of a moving company. Promotional materials should be reprinted to include your new location, and you likely need to incorporate the news into your marketing campaign. If your budget can accommodate these expenses comfortably – both now and for years in the future, with regard to the lease – then your business might truly be ready for this growth.
On the other hand, burdening yourself with a new, more expensive lease can feel like a risk.
The Downside of Moving
By rushing your upgrade, you could end up with more space than you really need, making the expenditure ultimately unnecessary. The financial burden of higher rent payments can eat into profits, and prevent growth in other ways (investment in new equipment or a marketing budget, for example).
Are you really ready to commit to higher monthly payments, potentially for years? Do you actually need that much space in the long term?
Can You Reorganize?
In some cases, your current space might continue to serve you well – assuming you revamp and reorganize it. Can you physically redesign the unit? Have you taken advantage of all vertical space for storage? Can employees work in shifts and share desks? Can you conduct more of your business online, or allow employees to work from home?
Consider Parlay Café as an Alternative Solution
If you only need meeting space, or room for part-time employees to conduct business on occasion, consider renting that space on an as-needed basis. Parlay Cafe offers spaces as small as individual work pods, and as large as spacious, comfortable meeting rooms. You can avoid the long-term, serious commitment of a commercial lease until you’re certain of your financial readiness.
We’ve got high-speed secure internet, a quiet environment where you can actually get work done, and private booths for phone calls. Your business can grow and flourish without the financial strain of a long-term lease.
Come tour our facilities and let us show you what we have to offer. We might have just the right answer to your business growth dilemmas.
Written by Don Mastrangelo, Owner, Parlay Café