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So you’re finally moving out. Business has picked up, and through careful financial planning, you have earned and saved enough funds to move out of your ‘garage.’ For any startup, this is a big move, perhaps career-defining. The most important point is that you look to the future, aim for the sustainability of your business and maintain an expected growth pattern. During this tumultuous time, you must not ever slack in your customers’ or employees’ eyes.
Image by – Cary Bass
Moving out of the garage
Plan the budget and time
First and foremost, audit everything and decide on what your budget is. Before you can buy and do anything, you must have a plan that consists of avoiding the red, and firmly staying in the black. To even be in a position where it’s financially feasible should prove to you, that you’re doing something right. Any possible move should therefore be, valued for time, because if you’re productivity slips, so does the awareness of your name. Typically you should aim for a 1-2 year plan with set goals you should be hitting every month, regarding profits versus expenditure. To save money, you should think about outsourcing work to freelancers via a digital system.
Don’t rely on a website photo gallery which shows pictures of the property that are up for rent or lease; go in-person and evaluate the square-footage and the amount charged for it. Compare what the price of the furniture that comes with the office is, to perhaps a more cost-effective alternative that some companies can offer you like Facility Services Group used office furniture. With the money saved through such a choice, you could opt for a flexible term, giving you the ability to add more space if and when required.
Photo source – Ole Ronberg
If you’re planning to move from a city to the center of a region to expand your business purely for a wide-reaching customer base, then you need to evaluate the following.
- Which specific area could you move your office or headquarters to, where you fill a gap in the market physically. Locate competing businesses on your regional map, and identify where the majority of the demand is for a business or service like yours.
- Once you have found an area where there isn’t too much competition, contact the local broker and decide on which property style and payment scheme you want to opt for.
- Calculate the complexity of the operation in terms of the people in your team. Could you deal with the added workload with your current employees? If not, how much more would you need to hire, and how soon? Does this factor into the amount of office space you’ll need? How much would this cost alone?
Credit – AMISOM
Moving out of a home or shared office is a massive step for a startup; quite frankly it can make or break you. If you need a safety net and cannot rely on saved resources, you’ll want to think about getting a loan from your bank. Whatever happens, your end all be all aim should be for business to keep coming in, so make sure you tell your existing customers that you’re moving and do so promptly. Relationships and trust are hard won, therefore, during the move, never jeopardize the current workload you have.