While some home-based businesses falter and ultimately fail, others thrive. If your business falls into the latter category, you may be thrilled about the results of your hard work up to this point. However, you may not quite be ready to move your business location from your home into a professional space. In order to take your business to the next level successfully, you need to follow a few important steps.
Revise Your Budget
Initially, you should review and update your budget. Ensure that your current budget covers all income and expenses. Then, analyze which expenses may change if you move, such as utilities. You need to understand what the financial impact would be if you move into a professional office space. If you determine that you do not quite have the regular funds available to make this move comfortably, there are a few additional steps that you can take.
You may be aware that marketing drives sales. Therefore, if you need to bolster income and generate income that is steadier and stable, increasing your marketing efforts may be a great starting point. Some business owners may simply need to develop a smarter marketing strategy, and little or no additional funds may need to be contributed to your marketing budget. Others, however, may need to pump extra funds into an enhanced marketing campaign.
Assess Your Needs and Abilities
As you take the necessary steps improve your financial situation so that your business can support the regular expenses associated with a professional office, you should analyze your exact needs for a new space. Consider how much space you currently need as well as the need for room sizes and configurations. Think ahead about potential growth over the next year or two as well. Try to ascertain a great location that has excellent traffic flow in front of it if your business will derive income in this way.
Look for Space
After you have taken these steps, you will then be ready to begin looking for office space. You should have ample funds available to pay for moving costs and up-front rental fees before you get to this point. Working with a real estate agent who is familiar with commercial space, like Hartman Income REIT, in your area may be helpful.
Transitioning from a home-based business into a business with a professional office space is a milestone event. However, just because you feel that you have outgrown your current space does not mean that your business is ready for this expansion. Walk through these steps to achieve strategic growth.