Expanding your business is an exciting time but it also comes with risks. Investing money into another location that fails can impact the brand’s overall reputation. Far too many companies
have tried to expand too quickly which has ultimately led to their demise. Your new office building will have a lot of decisions to make associated with it. Create a checklist of what you want in the building and what features you want it to have. The following are what you need to consider when building a new office building.
Location Near a Highway
For businesses that are providing services to the public like HVAC repair or delivering off-road diesel location is key. Being able to get on the road and on a highway can help save on fuel costs and customer waiting times. A digital marketing company might want to be in a reasonably central location but this likely will not impact their success considerably. You want to make sure that the location you pick is affordable and in an area that will not impact business negatively. Picking an area that is cheap that has a high crime rate can impact the quality of hire on average.
Staffing the New Office
Staffing the new office has to be done proactively with a mix of new hires and transferred employees. Employees that are transferred should reflect the qualities the company want to exude. The new office can give a top employee a chance to manage and show what they have in terms of leadership skills. Hire before the office is completely built then shift some employees to remote jobs. Once the building is complete, the office can start generating income without a lull as there has been a considerable amount of money spent on the project.
Is The Office Really Necessary?
The investment in a new office building might not be necessary at all. There are employees that you can have work remotely if you want to expand the sales force or customer service team. There is likely a great space available to rent for a year or two before making a decision to build your own office. A new location for a business like an insurance company might be required as a local area could be saturated with competition.
Rental Space to Ensure Income
A new office coming with a rental space associated with it can guarantee income once a lease is signed. This will require more of an investment but will be able to generate revenue whether the new location is successful or not. Renting out the entire space if you decide to downsize the location is another way to supplement the company with revenue. Take a bit of time to look at options to expand the space in the building of your office. In today’s unsure economy, this can be a saving grace as real estate hasn’t been impacted by real estate in an extreme way.
When building a new office there are so many things to consider. Take time to write out all of your concerns and sit down with trusted staff to discuss them.