Owning and operating a successful business can be exciting, profitable, and, yes, even a little nerve-wracking.  At some point you just know that it’s time to take your business to the next level, but when?  Maybe your business has expanded and your old office just isn’t big enough to accommodate your needs. Maybe your current location is no longer the best fit for you and your clientele. A fresh, new office can leave quite the impression upon your clients and give prospects the security of knowing they would be working with a successful business.  When you feel like you are ready to take your business up a notch, here are a few things you should look into..

Choosing Your Best Office Location

Everyone can relate a story about that time when they had an appointment and the office they were looking for was difficult to get to or hard to find.  Where your business is located really is of utmost importance - if you can't be found, you can't do business!  Two things you’ll want to consider are how convenient it is for your clients to reach your office and how easy it is for your employees to get to work.

Another thing to consider when you’re looking for a new location is the type of neighborhood in which the new building is located. Think about the needs of your employees and your clients:  is it important that you are located next to food services?  How about a workout center? What other amenities could be located near you that would make it convenient for your customers and your employees?  Remember:  content customers and employees make for a great business.

Budgeting For Rent

Putting together a budget will help you determine how much rent you can afford to pay.  If your business is expanding, you'll want to consider how much of that profit should be allocated towards a new facility. Keep in mind that you'll have other expenses aside from your rent payments, including extra supplies, additional employees, new furnishings, etc. – so planning ahead will ensure that you don't put too much of your cashflow towards rent.

In addition to the amount of rent you can afford, you'll want to look at how long your lease term should be. Moving is no simple or inexpensive matter, especially when your customers and employees begin to associate you in that property or neighborhood.  Relocating is probably not something that you’ll want to undertake again anytime soon due to the costs associated, which can be everything from hiring a moving company to printing new business cards.  Negotiating in lease renewal options will give you the choice of staying in that location for an extended period of time if it makes sense for you and your business.

Planning Your Office Size

If you think that your business will continue to grow, it would be a good idea to plan ahead and lease a space that you can fill out.  You want it to be big enough to handle expansion, but not too much to the point of inefficiency.  You will also have additional expenses from heating costs and vacant space that could be used for something productive. That extra office could be used as a private phone booth, collaboration room, or even storage space while you're waiting to hire that next team member.