Startups don’t really need much at first. If you have a PC and strong internet connection, you’re good to go. Still, once your startup begins to grow, it’s time to start thinking about relocating to a real physical space.
The problem is, some entrepreneurs relocate too quickly and end up spending way too much on the entire process. So, when exactly is the right time to relocate your startup to a physical space? Read on to find out.
When to Relocate Your Startup into a Real Physical Space
Figure out how much space you need
One of the most important things to have in mind when thinking about relocating into a physical space is how much space you’re going to need. As mentioned above, during the early days of your business, you’re not going to need much more than your PC and access to the web. However, as your business keeps operating, you’ll start seeing more and more stuff on your desk.
Eventually, your improvised home office will become full of contracts and documents you don’t know what do with. Even though this is an indicator that you should relocate your business into a real physical space, you shouldn’t do it until you’re able to figure out exactly how much space you’re going to need.
And in order to do this, you’ll have to know how many employees your business is going to need. Bear in mind that the average for North American offices is 151 square feet per employee, but you can go for anything between 100 and 250 square feet per employee.
Consider all of your options
Just because an opportunity arises for you to relocate your business, it doesn’t mean you have to take it. In fact, you shouldn’t relocate until you’ve considered all of your options. What this means is that you should take a closer look at every potential location and figure out which of these works the best for you. The most important thing to consider is how easily your customers can reach you.
Once you identify the location that you want to relocate to, it’s time to start packing your business. Of course, this doesn’t mean you should bring all of your company’s stuff with you. Many Australian companies now use mobile storage for keeping documents and equipment that isn’t related to their core business operations.
So, for example, if you’re based in Sydney, make sure you find experts who offer mobile storage services in Sydney and have them store some of your company’s things for you.
Think about your finances
Another thing that plays a huge role in deciding whether it’s the right time to relocate your business or not is your finances. You may start noticing that you could benefit from some extra space but if you don’t have enough money in your budget, it means your business simply isn’t ready to relocate. In situations like this, you’ll either have to wait until your business can afford to relocate or find another way to finance the entire process.
For example, you can always apply for a bank loan or try to obtain a loan from a private lender. They should be able to offer you a deal that has been specially designed to help startups finance their move to a real physical space. If you do manage to obtain a loan, make sure that the most important thing you focus on once you relocate is repaying the loan.
Have all of these things in mind and you should be able to figure out when it’s the right time to relocate. And once you start operating from your new location, helping your business grow should become much easier.
Derek Lotts is a regular contributor at at Smooth Decorator and writes about décor, gardening, recycling, ecology and everything related to home improvement. He thinks all of these topics fall under the self-improvement category. He believes in the power of sharing ideas and communicating via the internet to achieve betterment.