Every business is always aiming to expand. Whether through offering new products or establishing more branches outside the usual area, a business owner wants to have more capital to grow their business. Unfortunately, it also means expanding the physical capacities of your store or office. Not all companies have that capacity. Most small businesses only have enough money to rent a small space in a commercial area. Some businesses even convert a portion of their homes into offices to save on rental expenses.
But what if you want to expand your business already? What ways can you do it in the office space you have now? The first thing you have to do is consult your landlord about any expansion you have in mind. If you own the commercial building, you have more control over how you can add more physical space to your office. Here are three ways you can do it:
1. Rent the Space Next to Yours
Is the space next to your office still available? If yes, you can talk to your landlord about renting that space. You have some options for this. The first thing you can do is check if that space hasn’t been rented or leased for a long time. If it is, you can negotiate with your landlord about how much you have to pay for that extension. It will help if you have a solid background as a tenant because the landlord will trust you with that additional space.
However, don’t push your luck when it comes to getting a discount for that extra space. Landlords tend to be unbending when it comes to the amount of rental fee they charge on a given space. But also, don’t dive into renting an expensive unit because of your expansion plans. Remember that you still have to pay for the renovation and redesign of the space and the installation of storage shelves and other important elements of the office. In addition to that, you need to make sure that utilities, like the heating, ventilation, and air conditioning (HVAC) system, are working correctly. Otherwise, you’ll need to hire an HVAC service provider to check the current system or install a new one altogether.
2. Expand Vertically
If there’s no extra space beside your office or store, why not think about adding a second story? Expanding your store or office vertically, however, will depend on the structure of your existing space. Can it carry the weight of the second story? Does it have the foundation for it? And most importantly, will the landlord allow it? If you don’t own the building, you need permission from the land and building owner.
Aside from permission from the landlord, you also have to consider the permits and licenses needed to allow a second story for the building. There are also zoning regulations to follow. And what if you have employees who are physically incapable of going up the stairs? Are you going to install a lift, escalator, or elevator? Are any of these options in the pipeline? If this is a problem, make sure that there will be accommodations on the first floor for employees who have physical disabilities.
3. Book a Co-working Space
If renting an extra space or building a second story is not possible, the next best thing for you to do is to book a co-working space for the long term. This means that a number of your employees will need to work remotely so you can accommodate those who have to be in the office to complete their tasks. You’ll have to talk this over with your employees, so nobody feels left out by your decision to place some in co-working spaces.
Remote working, of course, is the ideal solution to your office space problems. Suppose you have to hire extra people to do more tasks for your company. Having them work from their homes seems to be the most obvious solution to this predicament. However, working from home also comes with its different challenges. Aside from the distractions that the setup presents, companies must also provide the necessary devices that work-from-home employees need. This setup only works if employees and company management work hand in hand to bring about the best in each other.
Expanding a business is a challenging prospect. You need to address several issues before deciding on an expansion. Add to that the fact that business expansion also means the actual addition to your physical space. Aside from choosing how to expand your business’ physical space, you also have to consider your budget and future plans. Although reaching newer markets is always a welcome addition, it comes with many difficulties that you must consider before diving into any project.