Eventually it happens to most successful business owners: Your office feels cramped. Maybe your productivity is waning because your employees keep getting in each other's way. Perhaps your conference room is becoming a scarce resource. (To identify other indicators that your office is too small for your business, read our Ten Signs that It's Time to Expand Your Office Space.) If any of these apply, it may be time to start hunting for a larger space.
The need for a bigger office or storefront is a great problem to have: It means your company is growing. But upgrading to a bigger space presents a host of issues for small-business owners. Here are some important factors to think about:
Where Is My Business Headed?
Think about your company's potential growth before you start investigating new locations. For example, if you intend to double your staff soon you'll need significantly more space than you will if you want to grow your business at a more moderate pace. Either way, remember that most space is leased for at least five years. Don't lease a space that you will outgrow in two years.
Figure out how big an organization you want to manage. Then consider the resources it will take to get you there and the space that you'll need. Include the following factors in your decision-making process:
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