Time to Expand?
Is it time to open a physical location? A question many business owners often think especially if their online business is growing and exceeding expectations. Before you decide, our QuickBooks Blog shares three questions to ask yourself before diving in. Here is what they had to say:
What are the future plans for the business?
Going into a physical place is something that should be considered where longevity is concerned. This will become a high expense, such as paying rent, purchasing a building, etc. You have to honestly look at the bigger picture and envision where your business should be in the next five years, ten or so, and will that involve extra space?
Does a physical space make financial sense?
Now let's cut to the chase. This all boils down to if you can afford it and not only in the short run. It would help if you looked at renting or leasing costs, utilities, furnishing, supplies, amenities, insurance, commuting, staff, etc. It is advised to be more realistic about the expected costs; that way, you can be more confident in your choice.
What other options could you explore?
If you are looking for more cost-effective ways because this may be a big undertaking, our writer share a few ways:
If you are looking for more cost-effective ways because this may be a big undertaking, our writer share a few ways:
- Sign up for a coworking space.
- Purchase or rent a space where you can have a smaller presence, like a mall kiosk or a farmer's market booth.
- Partner with other businesses with their own physical space, such as by selling your pottery in a local boutique.
What do you think? I found this article very useful and encourage you to check it out. They even include considerations to make when location scouting. Until then, I hope you have a productive week and see you next time, my Community friends!