Lifestyle

Things To Consider When Expanding Your Business

We all know that starting up your own business can be a long old slog and many of us have the desire to expand at some point. For some of us this can happen sooner than expected for others it may not happen at all and although this may be a disappointment don’t let it distract you from the fact that you are still achieving your goals in running a successful business.

If however, you are looking to expand your business there are a few things to consider these may include some or all of the following:

Premises

Many businesses start at home and once established then move to their own premises. This is sensible if you’re unsure how well your business will be as it will mean you save money in the first few months and if your business should fail or if you need to take time off for any reason you won’t be wasting money from the start.

It’s also worth bearing in mind if you are looking for premises to make sure they are fit for purpose and not too big to start with. Try to take on a short term lease so that if you do need to move for any reason you are only in your contract for a short amount of time.

Paperwork

The bane of most peoples lives is paperwork. I am self-employed and at the minute I do all my own paperwork. But as you expand your business you may not find it as easy to keep on top of all your paperwork as you did at the start. Obviously, you can still do it yourself too but if you are struggling with it or think your business would benefit in the long run there is no harm in outsourcing your accounts to an accountant or investing in some software that will help you to keep all those important things in one place.

Don’t forget your insurances – car insurance will need to include work purposes too if you use your own vehicle for work purposes. You may also need public liability insurance if you are out and about in your working day. If you are unsure speak to an insurance broker who will discuss your needs.

Running costs

I’ve already touched on the topics of premises and the importance of having the right insurances for your business, but there are other things for you to take into consideration when it comes to expanding your business. With expansion comes bigger costs including higher rent, business rates and utility bills also consider that you may have to pay more wages if you need to hire more staff, equipment costs if you need to buy new or more tools etc.

Distribution

If you have a product that needs to be distributed, make sure you use a haulage company that has a good reputation, that is based in your local area and is suitable for your needs. You want your goods to go from A to B smoothly, problem-free and arrive in the same condition they left you in. There are companies that cover the whole of the UK, those whose drivers travel internationally and those that just cover their local areas such as within Yorkshire, Lancashire or specific areas – such as Warrington. Make sure they suit your needs before you decided on any long term contracts with them.

Further Growth / Expansion

Just because you’ve already expanded doesn’t mean you have to stop there. If you find that your business is outgrowing its current premises you can always expand further. The sky really is the limit so longs as you do make sure the time is right and it is well thought through.

*This is a collaborative post*

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