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What You Need To Think About If You Are Expanding Your Business To A Physical Location

Expanding your business

It is always such an amazing moment for any start-up company or shop when they realise that they are generating enough profit and interest to justify moving into a physical brick and mortar location. This is one of the clearest signs that you are ever going to get that your brainchild is succeeding out there. Given how turbulent things have been for small businesses over the last couple of years, this is something that you should be very proud of. However, it is definitely a big step to take.

Taking your business into a brick-and-mortar shop, regardless of what you sell and what kind of target audience you are going after, is going to add a lot of different complicating factors. You are going to be taking on a lot more responsibility, from the safety of the property itself to any employees that you are going to bring on. This is a step that requires a lot of thought and research to make a success, so here are some of the most important things to remember.

Take The Time To Look For The Right Location

The UK property market has been through a lot of ups and downs over the last couple of years. If you are looking for that perfect shop space, you may be tempted to just jump on the first one that suits your purposes and think about everything else later. But the physical location of the space is something that you need to consider very carefully. If you make the wrong decision, then it may not matter how good your products are. Are you going to be getting the kind of footfall that you need? Is it easily accessible? Are there any mitigating factors that would cause people to stay away, whether that is traffic or noisy neighbours. Take the time to get this right.

Find Tradespeople You Can Trust

Creating the perfect shop space is not always as easy as finding a space that works. You will need to add everything that makes it a great shop for your business, and that will almost certainly mean a lot of work being done. If you are going to need to bring in tradespeople, whether that’s decorators, carpenters and joiners, or electricians, you need to know that you can rely on them to deliver a high quality of work, to listen to what you want and translate it into a shop that you love, and to get it done on time. If you are looking for local carpenters and joiners, you should use a platform that makes it as easy as possible for both parties to agree a deal, compare reviews and get started. MyBuilder can help you find vetted and reviewed carpenters and joiners near you so you can choose who you work with.

Get The Right Insurance

If you are going to be taking on responsibility for a physical property, not to mention the safety of any staff and customers in that property, then you absolutely need to have good insurance. No business owner likes to think about all the different things that can go wrong, but it is important to remember that the financial consequences of an accident or workplace injury, fire, flooding, or even a customer taking legal action against you, could be very serious for you. Good business insurance will give you the coverage that you need just in case something serious does go wrong. It is much better to have insurance and not need it instead of the other way around, and it could very well be the difference between weathering a tough couple of months and losing your business completely. 

Make Sure That You Stay On Top Of Your Costs

The costs of taking on physical shop space do not begin and end with your rent. Given how much energy bills are going up at the moment, you need to know exactly how much you will be spending on that area in particular. Plus, there are equipment hire costs, employee salaries, deliveries, and even your broadband. You will no doubt have worked out how much it will cost to make the leap from an online-only store to a brick-and-mortar location, but this is a long-term commitment that you are taking on and the costs may well increase. If you have any doubts at all about whether you will be able to keep a careful eye on your budget as well as running your business, then you should think about taking on a financial advisor. The last thing you need is to discover that you have let some payments slip, or that you have missed out on applying for a small business grant.