Top Locations for Entrepreneurial Expansion

Business expansion can take many forms and successful companies often consider adding new buildings to their existing business premises, relocating to a larger site or opening up additional branches elsewhere. These are all useful means for entrepreneurial business development and can be undertaken as new products are created, markets are expanded and licenses or franchise opportunities are pursued. In all circumstances finding the right location is vital.

Finance

Business finance is also a key component of a successful expansion, and when deciding on a location the extent of available business grants and loans may influence decisions. For example, Gloucester City Council has two types of grants specific to the locality, and also offers useful information that helps businesses access grants that are available nationally. Business start-up grants can assist with a grant worth up to 50 per cent of the rental costs for the first year for business premises in certain categories; a support and information grant makes a small sum available to businesses seeking approved, professional business advice.

Expansion options

As there are a number of options available, there should be a clear strategy in place to help businesses choose between, say, retail space Birmingham and office space Gloucester. A sound business plan will help decide the direction a company should be taking in terms of product base and its market. Having a clear knowledge of where the customers are and what they want will indicate which location is preferable. Factoring in good transport links, office requirements and the needs of the company employees will also help.

Research

If product creation is part of the expansion plan, businesses will already have considered their portfolio and deduced from customer demand what they can add. If new products require new plant and machinery, then business premises should be chosen with this in mind. If they require more administrative or other office staff, then this should be taken into consideration. As staff teams grow, it’s important that offices are located within a reasonable distance from the employees’ homes, and the top locations for entrepreneurial expansion will offer a range of attractive facilities and amenities.

Green considerations

Overhead costs for premises include heat and light, as well as rent, rates and any taxes that might apply. When a business has plans to undertake expansion, it is worth considering how to keep these costs down, so that additional funds that may needed for research and development can be identified and put to good use. Good, ecologically sound practice in the workplace can have a positive impact on reducing electricity costs, for example making sure that office photocopiers, computers and printers are switched off overnight, turning out lights when leaving a room and as far as possible using compact energy-saving light bulbs.

Keeping an eye on office consumables is also a great way to cut costs – many offices reuse scrap paper that has been printed on one side rather than simply discarding it, replace disposable cups with cheap pottery ones and recycle printer cartridges. It also pays to cut down on stationery to eliminate waste. The best locations for office premises already offer a range of local recycling opportunities.