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Why you shouldn’t wait for your business to grow before moving offices

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Why you shouldn’t wait for your business to grow before moving offices

Renting an office is expensive, as any entrepreneur will know, and moving offices as your business grows is just an added cost. Many business will only move offices in order to accommodate a larger team. However, you may find that there are significant benefits to relocating before it becomes essential. Moving at the opportune time can actually work to increase your revenue, even if your company remains the same size. It doesn’t have to be as expensive as you may think, and there are simple ways to keep the cost as low as possible. Here, we’ll highlight the benefits of switching offices sooner rather than later.

You may find a cheaper office space in another location

Towards the end of 2017, the average cost of office space in the UK per person per month was between £200 and £1400, depending on office size, location, and any amenities included. The rent costs of an office space fluctuate not only between cities around the country, but also between areas within these cities. By simply moving to another part of the city, you could wind up saving money per month on your rent costs, giving you more money to reinvest back into your business.

If your business can work based in another city altogether, you may find that you can save even more. For example, office spaces in London range between £650 and £1400 per person, while Birmingham is significantly cheaper at £200 to £450, according to research found by Instant Offices. The cost of working in London can range between £40 up to £120 per square ft per annum, depending on the area of the city. You may find that you can get a cheaper office in the same city, saving you money in the long run, and can even find a larger office for the same price, giving you the room to grow later down the line, should you need the extra space.

The cost of moving doesn’t have to be high

The cost of moving offices might seem high initially, and the price can add up if you choose to do everything yourself. Hiring people to clean out your office and dispose of your items can be costly, but with some clever tips, you can save money. For example, selling any assets that you may not use in your new office, such as desks and computers, can give you more money to play around with in the initial move. Some office clearance firms, such as Clearance Solutions, will even help by offering you the resale value of items they clear from your old office. This takes away the stress of selling your items, and works to reduce the overall cost of the clearance price, making it much cheaper to empty your office.

When moving to your new location, you may choose to transport your items there yourself, if you can. Hiring out a van for the day can be much cheaper than the cost of a van with movers from a removal company, so if you’re a confident driver and have the help to lift any heavy items, this could be an option for you. However, if you want to pay the extra money to have movers, use websites like Compare My Move, which can save you up to 70% of the typical cost from a removal company by finding and offering you the best deals at the time. Taking advantage of these deals can ensure you spend as little as possible on the move, saving you even more money to reinvest in your business.

You can move your office to a talent-rich area

One of the biggest benefits of moving your office to a new location is the opportunity it gives you to find more talent. A tech company, for example, may consider moving to a tech hub, or a city with a high number of tech graduates, such as Edinburgh, which reportedly has more than 23,000 people involved in tech meetup groups. Moving your office to a talent-rich area can ensure you get the pick of the best talent for your business. This can also present you with fresh ideas to use within your business, as your new employees may have relevant experience that you can use to enhance how your company works. Basing your business in a talent hub also presents you with the opportunity to network with other businesses, and build close working relationships, which can ultimately help you increase your customer base, giving you more profit.

Perhaps surprisingly, some of these tech hubs may even allow you to cut back on salaries for new hires. Things like the London Living Wage, for example, don’t apply in other cities with a lower cost of living, such as the aforementioned Edinburgh. This can work to increase your profits, or allow you to reinvest money back into your business.

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

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