If you are operating a freelance business out of your home and find that daily activities are growing beyond your current means, it may be time to find a new physical location for the company. When a company begins to generate profits beyond passive income and starts setting up long-term income streams it could be a sign that your business is ready for the next phase of development.
Working 80-hour weeks can be wearing after a while. With a steady income stream and no signs of an economic downturn, this might be the perfect time to hire part-time or full-time employees for assistance. Hands-on help from new hires will free up your schedule so you can make more strategic plans and operational decisions to guide the company’s future, rather than just steer it day to day. Starting with a few employees, you can see how that goes for a year or so, and then decide if further hires will be necessary.
If your product or services is selling well, and if you are aware of potential innovations to meet increasing demand, then you may want to think about expanding operations. This could involve increasing current productivity or establishing another product line or service with the goal of enhancing profits. You might also expand the company’s infrastructure by hiring an accountant, a manager, or a human resource professional to oversee specialized business functions. Technology personnel may be needed for online operations. If you don’t have the immediate cash to make this happen you can go online to see what small business loans are available.
Finding a New Location
When you look for a new location, consider things like accessibility to your client base, available parking, and building maintenance. If leasing, find out which aspects of the building, if any, you will be responsible for, such as indoor or outdoor lighting, security, and related operational costs. You will also want to check the estimated utility costs unless these are included in the rent or lease fee. Also, when you decide to expand your business to a new location, customers will need to be notified, and new marketing tools will be required, such as signage, business cards, and stationery with envelopes.
Financing the Next Step
Fortunately, none of these expenses are beyond the means of a small company owner. With careful planning and conservative spending, the transition of being home-based to becoming community-based is both practical and affordable. Depending on your current financial reserves and the company’s profitability, you may want to consider the benefits of small business loans to fund your transition and relocation. A business loan will help you to build a strong credit rating, establish financial stability and security, and enable your company to quickly grow into the next phase of development.