While every business aims for growth opportunities, expanding your business requires a strategy that will outweigh the risks. There are several things to consider and do to prepare for business expansion, including geographic research, real estate, and office considerations, hiring a qualified local workforce, and creating an approach that targets the local community. With a fully-developed plan, businesses of any size may see great rewards from their expansion.
Research The Region
Before expanding your business, the first step in a successful strategy is researching the region where you are looking to relocate or open satellite offices. Whether it’s another part of town, the state, or country, the main purpose of expanding a business is to target new audiences. To ensure you are developing in the right location, your team needs to research key demographics, culture, and market in the area. By obtaining these details, your business can make sure it is moving in the right direction.
One tip is to use the Global Market Finder tool to explore potential markets that will aid in your business’s success.
Hire A Real Estate Broker
When you first consider expanding into an unfamiliar market, it can be an overwhelming prospect. Working with a commercial real estate broker helps businesses identify opportunities and the right approach in new territories. They will strategically design an outline that will recognize critical points to be considered during the move. Some may include:
- Floor plans
- Existing furniture and equipment with any plans to purchase new ones
- Individual employees’ moving responsibilities
- Continuing services
- Providing services to clients during and after the move
Evaluate Space Options That Promote Growth
When it comes to commercial real estate, choosing the appropriate property is imperative to business growth. While you may not realize it, commercial real estate is critical in building the overall culture when expanding your business. The right property often impacts a business’s performance and appeals to a local workforce. In addition, an appropriate piece of commercial real estate can promote social and collaborative interactions amongst employees; creating a work environment that embraces employee engagement in their operations.
Target The Local Community
While you can research and plan all you want, you won’t know as much about the region as the locals. According to Que Jay from Startup Guys, hiring a team that understands the local market and culture not only will help the business grow but will help you as an owner grow. Getting involved with local causes and building a relationship with organizations and people in the area. This is one of the best ways to gain insight for your local strategy and helps you build strategic partnerships with other businesses in the area.
Expanding Your Business With Plaza Companies
If you’re looking to expand your business in Arizona, Plaza Companies can help. With 40 years of experience and millions of square feet of commercial, medical, and retail space, we meet the needs of every industry. Contact us to learn how we can assist you in expanding your business.