As a business owner, you’re constantly taking risks and designing plans that will increase your business’s overall success. Many first-time business owners tend to stay in a comfortable spot once they establish steady profits. This is due to the fact that they have risked everything to create a business on their own and live the dream of being their own boss. So how are you supposed to know when it’s right to proceed and create an even more profitable business? Or when it’s right to settle with what you have because you have an O-K thing going for you already? The answer isn’t always set in stone, there are a lot of factors to consider before deciding to commit to an expansion.
What Type Of Expansion Is Best For My Business?
First and foremost it’s important to understand that every type of expansion won’t be right for every business and industry. You will need to research a few different types of building upgrades to see what will work for you and consider what resources you have at your disposal.
The easiest way to decide which expansion is best for you is by ruling out the options that you know are not possible. They may be improbable due to time, money or desire to pursue.
One effective way to get a feel for your expansion is by looking at your competitors that expanded to see what they did and how they succeeded or failed. See if they opted to use building contractors from Fort Lauderdale, Florida, or a design-build contractor.
Will You And Your Business Benefit From An Expansion?
There are obviously several benefits that come along with business expansions, but there is also a lot of assumed risks as well. There a few questions you should be asking yourself before you commit to a commercial building contractor in Ft Lauderdale, Florida for your building update.
You should consider your economies of scale. Will expansion result in any cost advantages for your business? It’s a good idea to consider what your costs will look like at your new location or building. Don’t forget about your customer base as well. You will need to consider if your expansion will expose you to a new pool of customers. Furthermore, will your existing customers remain loyal while you are working through any growing difficulties? Both of these questions are essential for expanding a successful business! However, you shouldn’t forget about yourself. You should also strongly consider the fact that an expansion may bring a lot of unavoidable stress into your life along with it. You will need to take that extra stress into consideration as it could potentially deter your ability to successfully operate the business under the new expansion. Once you assess these important business questions, you will be one step closer to expanding your building and starting construction!
Can I Afford To Expand My Business?
I’m sure this question is one of the most important for all business owners. You have to ask yourself, “will I be able to comfortably afford to expand my commercial business?”
In today’s market business loans are unfortunately not easy to come by. With big lenders struggling to survive, receiving a loan for your business may be more difficult than you anticipated. People who are getting loans are having to leverage large pieces of collateral like their homes. This obviously adds a lot of risks to your business expansion because failure could mean the loss of your family home. Instead, many business owners seeking a design-build contractor in Florida will resort to the seller financing option.
For buyers considering the purchase of another business, this is definitely the best option. Seller financing is a business loan that’s provided by the seller of a business to cover an agreed percentage of the sales price. Strongly consider how you will be funding your expansion before you take any drastic steps.
Let’s look to Crescent Pointe for an example of a perfect expansion! Fort Lauderdale building contractors completely transformed the 36,700 square-foot Crescent Point mixed-use building. The two-story commercial building that was constructed adds high-profile offices, restaurants, and retail space to the nationally recognized main street development at the heart of Miami Lakes.
This project has created an upscale corporate address for both office and retail prospects, equipped with detailed stucco trim to lobby millwork which is carried throughout the ceilings; the building design and character perfectly complement its functionality and convenience. This build was completed with precise staging and scheduling to ensure no businesses suffered during the construction near Ft. Lauderdale, Florida. This construction project created a social hub for Miami Lakes, now that the Main street area includes restaurants, retail shops, hotels, a 17-screen theater, and much more.
You can see that this expansion brought not just one, but many benefits to the table. There’s now an upscale, social spot on Main street for consumers to spend their time and money, which is great for business owners and consumers.
The new and improved environment provides a great system for businesses to succeed at a much larger scale than ever before. According to Miller Construction, the team responsible for this project, “Crescent Pointe has the refined design and detailed craftsmanship we envisioned for this vital Main street link.” The project completely uplifted the potential of this entire site!
I know that it’s risky to expand a business once you’re comfortable and making steady profits. However, remember how you got to this point in the first place, you risk so much by starting a business! Once you got the business up and running, those risks turned into great rewards. You can’t succeed if you don’t first do what it takes to succeed, even if its outside of your comfort zone. Even though expanding is a risk, it could be one of the biggest lifechanging decisions of your career. Take your business to new heights with a company near Fort Lauderdale that you know you can trust!