A side hustle that manages to become a decent source of income is something to be extremely proud of, but although it’s a positive change, it can be a bit stressful. When your business grows, things tend to start to feel a bit cramped, and that’s both literally and figuratively.
Writing your blog in your pajamas while sitting on your bed may have been a great way to kick things off, but you won’t be able to do it like that forever because your home office, whether that’s a bed or a desk, can only go so far. The next logical step would be to scale and invest in a physical space.
Of course, you can just give the whole thing up, but… Who would turn their back on a successful business? A physical space will give you more room to operate, your brand will be more visible, and you’ll be able to hire employees because you’ll have the space to accommodate them.
But how do you know when to bite the bullet and invest? We’ll tell you!
Why It’s Important to Scale Your Business Thoughtfully
Scaling a business is exciting, but you can’t go into it without thinking it through because that can suck your bank account dry and leave you with way too many customers without the space or infrastructure to meet their needs.
In a word – catastrophe.
If your business is growing quickly, you’re probably a little overwhelmed with issues like not having enough space, increased demand, and trying to keep customer service at a high level. Getting an office can solve all of this, but you shouldn’t do it impulsively.
Before you take that leap, think about whether you can handle it financially, how complex would it be to move into a new space, and is it in line with your long-term vision for the business.
Growth has to be strategic, and when you scale the right way, you’ll achieve sustainable success and a stable business.
How to Know If You’re Ready to Invest in Commercial Real Estate: 3 Hints
It’s important to know when the time is right to go from a home office to an actual commercial space where you’ll work.
Scaling up has a ton of benefits, but you have to make sure you’re ready for that transition.
You’re Running Out of Space
This is probably the most obvious sign that you’re ready to scale – when the space you’re in doesn’t let you work properly because there’s not enough room.
A lot of online businesses, especially retail or ones that are product-based, can do just fine in a home office or a rented space. But unless it stagnates, that space will quickly become too small.
When you feel cramped, you won’t be very productive because you’ll have nowhere to store your growing inventory and your work area will be cluttered and distracting. Packaging and shipping will take forever, and you’re likely to make mistakes.
If you can’t meet customer demands because you lack space or if the space starts to feel chaotic and claustrophobic, it’s time to move.
Your Customers Want In-Person Services
A lot of businesses that start online will at some point notice that their customers want in-person services.
It could be consultations, product demonstrations, workshops, classes, etc. Whatever the case, the customers will want to interact with your business face-to-face. Say you’re a fitness trainer and you offer virtual coaching sessions; it makes sense that your customers will want to meet you and attend in-person classes.
If you started out as an online consultant that held Zoom meetings, there will probably come a time when you’ll realize you’ll seem more professional and trustworthy if you have an office where you can meet your clients.
If your business is getting requests for in-person services, it’s a sign to invest in a commercial space.
Your Brand Needs More Visibility
The market is competitive, especially for bloggers and influencers, so getting people to notice you can be a challenge. You’ll always need an online presence, but there’s something really powerful about having a physical location customers can see and visit. It can make your brand more credible and give you more opportunity to interact with others.
For instance, a boutique beauty salon that moves into a trendy area with a lot of pedestrians will have more exposure and attract walk-ins.
If you’re in a big city like, say, Toronto, a place in the prime location will be a game-changer, so explore commercial properties for sale in Toronto and see what this city has to offer.
Conclusion
Moving your business from your bedroom to a commercial real estate is the next phase of your business growth, not just finding a bigger space.
You’re no longer working from your bed or at your kitchen table – you’re setting your brand up for visibility, new opportunities, and in the end, success.
It means scaling up and using a business sale broker to get to the next phase in your business growth.
The decision to scale is never easy, but if it doesn’t scare you at least a little, then it’s not worth it.
Why? Well, what’s life if you’re always in your comfort zone?