How You Can Expand Your Business and Keep Costs Down

6th March 2024

If your business is going great, guns, it only makes good sense to want to take things up a level. This does, of course, come with a variety of challenges, starting with how you can afford to do any of it with costs rising everywhere you look. However, it is far from impossible, especially if you contrate your efforts in the right areas.

With so much to think about, this might seem easier said than done, but a simple plan to work on three parts of your business will get you off to the right start.

#1 Hire remote workers

If your business is going to get bigger, chances are you are going to need more people to work for you – which can be difficult if you don’t have the space. Just because you need to increase your headcount, it doesn’t mean you have to provide a desk for every single one of them. In the modern age, tasks like marketing or accounts don’t have to be in the same building as the rest of your business, so you can fill these positions with remote workers.

Not only does this keep overheads to a minimum, but you also widen your recruitment pool to anybody with internet access. This allows you to recruit the best person for the job rather than the best person who lives within a few miles of your office.

#2 Move your business to more affordable areas

If relocation is unavoidable, you will need to consider moving to a more affordable area to keep your rental costs more or less the same. You’ll have to choose your area carefully because the chances are the reason it is more affordable is because it is either less accessible or in a less reputable part of town.

So, while you save money on rental per square foot, you might have greater insurance costs and extra expenses to boost security. You might also need to spend time and effort replacing members of your workforce who have to leave because they can’t get to your new location.

#3 Purchase your own commercial property

Another solution is to bite the bullet and purchase your commercial property. Clearly, this will involve some major upfront costs, but if you visit Commercial Property Auctions and make a purchase this way, that can be reduced considerably. Of course, you will have to spend some money refurbishing your unit and adapting it to your business needs, but even taking all of that into account, the long-term costs of doing things this way are very likely to be lower.

The key here, though, is to find a decent auction house either online or in your area, as they can alert you to any properties that will make up part of their next auction. Having the details from them beforehand means that you can do your due diligence and make sure that you find a property that fits the bill and your budget.