Business Tips Part 44: When Home Just Isn't Big Enough Part 1

One day it may just happen that you will need to leave the confines of your home office and studio and expand your business into new premises. A good indicator of this is when your cupboards are filled with your product inventory and your garage or shed id piled high with packaging. So far I have 2 drawer units, under bed drawers, 2 plastic crates and half of the spare wardrobe! Another sign might be that you need a more formal showroom in which to meet clients and buyers. However bear in mind that having a bricks and mortar location is not essential so don't make the move purely to boost your ego.

The benefits of your own shop-cum-studio or professional office include allowing you to showcase your brand and business, develop merchandise and perhaps more importantly keep personal and professional lives separate. However managing premises will be a lot of work and may reduce your flexibility.

You might prefer to test the waters by finding a retail partner in your area who also wants to expand or look towards a co-op where you could have your line of products on consignment, but you also have to work there allowing you to develop customer services skills, test new products and gain valuable feedback,

What ever you feel most appropriate: studio, shop or office, your schedule needs to be ready for it, and more essentially, so does your finances. Set a budget and STICK TO IT. See if you can negiotiate a lower cost lease and if everything is over your budget, consider the co-op option.

Next time we'll look at some points to consider when you do decide to take on a studio/shop/office.

Friday, 14 May 2010 | 1 Comment

1 comment:

Kawartha Beads said...

Ah to have a space seperate from home! Such a big step to take with many things to consider but I do dream to have such a space someday!

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