Expansion can be the most ideal way to drive growth to your business. When your business is healthy and growing- locally, nationally or even globally- then why not expand to beat the pretty long odds.
If you’re too planning to open a new office, always remember expansion inherently comes with a high-risk. It is always recommended to go for options that are sustainable and are low on the risk factor. Dodge the risk by opting for a smarter way to venture into your new targeted market. Go for a satellite setup! It is the most successful way to get started and evaluate the market before shaking hands with the long-term commitments.
Definitely, location isn’t a small question for a company. Every entrepreneur is looking for a right balance between the cost, convenience, and business projections. But these factors aren’t just the single-time considerations, organizations continue to face the location question as they grow and advance.
Whether your company is with a small or big team, where you’re headquartered doesn’t have to limit how your company operates. And, in today’s time it is a lot easier to run a company without being centralized at a single place. Satellite offices are the most effective and simple solution.
Now, if you’re thinking what a satellite office is, then here’s to your know-how.
What is a Satellite Office?
A satellite office is usually a branch setup of a company in a different location that is physically separate from the company’s main office. They can range dramatically in size, from housing a single employee to multiple. Most companies opt for satellite offices for an effective presence.
Below are the few things you should keep in mind while choosing a satellite office:
Location is Everything!
It is extremely essential to choose the right area for your satellite office. Do your homework well in advance and gather all the information about the cities you’re considering. Start your process by tapping the local talent and select a location where there is minimal competition, thus hire resource who are well-versed with the local market. An employee always prefers a safe location with proximity to amenities and growth. If your selected location check boxes all the parameters, you know what’s right to do.
Opt for Flexible Office Options
We all understand that the business growth isn’t a one and done concept. Of course, your business will grow, team will improve then why move-into a new space when you can get a well-furnished place for whatever time-period you require it for. Flexible options will go easy your budget and will offer utmost support and flexibility to work, play and grow.
Calculate Your Costs
Always remember to calculate the costs, judiciously. While setting up a satellite office, there are myriad of factors to consider, from furniture to location, every aspect must be calculated, correctly. For instance, an office location in a city center will obviously be more expensive than a space in suburb, but its proximity is sure to drive quality talent than any other location in the city. So, it might be worth the trade-off. These decisions are significant and can really deliver turn-key results if taken seriously.
Know Your Legal Formalities
Different municipalities practices different rules. Always make sure to have an in-depth knowledge about the responsibilities as an owner in the area you have set up your office. Always ensure to have an in-house local accountant, attorneys to keep the labour laws, taxes and other location-specific compliance in place.