/From your Spare Room to your Boardroom: Taking the Leap

/Industry News

Date: 21st June 2018

From your Spare Room to your Boardroom: Taking the Leap

It is hard work starting your own business but very rewarding. As the company grows from just you in your spare room at home into a flourishing business with multiple employees and a boardroom for meetings you’ll love seeing the hard work pay off. Taking that leap into the next stages of a successful business venture is a critical phase for you to navigate, with employee management, the renting of modern office space and suppliers and customer retention to consider. Here we offer up some tips on how to do so as smoothly as possible.

Have a Clear Plan in Place

Before you can move forward you have to create a clear plan of action. What does your business look like? What is your ideal vision for the future? Work out exactly what you are selling, how you plan to sell it and whom you are selling to. From there the finer details can be created to make those plans come to fruition. The framework you create at the beginning is a great tool to use as a yardstick for future success, yet flexible enough to allow for change where needed.

Choose the Right Location

Your choice of business location will depend on the type of company you run. If you need access to a co-working space to begin with, look at local solutions in your area, the same for a modern office rental space. Your workspace has to be right for your specific needs, down to the amenities for staff, the access for suppliers and clients, and the provisions available from your landlord or serviced office provider.

Strict Financial Planning

Create a strict budget that includes all of your essentials right now, with a view to the future. Understanding what systems you need to have in place to grow, the number of employees and the equipment will allow you to put in place an efficient budget. In order to transition successfully, be fully aware of the cost of NI for your employees, the National Living Wage, Pensions, Payroll, Holiday pay, as well as all infrastructure costs. That way, when your company does grow you’ll have the information readily available to see how it fits within your budget for the next 12 months or more.

Hire Professional Assistance

It is vital that you understand your limitations as you grow. If you require assistance with HR, hire a professional service that understands how the processes work and how to protect you and your employees. If you are just starting out and don’t require an office space, utilise a Virtual Address, providing you with the professional appearance of having an office base, as you continue to work from home. There are several areas of expertise you can acquire assistance with to allow you to focus on your strengths.

At LSP we offer a flexible service to assist those looking to expand a business. With something for everyone we can offer space for a single person, or a full floor of office space, with terms ranging from one month to several years with scalability built in to agreements. If you would like to find out more about our serviced offices in Liverpool please feel free to contact our friendly team by telephone on 0151 705 3400 or by emailing enquiries@liverpoolsciencepark.co.uk.