There are so many great things about being a small business; the close-knit working environment, adding to your local economy, seeing your vision come to life and thrive. And the ultimate goal, of course – to eventually grow into a bigger venture, whether it means buying commercial land to build on or leasing local office space to grow into. The thing is, though, you’ve got to have the right small business growth strategies if you want your business to expand in a stable way that sets you up for long-lasting success.
A lot of small businesses feel like they’re on thin ice since COVID hit. And yeah, the lockdowns were hard. Business looking to expand to new markets or new capacities – both small shops and large corporations – had to put those company growth goals on hold. At the same time, we’re far enough into the pandemic that it’s actually presented an opportunity for a small business looking to expand into a new space. Think about it – now we know more about how the world reacts to and changes during a global pandemic. All those social distancing and cleanliness measures we brought on in 2020? Many of them are here to stay. So if you’re building, leasing or buying a new commercial property for your local business’ expansion, you’ve got the opportunity to update or create a space that can accommodate those changes. Lemonade out of lemons. Kind of.
So, what’s the best way to ensure your company expansion goes smoothly? Consulting a commercial real estate broker at a comprehensive commercial real estate development company; one that has a long history of helping businesses grow and prosper in the region: a comprehensive commercial real estate company who understands every facet of commercial and industrial realty – from land development to financing, commercial leases to commercial construction services, and more. They’re your key to stable and seamless growth. Let’s run a couple examples of business growth strategies that can help a small business reach their growth goals.
Small Business Expansion via New Commercial or Industrial Builds
Okay, so, say your business manufactures a product of some sort, and you need a larger production facility to accommodate your growth. You’re looking for Cincinnati area commercial property for lease or sale. You intend to build a new facility, but you’re also open to retro-fitting an existing commercial building for sale if the price, location and current setup is right. This is where your commercial real estate agent should become a key player in your plan; they’re going to give you the knowledge and experience to help your business grow. They’re going to be able to tell you the market in the area, economic growth projections, projected appreciation of the property you’re looking at, and what kind of capital you need to get your land development project going, or your renovation of an existing space. (They’ll also be able to tell you that small businesses can often get loans to buy commercial buildings with as little as 10% down, meaning you probably need less capital than you think to purchase a commercial property for your small business expansion.)
And that same real estate agent you’ve been working with so closely? They’ll keep working with you as they introduce you the professionals at their in-house land development firm if you’ve bought a lot, and their commercial construction division for building and/or renovations. All in-house, all single-point-of-contact. Meaning you aren’t juggling general contractors, real estate agents, engineers and developers, trying to keep everyone on the same page. A vertically-integrated real estate development firm ensures that all those people are always on the same page, because they’re working together under one roof. Well, one Zoom meeting room, anyway.
Company Expansion via Industrial or Office Space for Lease
Let’s take a different example. Your small business has outgrown its current space, but doesn’t have the capital to outright purchase commercial land and build. Or maybe you just want to test the waters by leasing an existing space that fits your needs because you’re not sure if in a year or two you’ll end up outgrowing that new space as well. A commercial real estate agent from a Cincinnati-based firm that not only sells and leases commercial land, but leases industrial, office and retail spaces is your best option for business growth help in this instance as well. Why? A good firm will have an array of commercial properties for lease and dozens of previous and existing tenants you can use as references. They’ll be able to tailor a lease that works best for your small business expansion, and they’ll be able to provide the renovations or updates you need to move right in and get going.
Something special to the field of small business growth is its ability to keep ties to its local economy and revitalize it through, say, choosing an old factory or warehouse that’s historic to the town but really needs a makeover. Just the same, though; maybe the best commercial land for sale for your specific project is located in a neighborhood that needs some industry injected into it to add jobs, income and commerce. With small business growth, the best way to expand a business is to create a plan that keeps your local towns and neighborhoods in mind. The ideal relationships in commercial real estate, and in life, are those where both parties benefit from working together. It’s the opposite of a vicious cycle.
So What’s the Best Way to Expand my Business?
The answer to this question depends on so many moving parts, which is why your best bet for successful growth is to work closely with a commercial real estate company that offers comprehensive services. We really can’t say it enough. Why not just a commercial real estate agent at any company? A few reasons:
- A full service commercial real estate company understands all aspects of (a) small business expansion and (b) commercial leases, land development, brokerage, commercial construction, etc.
- This type of commercial real estate firm will have the inventory of different commercial properties you need to ensure you choose the right type, size and location for your small business expansion.
- Because of the scope of work and experience a comprehensive firm has in their portfolio, they also have the strong subcontractor and local government relationships to ensure zoning, permitting, land development and construction all run smoothly.
- They’ll understand the history and projections of the local economies, what types of businesses will do best where, and how to pinpoint the best strategies to expand your specific business.
While to some extent, every new project and new phase of growth in your company is a leap of faith. So you should leave as few things to chance as possible – hedge your bets. A real estate development company that handles all aspect of the real estate, land development, and construction contracting all under one roof is the perfect way to keep your company’s expansion organized and moving along.
The Best Way to Expand Your Business is to Work with a Top Real Estate Development Company
The breadth of knowledge that comes with working with a Cincinnati commercial real estate firm that’s also a commercial land development company and a commercial construction company and a commercial landlord simply cannot be reproduced by working with four separate companies who specialize in each of those fields. Not to mention that this type of firm understands business growth, because they’re a direct result of cultivating their own business’ growth. They are constantly helping small businesses and corporations alike with company expansions, which means they’re constantly navigating their own companies’ expansions, which, in turn, means that they’re constantly helping the local economies to grow. The relationship is symbiotic and reciprocal, making it the safest bet for an effective small business expansion that results in continued growth and lasting success.
Our 80+ years of experience in Southwest Ohio and Northern Kentucky commercial real estate means that we’re poised to help any small business with expansion. Our team of brokers, agents, general contractors and property managers all work and live in local Cincinnati-area communities – we are all invested in seeing this area grow into the powerhouse it can become. We have the resources, experience and drive to help businesses looking to expand to find a clear and stable path towards their future.