I am considering renting my first office space. I see tons of benefits to this but am some what apprehensive about the amount of financial responsibility.
Background: I run a language services location and most of our work is done at the location of the client, but there is huge potential and need to have a central location where our instructors and clients can meet.
- Stabilizing effect for instructor turnover
- Increased Visibility and Traffic
- Increase in the amount of services I am able to offer which in turns increases my revenue.
- Also, Multiple purchases per customer will increase
- Customer Confidence
- Higher conversion rate on sales leads
- Financial Risk
- Initial Investment
I expect that there will be some tight first months, but believe that with hard work and intelligent planning that we can be profitable in a short period of time.
In your experience is opening a Retail location or Office worth the risk? Secondly, I know location, location, location but in your opinion do you believe that this rule applies to my type of service? When I speak of location I mean: visibility in a high traffic area, and region that is central to our demographic.
Please chime in.