Expanding a business can offer many opportunities going forward. For businesses looking for exciting prospects, they should look to Leeds. Leeds, and to a further point, Yorkshire as a whole, is an area that is undergoing mass investment. You may have a Leeds-based business that you want to expand, or you may want to expand into the area out of somewhere else. Either way, we have put together a guide to help you make this happen.
Work With The Leeds Council
One of the first things you should do if you're expanding a business into Leeds is to find out what sort of support is available from the local council. There are grants available for businesses looking to open across the Leeds City Region. This can be up to £250,000, and the money will help with investing and expanding.
The grant offered by Leeds Council helps cover up to 20% of the investment cost in new buildings. It will also account for equipment and machinery. This will be important to look at when considering expansion around the Leeds area. You may also be able to seek additional support from the Business Growth Programme if your business is in the Leeds City Region Enterprise Zone.
Ensure Everything Is Up To Code
It is important that you have everything to do with your new expansion up to code. If you don't, you run the risk of having your expansion closed down and failing before it even begins. You must be aware of and follow legal requirements within the business.
You must ensure that your workplace is a safe place to work. If your new Leeds-based expansion uses hazardous materials, you must do all you can to keep employees safe. You should use the COSHH Risk Assessment Template available from HS Direct to help you identify and manage the potential risks. COSHH stands for Control of Substances Hazardous to Health, and any business you run must be aware of any potential issues.
You will simply be shut down if your new expansion in Leeds doesn't manage COSHH's risks. Use the template and seek a survey as early as possible. The earlier you sort this out, the more you will be able to focus on the success of the expansion itself.
Conduct Market Research
Before rushing into launching the business in Leeds, you must understand what people want and expect from you. To this end, you should ensure you conduct market research ahead of time. This market research could help you to figure out what the fine people of Leeds are missing out on and what you can do to give them what they need.
This should all be a part of your plan for growth. You shouldn't expand into a new area without a clear idea of why you're doing it, and how you will do it. This plan should include market research at its core. The market research may help you identify a specific location within Leeds that you want to focus on and expand into.
Market research should also look at your competitors. Analyse the local competition so that you know who you compete against. This can help you distinguish what market gaps exist and what you can exploit.