Expansion is inevitable for the survival of a business in the slow-growth economies of today. Expansion of your business can happen in the following different ways.
- Adding new product and service lines
- Selling more products and services to the existing clients
- Selling existing products and services to new customers
- Targeting new customer markets
- Using new sales and delivery channels
- Merging with or acquiring another business
Market research, market segmentation analysis, advertising, online opportunities and due diligence are some of the tools that help businesses to strategize. Entrepreneurs who effectively implement one or more of the above strategies will be successful in putting their businesses on the fast track to expansion!
Challenges Faced When Expanding A Business
One of the major challenges to be faced when expanding your business can be a lack of space! And the shortage of space can be for the production, storage, sales, and marketing or administrative work.
However, present-day has found scientific solutions to most of the problems faced by the business world. Accordingly, portable buildings or modular buildings have become the entrepreneur’s solution for solving the shortage of space issue, especially for administrative work! The most commonly available temporary office spaces are either portable offices or modular offices. Both of these types are commonly used by businesses such as construction, education, healthcare, government, archaeology and quarries.
Understanding the differences between the two is of the utmost importance in determining which one suits your business best. Here are the differences between the two;
Characteristics Of A Portable Building
- A portable building is a single, self-contained unit. It will best serve as a portable office in a construction site, trade fair, hospital, school etc.
- It requires little assembly, only needing the basic securing of the structure to the ground.
- It is usually used on a temporary basis, typically several weeks or months.
These Are Less Expensive Than Modular Buildings.
- They have an average life expectancy of 1-5 years.
If your business requires a temporary office or classroom that is a single unit, until a permanent solution is found a portable building may be your best choice.
Characteristics Of A Modular Building
- Modular buildings can have multiple rooms, side-by-side units or even multiple floors.
- Assembling these buildings can be complex, involving welders, electricians etc.
- They can last as long as a permanent structure.
- It requires more permanent-like building materials to put them up.
- They have an average life expectancy of 15 – 20 years.
A modular building is similar to a portable building. However, it is larger. If your business requires many classrooms or an entire section such as the special needs section of a school or a hostel, a modular building would be your best option. Businesses requiring many floors or buildings too can be accommodated by the choice of modular buildings.
Both portable buildings and modular buildings share some common traits. They are as follows;
Both Of Them Are Temporary Structures.
- They are built on-site in a short time and can be removed in a short time too.
They Can Be Custom-Made To Suit Various Businesses.
- Both of these types are available for lease or purchase.