May 14, 2013 Category: Business Formation & Planning
In order to increase profit margins, many times a business needs to expand its operations. Sometimes, this means that a business will have to incorporate the launch of a new location into its business planning . This allows the business to either reach a new location-specific market or to increase its volume of production. One out-of-state social media advertising company has decided to expand its business by opening a new location in Michigan.
The head of the company, 140 Proof, graduated with a bachelor’s degree from the University of Michigan. After moving out of state he became the Chief Technology Officer (CTO) of the company which has now been in operation for three years. The company was one of the first partners to help develop the world famous social media site Twitter.
Twenty employees currently work for the company, which has offices in several major cities across the United States. The firm operated its first satellite office in a virtual environment for 18 months, while sharing space with other firms until it recently moved into its new office space in Michigan. However, in the new office space the firm does still share space with another start-up company. The company’s CTO has expressed a high level of optimism in regards to how much the company will be able to grow its Michigan location.
Expanding into a new location in Michigan can be exciting for the new startup company. However, it is important for businesses to do careful business planning in order to make the expansion as efficient as possible. This will help avoid unforeseen and unnecessary costs, while also ensuring compliance with applicable laws and regulations.
Source: semichiganstartup.com, ” 140 Proof looks to grow Elevator Building office ,” Jon Zemke, May 3, 2013