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You need to look at whether the additional floor space will positively affect your business’ income. The additional rent and renovation costs would need to be considered.
Have a good reason for moving/expanding and consider whether it might be better to open a second location somewhere else rather than expanding your existing store.
If you do decide to go ahead, make sure that you have enough time to plan ahead and have made arrangements for any employees who might be affected by the renovations.
This is the kind of thing you probably want to avoid committing to without carefully examining all aspects of how it would affect your business, its employees, and its customers.