Let’s face it, relocating your business is not an easy task.
When you are a business owner, you are going to be forced to make some important decisions for the sake of your company. Being able to make these decisions is often what separates the good business owners from the bad.
Someone who lacks leadership, direction, and a great business mindset is unlikely to run a successful company. This is why it is crucial that you have these qualities prior to going into business.
One of the biggest decisions you may have to face as a business owner is your location. When starting out, it may seem obvious where your business should be located. It could be your local town, the cheapest space to rent, or just somewhere of convenience. This may seem like the right way to go at first, and people eager to get their business off the ground often fall into this category. This isn’t necessarily bad, however.
For start-up businesses, being in a familiar location and being conscious of your money are good points. It is when it comes to growing and developing that you may need to consider relocation.
Your business does not have to be failing for you to consider this. Many business owners opt for a move to improve profit, have a larger reach, or even just to experiment. This can be a welcome change to many businesses. It is worth noting it does hold an element of risk, but it could be worthwhile.
If you feel as if relocating a business is a move that your business would benefit from, it could be time to take the plunge. However, there are also some points you should consider when relocating a business.
These factors should help influence you to make the right decision regarding your company when you are relocating to a new location:
1. Your Accessibility
As a business owner, you are as important to your company as anything. This means that if you relocate your business halfway across the world with no plans for looking after it closely, it could be disastrous.
This is why you need to heavily consider your accessibility when potentially relocating your business. If you live relatively close to your place of business now, you will be aware of how much of a difference that makes.
Although you can run a business remotely, certain industries will be badly impacted by this type of ownership. If you are moving your business a large distance away, you are going to have to decide how you will access it:
Option one for relocating your business a great distance is to move with it. This is the most viable option if you are moving your company across the country or into a different city.
Of course, this is a massive personal decision as well as a business one. It could be a truly great move, however. Both you and your company could have fresh starts, potentially even leading to bigger and better prospects.
If you have a family, you will need to discuss it with them. Such a big change certainly will influence the lives of those around you, so ensure they are comfortable with the move.
If your business is making a smaller move, you will be able to travel to and from work. However, chances are you are going to be going a longer distance than you are currently. You will have to consider how you are going to get to and from your business.
Is there a form of public transport you can take? If so, are you able to factor in times, delays, and other variants into your working day?
On the other hand, if you drive there are other points to consider. If you have an old car, or a model not fit for continuous long journeys, you may have to consider investing in a new one. You can look for used car finance Essex to potentially get a more efficient vehicle. This way, you will be more prepared for long journeys, and more comfortable doing so.
Although you probably want to avoid spending additional money, it could be an investment that will pay off in the long term. It could even potentially be cheaper than daily public transport.
4. Customers’ Accessibility
The accessibility for your customers is just as important as your own. Of course, you can’t expect consumers from your previous locality to constantly travel to your new location.
Not to mention, you also can’t be expected to cater to all these consumers. You need to now shift your focus on customers in the new locality. This includes giving them appropriate access to your business. For example, if you own a furniture shop you cannot occupy an upstairs space.
This makes it incredibly difficult for your consumers to want to do business with you. Ideally, your space should also be easy to find and locate. This will only help boost business and foot traffic.
Depending on your business, you may also need to provide some accessibility features. For example, places of business where people will spend long periods of time should have parking facilities. This could include the likes of gyms, hair salons, and physio clinics.
If you are located in a major city and you are very central, you won’t need to provide so much parking. But if you are a rural business, parking is very much essential.
5. Your Competition
Competitors are a huge part of any business. Although sometimes they may seem like a nuisance, they can actually be healthy for your business. They help motivate you and your company to be better.
After all, if you are not improving but they are, chances are your business numbers will drop quite quickly. This is actually a good result as it makes it obvious how crucial it is to continuously grow.
However, although there are some benefits to having competitors, it doesn’t mean you want too many of them. A little healthy competition never hurts anyone, but too much of it will.
When relocating you are going to have to do some research regarding the other businesses in the area. For example, if you are an Italian restaurant, check to see how many others are in the area you wish to move to. One or two others in the town are fine, but if you have four or five on the same block, your business will definitely suffer.
As mentioned above, you shouldn’t be completely deterred by rival businesses. However, understanding that too many competitors will harm your business is essential.
It is worth considering that many members of the local community will already trust and be loyal to pre-existing businesses. This means it may be hard to draw their attention away from your competitors.
Building up a good staff roster is essential for any business. You need individuals who you can rely on and build your business around.
If you have been an established business for a good period of time, chances are you have a good foundation of staff. These are people who understand their role, know what the company stands for, and know all the minor details of the business.
These types of character in the workplace can truly help bring it to the next level. If you have employees working for you who match this description, you need to consider them when relocating your business.
As mentioned above, your accessibility is essential. But so are your employees. If you are considering a move you need to note that there will be at least some who will have to leave as a result.
Even for small moves, chances are, someone is not going to be able to access the new location. The further the move, the more employees you will lose. If you want to keep the base foundation of your staff, a shorter move is definitely more ideal.
Being a new business in a new area can be difficult enough as it is. If you have to work with an entirely new staff roster, the complications increase considerably. Big moves are recommended more for businesses who are able to adequately deal with large staff turnover numbers.
7. Relocating Space
The space that you will be moving into is without a doubt a key component of considering a move. Depending on your business, you may need a larger space or even somewhere with specific features.
For example, a pet store may require an outdoor area for some animals, and a restaurant will need a room that can properly serve as a kitchen. Many owners will make their move based on the spaces that are available.
If you are looking to grow and expand, you will likely need a bigger space. This is often the primary reason for a move for many owners.
It is also worth noting that costs should be considered in regards to space. Insurance, rent, and utilities are all recurring fees that have to be noted. If you have found a fantastic space in a fantastic location but the fees are overpriced, it may be worth looking elsewhere for your business.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.