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If you feel your business is losing customers or you’re paying more than you can afford for your current site, then it’s probably time for moving your business to another location.
However, this is a time-consuming and costly process that can be difficult to pull off. There’s also the challenge of picking a location where your business will thrive. If you feel a strong need to change your business’s location, this simple guide will show you how to plant your business in the right site.
1. Know Your Reasons for Moving Your Business
It’s important to determine your reason for moving your business. Are you aiming to get more foot traffic? Do you want to set up a shop in an area with lower business taxes?
To get the most out of your resources, focus on only one goal. If your business starts to become less profitable, for example, take this as an opportunity to find a new place where there’s more foot traffic. If the tax rate in your location is going up, now might be the best time to move to a place with lower rates. So long as you have a good reason to leave, you will encounter fewer problems during and after you have moved.
2. Gather Intelligence on the Ground
In addition to having a purpose, you also need to do your research on the new site before moving your business. Check for details like population and income growth. You can also check for indicators such as the ease of doing business. Ask locally established businesses about the time it takes to process permits and other documents.
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Researching the local competition will give you insight into how difficult or easy it would be to penetrate the market. Through effective intelligence gathering, you can make the transition less taxing.
3. Know Your Costs Before Moving Your Business
After your move, you could find yourself paying more than what it would have cost you to stay in your current location. Factors such as median rent, tax rates, and the inflation rate can affect the financial side of the process. There’s also the cost of refurbishing the new site.
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Your total budget will depend on the distance and complexity of moving your business. To be sure, add an extra amount to your budget in case you run into problems that could lead to added costs.
Take into consideration the cost of getting a mover to help you with logistics. You should also factor in the down payment and any future costs. For example, consider business insurance, monthly utilities, and improvements.
Setting a budget will help you derive the most from your resources and still have enough to stay in the new location.
4. Scout the New Area with Professional Help
It’s easy to find a new location if you are searching within the same area, but what if you are moving your business to a new city or state? You can search for commercial space by yourself, but it would take a long time before finding the best location.
Get a realtor with commercial real estate experience to help you scout for a new location. They can tap into their network of local professionals and suggest listings that match your needs. A realtor can also do the necessary research to find ideal areas in line with your goals. You could save time and money just by letting them do most of the preparatory work.
Once you have found a commercial space you like, your commercial realtor can help you win a favorable deal at the negotiating table. Using their expertise, they can convince sellers or landlords to settle for prices or a rent rate that suits your budget.
You don’t have to look far to find a real estate professional in the place where you want to reestablish your business. Ask other business owners about agents and brokers they know of who can support you through the process.
5. Look Ahead
Sustainability is just as important as getting the best possible price. Paying a low price or monthly rent doesn’t guarantee that your business will survive. It pays to look ahead before moving your business.
Ensure that there’s a positive future waiting for you in your next location. Be ready to face risks and always come up with a backup plan in case the economic situation in the area suddenly experiences a downturn. Eventually, you will have to choose whether to relocate again or stay put regardless of the situation.
6. Find a Reliable Moving Company
After accepting a deal, you now enter the most difficult phase of the process: preparing for the big move. It’s fairly simple to move the equipment and other assets of a small business. However, this process may be more difficult for a larger company.
Another major factor is the distance you will need to commute from your home to work after moving your business. If you’re in New York City, reach out to a Brooklyn Moving Company if you’re relocating within the same borough. On the other hand, a long-distance move should involve a moving company that has the necessary equipment and experience.
7. Come up with a Timetable for Moving Your Business
In the case of long-distance moving, it helps if you can come up with a clear schedule. This will depend on how soon you will be relocating your business and the size of the items that need to be moved.
A timetable can also help your mover prepare the types of moving equipment and packing materials to use. Delays are usually to be expected, but you can minimize their effects if you have definite time to leave your current location and arrive in the next.
8. Absorb the Culture
The culture in your new location might be different. You will experience this if you transfer your business, for instance, from the northern part of the United States to the south. Cultural differences will show up as you start doing business in the new location, so be prepared to localize your products or services to the new market. After moving in, take the time to meet your neighbors and drive around the area. Get familiar with your new surroundings so you won’t have problems adjusting after relocating your business.
Moving your business to a new location is a major milestone to accomplish. There are challenges, but you can overcome them easily with this guide.
Are you facing new challenges as your business grows and changes—and the world changes around you? Then be sure to bookmark the Business Opportunities blog and watch for articles that can help your business continue to thrive.