How to Relocate Your Business September 9, 2014Expert Blogs, My BusinessOff

Relocating your business can seem somewhat scary. If you have established roots within the community, you may be apprehensive about moving premises. What is more, you may have a wealth of connections within your geographic location. But, sometimes a move is inevitable. If you are keen to expand, you will need to move. Furthermore, if your business is growing bigger than you imagined, you are going to have to relocate. You may be downsizing your business. You may be moving to a more affluent area. Whatever your business reasons are for moving, you need to ensure that your relocation is a success, not a nightmare.

Moving business bases can be terrifying. But, there are some failsafe ways that you can relocate your company and survive.

When is the Best Time to Relocate?

Relocating your business should take considerable thought. You don’t want to move when the time is not right. Of course, you know your business and when is the right time. There are no hard and fast rules to relocating your venture. Typically, you should consider transferring your company for the following reasons:

  • You want to expand your business
  • You are experiencing a period of growth that is likely to see expansion in the future
  • You need to a customer facing location
  • You want to downsize your venture
  • You want to create more of a buzz around your services, and your current location cannot do this
  • You have found cheaper premises

Moving to a new location can be an exciting time for any entrepreneur. You need to make sure that you are moving for the right reasons.

Choose Your Ideal Location

Choosing your ideal location can be difficult. You should, however, look at your reasons for wanting to move in the first instance. Business parks and industrial estates are the perfect places to operate from. This is true for those that want to move and do not need a customer facing buildings. You should consider how your clients will visit your premises. You don’t want to be stuck in the middle of nowhere.

You need to think of how your business will continue to thrive in a new location. This position should reflect the goods or services that you offer.

How to Save Money When Moving

The financial impact of moving locations can be stressful. You need to weigh up the pros and cons of leasing versus buying. You don’t want to waste money on a rental property if your business cannot develop any further. On the other hand, you don’t want to buy a property as your base if you want to expand your business in the next few years. Saving money when relocating is imperative.

You also need to consider how you will physically move your office. The professionals will always use a removal company. You don’t want to have your employees lending a helping hand when moving premises. You should always use a professional moving company. Sometimes, you have to spend money to make money.

You should always research the current and projected values of the property that you are seeking out. Some say it is advisable to seek out premises in an established postcode. But, in reality it may make more financial sense to relocate to an ‘up and coming area.’ You will save a lot of money in the future by already having your business established in these promising areas.

Cost analysis is critical to moving. When you are in the thick of relocating, you need to consider factors such as business interruption. You may lose some profit in the initial phase of moving premises. You need to minimise any interruptions to your business as an essential part of moving. This may mean using your free time, such as the weekends, to move. This will ensure that your customers and clients do not lose faith in the services that you provide.

The Results and Benefits of Relocating

Assessing your move is critical. You need to make sure that you are moving for the right reasons. Sometimes, you need to sit and weigh up whether relocating will serve you good stead. Aim to do this annually. Many business owners have stated that they would not mind moving premises annually, as long as the move was clean and not costly. After all, you need to think for the long term.

Relocating enables you to build a business rapport with other companies. This is an excellent opportunity for networking that many people find irresistible. Relocating allows you to expand not only your premises, but your brand as a whole. Building a brand does not come with ease. If you feel that your business is stuck in a rut, relocating may just be the push that you need.

You need to think about the knowledge gap within your company. Do you lack certain expertise within your venture? If this is the case then relocating could serve to be a great advantage for your company. You should aim to move to locations where these expertise is in abundance. For example, Silicone Valley is the prime place to be for any tech business. Of course, this is a crude example, but relocating should serve to benefit your business. You need to make sure that you are surrounded by likeminded businesses and have a wealth of contacts at your disposal.

For those who are downsizing their current premises, it may be advisable to consider the capital costs that can be saved. Many business owners believe that by downsizing they can save a lot of cash. This is true. This cash can then be utilised to generate capital costs that can lead to a better business. Sometimes, moving is not about expansion but about making your business more sustainable for the long term. Bigger is not always better. Offering a more robust service is the key to longevity within the world of business.

The need to relocate can come at a cost for some. But, with some planning you can make sure that your relocation is a successful one.

Photo by Jurgenfr | Shutterstock

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