Image by No-longer-here from Pixabay
By Henry Brown
Moving your small business is not always easy, but it can be beneficial. It can help you grow and expand your company, which is why it’s important to make sure you do it right. First and foremost, you need to decide if the move makes sense for your business. Are you wanting to move your business because you’re bored of your location or are you wanting to relocate as you believe you have some leads in improving your business?
Trying to determine whether you’re ready to move your business can be fairly difficult. Moving is very costly after all. So these are some signs that may lead you to think that it’s high time to look into relocating your business.
Why your business should consider relocating
Some small business owners are completely content with having their business in the same place for as long as they have their business. Other business owners are constantly looking for welcoming opportunities to make changes if it means that their business can be improved. These are some helpful signs which could help you out indicating whether you should continue your endeavors in your current location or maybe consider going somewhere else instead.
The cost of living is cheaper
If you’re thinking about moving your business to a whole new city, then you’re going to have to keep the cost of living in mind. Running a business can be difficult in some areas and the cost of living can have a major effect on this as well. Areas that have more affordable real estate usually have affordable commercial space and supplies as well. Another benefit to choosing an area with a lower cost of living means that you may not have to pay your employees as much compared to living in an area with a high cost of living.
There are more opportunities
This can include certain rules, regulations, or even taxes that are getting in the way of your business. Whether you’re thinking about moving to a new city, county, region, or even a whole new country together. So this may be something that you may want to take some time putting into consideration.
Unhealthy environment
This could be the entire area that you’re living in general or even just something as small as a small or old commercial workspace. The environment where you conduct your business matters. It doesn’t only matter for the convenience of a good location for customers, but it also matters for your health and your employee’s health too. Unsafe environments whether it may be the wrong side of town or an old molded commercial building are completely unsafe. These uncomfortable environments get in the way of health and productivity.
In fact, bad environments can hurt the business in the long run. If maintenance of a building becomes hard to manage or if crime is going up in that area, then it’s best to begin putting a new location into consideration. Your health and your employees will thank you.
You can find talent that is not available in your current location
In this current job market, it’s the job seekers that are taking the lead. They know exactly what they want and how they want it from their employers. If your commercial space is in an isolated area then it’s going to be difficult to attract talent. Job seekers don’t want to deal with long commutes to get to work, they want to live close by. Unless you’re planning to offer remote work options, then it’s best to consider moving your business somewhere that is easily accessible for talent to reach.
Industry changes
One smart tip about relocating your business is determining what the rest of the industry is doing. There are some industries that thrive in specific locations compared to others. Think about tech, tech companies thrive mostly in silicon valley or those up-and-coming areas such as Arizona or Texas. Even Fashion is a great example as the fashion empires are in NYC, London, Milan, and Paris.
These are just some examples of industries that are in major areas. If you’re wanting to stay caught up in the industry that your business is in then it may be best to consider where you’re at. If you’re wanting to get your business noticed and thriving then the location will matter.
Need for more space
Sometimes all that’s needed is some additional workspace. If your business becomes very successful, then expansion is something that’s going to be required to meet the demands of your business. This can include the need for more room to move around, more space for employees, and just more space in general for supplies. Working in a cramped space is far from fun, in fact, this is something that can make productivity levels weaken drastically.
Putting relocation into consideration in the hopes of expanding into a larger commercial space is optimal. While this can be a hassle such as needing to find a warehouse relocation checklist to ensure that you have everything you need for the big move, it can all be worth it. Cramped and cluttered spaces are just too hard to work in, not to mention the fact that they’re an eyesore as well.
Changes to remote work
Remote work has been making massive waves since the pandemic and it’s something that many employees want to continue doing, even once the world hits normalcy again. It’s understood too, commuting takes too much time during the day, sometimes up to three hours. Having the chance to work from home means more time and less stress. Sometimes downsizing may be for the best as more employees switch to moving towards working remotely.
Are there negatives to relocating your business?
While there is no denying that relocating a business can be stressful such as the time put towards the relocation, as well as the money, would there be any other benefits? It mostly just depends, such as where you plan to move your business to and how far you’re planning on moving it. For the most part, businesses tend to find it very beneficial to get the opportunity to move their business.
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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.
