Let’s face it, moving your business is quiet a risk. You could lose some of your clients, spend a lot of money you didn’t budget to spend, lose something valuable and even lose some loyal employees who just can’t move with you.
In spite of all that, a time comes when you just have to admit that relocating your business is the best option you have.
In case you are at that decision point where you think you should move but you need a little more conviction to take that leap, then you should read on to find out why you need to move.
Below are 6 Reasons why you should consider relocating your business.
Who are the major clients for your business? Where do they come from? Are you always traveling, trying to reach these clients and customers that have a high net worth? Or are they always in transit just because they want to do business with you? If that is the case, then you should consider moving.
You should be as close as possible to your high-earned clients and customers.
The competition is getting tougher each day and you don’t want to give them a reason to consider doing business with any other person offering a similar product or service.
If satisfying your customers and making profit are the major goals for your business, then relocating your business may just be what your business needs now.
Let’s assume you own and run a supermarket in your city. Maybe you already know most of your customers and things are, well, going slow but surely. Assuming also that your state government suddenly decides to build a university in another city in your state.
If you believe that this new school environment will need your service, then you should relocate immediately.
Sometimes, it is possible for a particular market to get saturated. But when that happens, new markets equally emerge. It is your duty as an entrepreneur that wants to thrive to watch out for these changes and maximize them, even if it means relocating.
Sometimes, businesses have everything it takes to succeed – brand awareness and the resources to run it; but an unsophisticated market can keep profits low. This implies that your offerings may be better accepted in a different market, the demographics of which will support your business’s growth and development.
It is common for businesses to be in a situation where they realize that their market is saturated. However, it is important to remember that new markets are always emerging. An enterprising entrepreneur will always find a way to identify such markets, relocate there, and thrive.
Every thriving business always looks out for ways to increase profits and save costs. Sometimes, moving your business may be the best bet you have to cut your costs and increase your profit.
The cost of living, commuting and a host of other needs that will affect your business varies from one location to another.
Many businesses move from the suburbs to the cities, and many others move from the city to the suburbs all because of cost.
For example, you could be paying as much as $28, 000 a month as rent for your office situated in New York City. Assuming you run a business that doesn’t make a lot of money, it will be wise to save cost by not spending that much just to pay the rent.
Sometimes, even though you are closer to your target market, your business location may incur costs that will make whatever profit you make at the end of the day look insignificant.
A major objective of every business is to make profits and cut costs. Relocating your business from one place to another can help you achieve just that; whether it is down the street, to another city or across the globe.
When you look at the cost of living and running a business at your current location it may be much higher than what a new location can offer.
Many a time, office space rent, the cost of living and the cost of doing business are so high that profits will seem insignificant in comparison. In such cases, relocating your business is a boon.
Relocating your business does not always have to do with moving from New York to Chicago. It could well involve moving from a location in New York to a different location still in New York.
Sometimes, you will notice that your business has grown and become a lot bigger than your present space can accommodate. Maybe you are already bursting at the seams, the cubicles have become over crowded, and your parking lot is filled.
In such a situation, you should equally consider relocating. In this case you may not have to move from a state to another state, but you should consider moving from your office apartment to a bigger place that will accommodate your present number and level.
The desire to get a suitable work force can be enough to make you relocate your business. It is possible for your business to have a low supply of the type of work force you need simply because of your present location.
There are some highly specialized professionals who will not consider moving to the suburb for instance. And maybe they offer just the expertise your business needs.
Employees can make or break a business and the quality of staff you have can go a long way in determining business success or failure. Finding skilled and experienced talent at competitive rates is no easy task, and the desire to acquire a competent work force can be a great reason to relocate your business.
If you’re in a field that needs highly-specialized workforce, such I.T., and you’re grappling with shortage of suitable staff in your current location, then it may be better to move to a place where such talent is amply available and accessible.
In other words, if your current location lacks a good pool of qualified candidates, then you should seriously consider your relocation options.
Business owners are always on their toes, which makes it difficult to strike a healthy work-life balance. This affects the business at the long run.
However, drawing a line between personal and professional life is paramount for mental and physical well-being. If you think relocating can help you achieve that, then you may have another good reason to move.
Entrepreneurs who work from home can find the line between their personal and professional lives blurring often. Moving into a proper office space can prevent that from happening and enhance productivity which, in turn, helps businesses perform better.
If you really are sure of the move, go for it. You never know, the new location may actually suit the nature of your business and it can thrive.
Do spend sufficient time thinking about your approach before making a final decision.
Just like in life, nothing is guaranteed. And moving your business does not mean that it will achieve greater success. Sometimes the grass is greener on the other side, other times they just seem so.
With these six reasons, relocating your business is an option you should seriously consider.