Setting up your brick-and-mortar shop or office is no easy feat. You will have to invest significant time and money and put plenty of hard work in order to ensure that you have an impressive storefront or workplace that reflects your brand and will pull in your target customers or clients.
With all the effort and money you invested in opening your store or office, relocating your business will certainly be the farthest thing in your mind. However, whether your business is new or already established, there will come a time when moving your shop or workplace will be the best decision you can ever make.
When to Move Your Business Premises
Moving your company to another place inside or outside the city or state is a decision that is not easy to make. But there are certain reasons or factors that can indicate if a move would be good for your business. These include:
1. High rent or cost of real estate
The high cost of monthly rent will have a great impact on your revenue. Unfortunately, even if your lease is already high, the property owner can still increase it if there is a need.
If the rent you pay for your business space is limiting your ability to expand your products or services, it may be time to consider relocating. If you move to an area where real estate is more affordable and there are additional tax incentives, you will be able to save money and use it to improve other aspects of your business.
2. Your lease is about to expire
A few months before your tenancy agreement will expire, study the pros and cons of staying in your current address. In case the property owner has plans of increasing your rent, put this on top of your list for cons.
In addition, consider your plans for the future. Do you have plans of hiring more employees, getting more equipment, etc.? Think about whether your current business area will be suitable for all your plans. If not, it may be time for a change.
3. Your customers or clients are having a hard time finding your address
Here is one clear sign of this issue: Even if your complete address is on your website and people use Google Maps to locate you, customers and clients repeatedly tell you that your office or shop is difficult to find. As a result, clients are often late for meetings and customers who made prior appointments do not show up at all because they got tired of looking for your business premises.
Failure to have customers or clients show up will certainly have a huge effect on your business. You’ll fail to close deals or make any sales. This is a problem that you will never have to deal with if you move to another area that is easy to locate or near well-known streets or landmarks.
4. Security is an issue
If your store or office is consistently broken into and the property owner or manager is not being helpful at all, it is high time you move to a safer, more secure place.
Losing money, equipment, and supplies will have an impact on your day-to-day operations. In addition, your employees’ morale will also be affected because they won’t feel safe in their workplace. As such, if you keep getting broken into or if vandalism is prevalent in your current location, it’s time to start scouting for another office or possible store.
5. The current facilities are not just suitable anymore
When you began your business operations, several factors played a role in your decision to choose your current address. These include the location, building façade, parking area availability, newly painted office spaces, and your budget.
Unfortunately, as the years pass, you will have problems regarding the lack of parking spaces for your employees and customers or clients. There will be issues regarding the appearance of your building, bathrooms, elevators, etc. because of wear and tear.
If the property manager or owner always seems to find some excuse not to fix these issues, it’s time for you to realize that you, your staff, and your business deserve better. Look for other commercial spaces that are well-maintained and managed by more responsible owners or managers. Once you have secured the perfect business premises, you won’t have to worry too much about the building or commercial area turning off possible customers or clients.
6. You require more space
New businesses often require just a few employees, and so a small space will be enough. But once your company is fully established and enjoying a steady pace of growth, you will need more staff and a bigger inventory to meet the demands of your customers or clients. And for these, you will need more physical space.
In case there’s no room for expansion at your current office or storefront, or even in the commercial area where you are currently located, you won’t be able to hire new employees simply because there won’t be room for them. You will have difficulties expanding your inventory as well (although this is a problem that can be solved by investing in additional storage solutions). If you don’t want your business to suffer and you want all your employees, stock, and supplies in one central location, consider relocating your business.
7. You are looking to hire employees of certain caliber
In certain instances, location plays a role in helping you get the best employees. Most job seekers often have a predetermined notion of where they want to work. In case you’ve exhausted all resources in getting qualified employees to apply to your company, you may have to consider moving.
If finding the most qualified employees is one of your priorities right now, relocating your business to the city or the central business area can give you access to top talent. In addition, it can mean fewer expenses for you in terms of compensation since you won’t have to offer relocation, housing, or transportation allowances.
8. You need a lifestyle change
During the initial stages of establishing your business, you probably did not have a lot of options in terms of the location of your office or shop. As a result, you may have chosen a location far from your home and places you frequent, such as the gym.
Once you’ve achieved a high level of success as a business owner, you have the choice of moving the office or shop so that you won’t be encumbered by various issues such as traveling far or being stuck in traffic every day.
You can even select a location that will allow you to easily drop your kids off at school, or an area where the facilities you need are more accessible. You can select a new business space that will allow you to become more relaxed and have more free time on your hands.
9. You want to achieve your goal of brand recognition and increased product or service availability
There will be instances wherein, even with a variety of marketing campaigns, some brands just fail to reach the right demographic. This can be due to intense competition or your target consumers are simply just not in the same area as your business. When you can’t seem to find your target consumers in your current location, you may be able to look for them in another place.
In case your business has this same problem, moving to another place where your products and services will be better received will be a smart decision. Starting anew in a different, more strategic location will allow you to reach more of the right consumers and help you get the recognition you deserve.
10. You need to sustain or improve the growth of your business
Finally, a change in location may just be the thing you need to foster and bolster the growth of your company. If there is a huge clamor for your products or services in a particular area, instead of opening a branch, consider moving your main business there. This is something that you have to consider if you think you will have difficulties in building your current customer or client base.
If you keep receiving inquiries regarding the availability of your products or services in a certain place, this is already a sign that you have a ready market waiting and eager for everything you offer. You will have a higher chance of enjoying success and further growth in this area compared to your current location where consumers are thinning or seem to be uninterested in your products or services.
Relocating your company is similar to starting your business from the ground up. As such, you need to have more than just one reason behind the move. You also have to be sure the benefits will outweigh the disadvantages.
When you do decide to relocate, make sure your employees are on board with your decision. If they are, allow them to help you with all the processes involved in moving your business. Getting help from a moving and storage company will also ensure that everything in your current business address will go to your new store or office. These service providers can also help you with packing your furniture, equipment, supplies and other items so that they are secure and properly protected, and ready to be used once your business officially reopens.
AUTHOR BIO: Chris Humphrey is the General Manager of EasyTruck Moving & Storage. In 2013, the company combined their expertise in professional moving services and storage to create an entirely new approach to the business – and mobile storage was born! Easytruck now operates over 30,000sqft of air-conditioned facilities in three convenient locations in Dubai and is the only Mobile Storage operator in the UAE.