If you run a business that operates from physical premises, you may eventually (but hopefully not) find yourself struggling to make ends meet. If this is you, and you have tried all the usual methods to fix your cash flow problem, it may be time to think about more drastic action. Sometimes a market can become oversaturated. Think about how many coffee shops you see on the average high street, all of which are competing for business and selling very similar things. Sometimes it’s worth considering moving your business to the customer, instead of hoping your customers will come to you. Below are a few key points you should bear in mind if you are considering moving your business to greener pastures.
Is this the right decision for you?
First of all, you need to weigh up the pros and cons of a decision like this to see if it is the right one for you. Relocating your business can be a costly affair, so it is important to be sure that it will have a positive impact on your business. Ensure that you have exhausted all possibilities to revitalise your business first, before committing to a move. Write down what you hope to gain from relocating. You may be wanting to find somewhere that has fewer competitors in the vicinity, or maybe your current location just isn’t bringing in the right kind of clientele you need. You wouldn’t find a Ferrari dealership in a low-income area, so think carefully about if you can better position yourself closer to your demographic. You may be considering a move to simply increase the size of your premises. If you have a lot of products to display, it can be an overwhelming and unsatisfying experience to walk around a shop that is too full of products. If your product range cannot be reduced to suit the size of your premises, you may need somewhere large to allow customers to freely move around without getting in each other’s way.
Research your market and location
First you must decide where you are moving your business to. If you are moving within the current town you are situated in; then the process becomes a little easier due to you having knowledge of the area already. If you are moving to a different town or state, it can be a little overwhelming, but good research should help inform your decision. Look for areas where you will have the least amount of competition possible, whilst at the same time not sacrificing the ease with which customers can get to you. Every choice has both a positive and negative outcome attached to it; you must find the right balance for you and your business. Always bear in mind the needs of your customers and put these first. If you expect many of your customers to be parents with strollers, for instance, ensure that there is adequate space inside your shop for them and that the parking bays are big enough to allow access to their cars.
Add up the cost
As has been mentioned before, moving your business to a new location can be costly, so it is best to know how much it will likely cost you before you commit. Start with the big costs first. Look at how much new premises will cost you in relation to where you are currently, get a quote from a number of removal companies, like Chess Moving, research the cost of packing materials, and work out how much you are likely to lose in business earnings during the course of the move when you aren’t trading. Factor in every expense, no matter how minor or insignificant, to gain a fuller understanding of the financial implications. You should also make a budget for your marketing campaign. If you are moving to an entirely new area, you may need to start your marketing from scratch again; you will essentially be advertising a brand new business to a brand new market. If you are staying fairly local with your move, you may be able to bring some of your more loyal customers with you, so long as you advertise the move well in advance. Either way, you are going to need to let the public know that you are moving to a new location and have advertised it well enough that you have a decent amount of footfall at your grand opening.
Staff: Relocate or rehire?
The answer to this question will likely be decided for you depending on how far away you are relocating your business. If you are staying local, and your staff can manage to travel to the new location, you can keep your current staff and continue as normal. This is preferable as not only do you avoid the added stress of a recruitment campaign, but you also keep those who you already know are good workers and know how you like to work in your employment. If, however, you are moving your business quite a sizeable distance, you will need to ensure that you have an adequate number of staff at your new premises when you open. This can be tricky to organise whilst juggling all the other aspects, so it may be worthwhile hiring the services of an online recruitment agency to do most of the legwork for you. You will need to take the time to work with the agency to ensure they fully understand your needs and how to satisfy them, but hiring staff can be a length process, so hiring a professional to make the process quicker and easier is always a good idea. If you choose to manage the hiring yourself, have a system set up to interview over the phone or on Skype. You will want to meet the final few candidates in person, but interviewing remotely can be a great way of handling the first few stages of the interview process without taking up your time with numerous long trips to your new location before you’ve completed the move.
Hopefully, these tips have given you a little bit to think about when considering a relocation for your company. Ensure you do plenty of research and you could find that relocating was the best decision you ever made.