As a small business owner, the time may come that you need to relocate your business, either from the city to a suburb or even to another state entirely, either for personal or business reasons. It may seem like a daunting task but with the right preparation, your relocation can be successful and ultimately beneficial to your bottom line.
Let’s take a look at a few of the decisions you’ll need to make before, during, and after your relocation.
Things to Consider Before Moving
The first thing you’ll want to consider before moving your business is the reason behind the change. If you’re moving to save money on office space, how long will it take your monthly savings to cover the cost of the move? If your move saves $200 per month on rent, but it costs $5,000 to move, it’ll take two years before you recover those expenses. Is the cost worth the reward?
Next, you’ll want to do market research to see if your new location has a viable customer base for your business. For example, let’s say you own an Italian restaurant downtown in a city of 50,000 people. If you move to a suburb that has 15,000 people and there are already four Italian restaurants that have been there for decades, you might have trouble making inroads.
How to Relocate Your Business
Once you’ve made the decision to move, the first thing you’ll want to do after securing a new location is to tell your regular customers. If you’re moving from the city to the suburbs, for example, some of your loyal customers are likely to follow, especially if they already live in the suburbs and your new location is closer to their homes.
When the time for the move actually comes, only take items that you’ll need at the new location. If you have heavy equipment, for example, it could cost a lot of money to move. Instead of paying thousands of dollars to move it, you could sell that equipment and use the money to buy new ones for your new storefront. Take some items that can serve as a keepsake of your old location.
What to Do After the Move
After you’ve moved, the first thing you’ll want to do is to work on getting a new customer base. Depending on the nature of your business, you’ll want to run ads online, over television or radio, in newspapers, or on billboards. A good ad campaign will get customers interested in your business and can set you up for years to come.
It may also be helpful to reach out directly to your customers and make sure they know about your new location. They may not have seen the moving signs in the window and might end up going to a competitor instead of visiting your new location.
Conclusion
Although relocating can be a difficult proposition for some small businesses, by taking steps to make sure your move is successful, your company will able to both survive and thrive in your new market. Good luck with the move!
