Helpful Tips On Choosing The Location When Moving Your Business

It is true that the worth of every business is measured by the quality of its customers, but what many business owners seem to forget is that this factor is strongly tied to the location you’ve chosen.  If your sales and revenue are not what you’ve expected then it’s probably time to move. But where to? You certainly don’t wish to relocate twice, right?

Finding the right location for your business takes much more than choosing the building, especially based on an outside appearance. Some of the business owners don’t express too much doubt and quickly decide to open up their business in their hometown - in the very part where they live, if they can. This seems quite logical, right? Well, not quite.  As professionals from Curtis Associates constantly point out, every property purchase needs to be a stress-free and sound investment. And for that, the first thing you need to do is to consider the bigger picture. There are factors tied to the relocation itself, but also factors tied to the evaluation of community. We have rounded them all up and created a list of helpful tips to help you find your promised business land.

Should You Stay or Should You Go?

The most important part of every big decision is its reconsideration. It is basically the process of asking yourself pretty simple and pretty basic questions you might think unnecessary. But the truth is they are, so you can be 100% sure you need a new location.

First of all, you need to be sure why you want to relocate? Is it for the cost? Will the movement really make it smaller after it meets your needs better than the present facility? A thorough comparison is in order because it might turn out that improvements on your present work site might be a better solution.

Or is it about the space? If it feels too crowded maybe you didn’t try production re-engineering or outsourcing, or maybe you should switch to just-in-time inventory management? These solutions could free up to 50% of your space for production.

If you’ve already tried these options without any bigger change, then it’s time to think about the nature of your business before the relocation starts.

Proximity Requirements

If you are in a local retail business your options are pretty much narrowed-down, since you must be near your customers. But if you run a resource-intensive company that needs to ship in volume, you need to pay close attention to two factors - the proximity of your resource base and strong transportation options, like extensive rail networks, deep water ports, or trucking firms.

If your business is small and your niche is creating knowledge-based products, then the availability of natural resources and market access are not that important. In this case, all you need to make sure is that the community you’ve chosen has the technology to support you. But if your knowledge-based company is fast-growing and thrives in the close proximity of other companies in the industry you’ll have to congregate with the likes of Research Triangle and Silicon Valley in technology centers.

So you need to make clear if you have any special requirements that make a certain region (or even a certain town) mandatory. If the answer to the questions above has left you with additional maneuver space, it’s time to zoom in.

Needs & Resources

The next step is to make the list of your needs and then to match them with your resources. It is highly recommendable to consider taxes first because both - the income and sales ones - can vary greatly from state to state, as also regulations do. Basically, all you need to do is to check if the state you’re planning to move to is friendly to the specific type of business you are running.

There can also be a great variation in taxes and regulations from city to city, even if they’re located in the same state. You should also be on a lookout for government economic incentives and pay a close attention to the availability of labor and the cost of rent. And don’t search for big places at any cost - a small town may turn out to be a perfect spot for your business. If you’re a small business entrepreneur there are a lot of cities that provide a great opportunity.

Zooming further in, you need to pay attention to a kind of commute you’ll have at your disposal. Invest some time to get to know the part of the town you’re considering. Many young entrepreneurs make the mistake of mainly considering the price of rent for the location, but it is very important that the area is consistent with the image of your business. Furthermore, you need to make sure that your new location will be visible and easily accessible to both, automobile traffic and pedestrians. Take a good look at your business neighbors - the proximity of similar businesses can attract but also draw away your new potential clientele. Two tech stores are a competition, but sporting goods store next to a gym is an opportunity.

The Location Type

After you’ve determined everything listed above there is one single question left - what is the type of the location you have in mind? Are you looking for an office space, a warehouse, or retail? Keep in mind that the third is the most expensive one.  Of course, one of the most determining factors is can you afford it? And not only you - your employees and customers, too. Is there free parking? Be aware that higher rent usually forces you to charge higher prices.

One of the biggest mistakes you can make is to think that the location is only important to you. Of course, you’re the one who has to work there all day, but so are your employees. And there’s no business without customers. Maybe you’ll think it’s early to think that far ahead, but strategic partners and potential investors or buyers also look at the location as an important factor.

As you could see, reaching the right relocation decision is like having an extensive chat with yourself with all the facts on the table. Start with the reason for moving, go over the nature of your business, and keep an open mind about your options.