Relocating your business can be a nerve-racking and risky operation. It can mean a change in the way your company operates. You might have to pay more rent at the new space. And, you always have to consider the happiness of your employees. If you are willing to take the chances, moving your business to a new location can present several opportunities that may be worth the uncertainties.
Not long ago, I was faced with this situation. As the owner of G Michael Salon, I have witnessed the challenges of such a competitive industry. To stay on top of competition, I’ve learned to embrace change; thus, making the choice to relocate my business.
A relocation could mean access to a larger talent pool for your business, or better proximity to your target consumer market. It’s a risk worth taking if the success of your company depends on it. For those of you that are looking to find a way to catapult your company to an advanced level of success, relocating might be the right choice for you. Here are three items to consider when making this decision:
Know when it is right to make the move
Before you pack up boxes, it’s important to decide if it’s necessary to make the move. Start by considering your financial position. Will your current cost of operation increase at a new location? What additional fees, such as new appliances and Wifi availability, will be accrued? Once you calculate your new costs, make sure that you are financially stable to make the move.
Also consider whether or not your current location is meeting your needs. Does your space match your company culture? Are your surroundings outdated? Can you find and recruit an impressive pool of talent? Addressing these essential questions makes your conclusion a lot easier.
Select where to relocate
It is very important for your business to be centrally-located so your customers and clients can easily reach you, and you have the ability to attract new patrons. I chose to move my salon to Ironworks at Keystone because I saw an area of rapid growth and development. This new location will open my business to a new clientele while maintaining my current customers.
That said, choosing your new space is not a decision that should be made on a whim. Again, consider your customers and employees. Position your space in an inviting and engaging location that could entice potential purchasers and create long-lasting team members.
Overall, your new location should be accessible and attractive to both customers and employees.
To ensure you’re finding the right space for your company, make a list of criteria. From proximity to highways to the amount of foot traffic the area receives, map out the necessities. This can help prevent you from making any rash buying decisions.
Be aware of your budget
One of the most vital components of moving your business is knowing your budget. Factor in all possible moving costs, as well as the budget you have for any potential renovations or refurbishments. Don’t forget the cost of staff, should they help with the move, as well as potential business losses that might occur in the midst of moving.
From there, decide how much you are able to spend on your new facility, as noted earlier. This can keep you from looking at a location that is out of your price range or requires more work than you can manage at the time. Once you have chosen the perfect area, let your community know. Depending on the amount of traffic the new district receives, you may want to factor in costs for a public relations or marketing team to help promote your new location.
Is relocating the right choice for your business?
Relocating is not the way to “fix” a business, but it can certainly be used to help you improve and grow. If you’re reluctant to make a necessary move, think of the benefits you could reap and the disadvantage of being stuck. In my own upcoming move to Ironworks at Keystone, I’ve considered each one of these items listed above, and I am so confident and excited for this chance to show a wider array of Indianapolens what my salon has to offer.
Greg Lee is owner of G Michael Salon.