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What Should I Consider When Relocating my Business?

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  • Written By: Shannon Kietzman
  • Edited By: Niki Foster
  • Last Modified Date: 30 November 2016
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When relocating a business, there are several things you should consider in order to ensure its continued success. These include your target audience, visibility, the cost of purchasing or renting the new space, and the security of your business.

When relocating your business, the most important consideration is your target consumer. Relocating your business can be a wise choice if it puts you closer to those who are most likely to use your services or purchase your products. Conversely, relocating your business can place you too far from your consumers and cause you to lose business. If you have a unique product or service, consumers may be willing to travel the extra distance to do business with you. If, however, your target audience are consumers who have difficulty traveling, or if there are other similar business closer to their homes and places of work, you are likely to lose out.

When relocating your business, you should also consider visibility. Aside from word-of-mouth advertising, visibility is the best form of free advertising you can have for a business. The closer your business is to other businesses that draw large crowds of people, the more likely people will be to see your business and inquire about your services or products. In general, it is best to place a business in a high traffic area that is easy to find.

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Another consideration when relocating is the cost of renting or purchasing the property you are thinking of relocating to. If the cost is higher than your current location, it may be worth it if the new location will draw more business. If the location is not likely to draw new customers, relocating to a higher cost area will cut into your profits and is not a wise business decision.

Security is another consideration when relocating. You and your employees will spend a great deal of time in the new building. If the neighborhood has a reputation for being unsafe, you are likely to have a difficult time hiring quality employees. In addition, relocating to a crime-ridden neighborhood is a risk, as your products may be stolen or your building damaged.

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Discuss this Article

yumdelish
Post 3

My favorite restaurant took a relocation companies advice before they moved from a cramped backstreet venue last month. Now they're settled in a much more spacious and brighter place on the main street.

Considering they specialise in Brazilian BBQ and have a direct competitor close by it could have been risky. I guess they did the right thing to get an experts opinion before calling the movers.

Acracadabra
Post 2

@Valencia - Thanks for all those tips on how to relocate. This is all really interesting to me as I am considering taking the plunge right now.

Other options I am looking at include relocating overseas, or possible just moving the business totally online. There's a lot to think about, but if possible I'd like to stay here and just get a more suitable location.

Valencia
Post 1

It's useful to approach this topic in the same way as if you were moving house. Make a basic relocation checklist which considers all the basics, such as financial output and viable access.

Further to that though think about the long term. Is this an area which is likely to be suitable in five, ten or even twenty years from now? You may need to expand somewhere down the line, is that possible?

Lastly, look for indicators of economic growth, such as planning requests for new houses, shops, educational facilities and so on. A little research can uncover all of these facts, and may also indicate warning signs, such as plans to raze the area and build a highway!

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