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.
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.