Every now and then, your small business will have to change its location. This can happen for a variety of reasons. First of all, you might look for a bigger place in order to grow your business. You might also relocate to a more prestigious location so that you look better in the eyes of your clients and gain an image boost. Moreover, your current location may have worse accessibility to important infrastructure necessary for your business. Either way, relocating to your small business is a task that you’ll probably be faced with sooner or later, so before you even start considering relocating, there are some tasks that you mustn’t omit from your list.
Long-term growth potential
The first thing you need to know about relocations is the fact that they’re expensive and inconvenient. It’s not just the cost of the move (it can be reduced in several ways that we’ll cover later on), it’s also about the loss of value that comes from the downtime of your business. If you’re relocating to a different city, most of your current staff won’t be able or willing to follow you to this new location. In other words, you need to ensure that this move is A) worth it and B) permanent (at least to a degree). In order to know whether the move is worth it, you need to know the full (or the approximate) cost of the move and compare it to long-term growth potential.
It’s not a new beginning
First of all, you already have a business model and staff (even if some people do leave because of the relocation). Second, seeing as how you already have a brand presence, you can start networking in your target destination long before you actually move. Third, you get to analyze the market and start with the outreach long before you actually move. In other words, even though this may look quite similar to when you’ve first started, things are not the same. Namely, seeing as how you’re no longer a new business making an entrance to the market, things will be a lot easier and a lot more in your favor. Sure, it’s still hard, but you’ve been through worse.
The next thing you need to understand is the fact that the relocation is a necessary expense, yet, it’s not something that should consume too many resources. Same as starting a business, you get a break-even point, after which the relocation becomes profitable. The more money you spend on this, the further away this break-even point will be.
So, start cutting costs wherever you can but keep in mind that there’s a reason why people rent out specialized equipment and hire moving crews in the first place. It’s not just about the relocation, it’s also about a safe and efficient move. Now, in order to make the move frugal as well, you’ll have to customize your plan a bit. For instance, instead of going all the way with outsourcing your relocation, you can contact Budget truck hire company and handle most of the packing on your own.
Look past the numbers
One important thing that a lot of businesses seem to omit is the fact that relocation is about more than just numbers. Every city has a different culture and if the previous location aligns with your corporate values, you might start taking this for granted. In this particular scenario, a relocation might come to you as a culture shock. This will affect more than just the way in which your company runs. In fact, it may also impact your ability to attract talent, as well as the formation of their expectation about your company. All in all, there’s more to relocation than meets the eye at first and the more of it you manage to cover, the better.
At the end of the day, relocating your small business may seem like something difficult, but before you start panicking, try to ask two important questions. First, isn’t this something that most businesses do at one point? Second, if it’s so difficult and frightening, how do all of these businesses manage to do it? This will lead you to a logical conclusion that you really have nothing to fear, especially if you make the above-listed four considerations beforehand.
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