Location, Location, Location
When it comes to buying and selling real estate, we always rely on three words: Location, location, and location.
These words also come in handy when you’re relocating your business. People move their businesses for a variety of reasons. The business market may have dried up at their current site. They may have become more successful and need more room. There may be a shortage of qualified workers or a more desirable tax situation elsewhere. Whatever the reasons, the picking the right new spot is crucial.
The first step in picking a spot is due diligence. You need to be certain that your new location will have the utilities and infrastructure required, and this goes for the building and the area.
Will local regulations prevent you from opening a manufacturing business? Can the local utilities supply your water and electricity needs? You also need to research whether your relocation will put you in direct competition with another business or perhaps put you in good company. Financial considerations must be examined. Is the tax situation an improvement for you? Are there local opportunities for incentives for small businesses or your type of operation? If moving your business involves moving your home, will the cost of living help or hurt you and your staff? Will the demographics of the area support your business? All too often, businesses find themselves investing in areas where people are leaving.
If you feel as if you’ve found a suitable spot, ask the same questions that you would of a new home. Is the new area safe from crime? Are you relocating your new gym next to a superfund site? Again, look at your neighbors and ask whether they will help or hurt your continued growth.
Look at the physical building. Imagine your sign hanging on the front. Is there enough space? Will people see it from the road, and is there enough road traffic to warrant a sign? If you’re counting on foot traffic, examine the access to and from your business. Locating on a one-way street with complex parking regulations may make if difficult to attract new customers.
Owning your own business is both exciting and challenging. Once you’ve done that, and gained a loyal following, never forget the most important part of relocating your business: Tell everyone that you’re moving.