Should you relocate your business? Moving your business to another location could make for an exciting change of environment that could have many benefits. However, there could also be drawbacks to leaving behind your current premises. This post explores some of the key questions to ask yourself when thinking of relocating your business premises.
Should You Relocate Your Business? 5 Questions to Ask Yourself
Can you save money?
A big reason to relocate a business is to save costs. Moving to another area could provide access to cheaper rent, insurance and even energy bills. Some businesses do this by downsizing, while others simply move to cheaper areas.
Just be wary that a cheaper area may not be as central, and may therefore not attract as many customers, which leads onto the next question…
Will it help you attract more customers?
If you rely heavily on passers-by to attract business, moving to a busier location could get you more customers. Restaurants, cafes and bars typically benefit heavily from being in such locations.
Accessibility is also something to consider – a location with a better parking area could benefit many stores, while some buildings may also be more disability-friendly.
Relocating could also allow you to move to a more reputable location (an area with a lower crime rate could also mean less risk of burglary). Of course, a more attractive location usually comes with higher cost, so you need to get the balance right.
Do you need a more practical space?
It’s possible that your current building may lack certain important features. Moving to a new location could result in a building that’s more practical for your needs. For example, you may need somewhere bigger, somewhere more modern or somewhere with an open-plan layout. While it may be possible to renovate your existing building to make it more practical, there may still be restrictions and limitations that make moving a better solution.
Can you handle the moving process?
Moving to another location can be stressful and requires a lot of planning. You need to consider the cost of moving and the disruptions it may cause to your operations. Everything will need to be packed up and moved, you will need to notify everyone of your change of business address, and you may need to spend time remodeling your new premises before you move in. There are specialist companies such as restaurant movers that can help reduce the stress by handling much of the moving process for you. However, you should still be prepared for some upheaval.
Are you able to exit your current lease?
Moving to a new business location may not be possible if you are still half-way through an agreed lease term. Many commercial leases have strict conditions when it comes to exiting a lease early – you may have to provide several months warning and may be expected to pay a large fee or even the remaining rent up until the end of your lease. Check your lease agreement contract to see what penalties you will face if you leave early. Waiting until the end of your lease to relocate is often a much better decision, unless you have serious issues with your current location.
Final Thoughts
Should you relocate your business? An office relocation is no easy feat. We hope these five questions will guide you in making your final decision.