Maybe your business just started, or maybe you’ve been working for years and are thinking that you might have the potential to outgrow your current space. You’ve been thinking about finding a new location, but you’re just not sure if it’s ultimately the right move for you. Should you move your business?
It depends on what you’re going to find at your new location. These are five reasons I definitely think you should consider moving your business.
Whether your current location is just not working for you, or there’s a great new space opening up across town, a better location is one of the most common reasons to relocate your business. A bigger physical space, a better back room or stock area, and a better parking location can make important differences to your business. So can being located in an area with more foot traffic, or near an important shopping district in the community.
You may also find, over time, that your current location overcharges for rent, utilities, or other features, without keeping up with their responsibilities. Finding a location that you can purchase, or which has a better landlord, can also be crucial to building a strong, flexible business.
Better Access To Workforce
We don’t always consider how our employees get to work, but access to workforce is a crucial piece of building a successful business. If your employees can’t get to work, they’re not going to look for a job, especially during the winter months. Having your business located along a bus line or other public transport route, in a residential area, or near a college can all help a business access qualified workforce.
When a business has only two or three employees, this is less of a problem, but as businesses expand and grow, making sure that the business is accessible to the desired group of employees becomes crucial to building a successful workforce.
Better Taxes and Procedures
When it comes to taxes, rules of incorporation, and access to business mentors, not all towns and cities were created equal. Every community decides its business rules separately, and while some rules are determined at the federal and state level, being on one side or the other of the town dividing line can make a huge difference in what taxes are owed, what is involved in starting and maintaining a business, and what opportunities the company has over time.
Similarly, a particular county might have a very active Chamber of Commerce, while another city might have a different organization which is less active. Knowing what resources are available to you can help you manage your time and prepare your business for long lasting success.
For many business owners, but particularly for minorities and women, having strong mentors is a key factor for a successful business. Navigating the world of entrepreneurship remains more difficult for those who are marginalized, and having the advice of someone who has been through these specific problems helps.
Better Access to Vendors
Last week I had a chance to talk with Tyler Wilkinson, CEO of E-Z Moving SLC, and some of the things he shared with me about the moving industry are as follows:
Some vendors only work within particular areas. If you are struggling to make the right kinds of connections to take your business to the next level, increasing your access to vendors can be an important move. Again, this may involve more than just moving from one town to another, but if you know what you’re doing ahead of time, this might be the perfect decision for your business.
Better Insurance Rates
While many insurance rates are determined state to state, there are some factors in particular communities that could affect a business’s insurance rates. Moving from the suburbs to the city, for example, or moving in the other direction. In either case, whether a business already has insurance, or if they’re just now considering it, talking to an insurance agent about what it might do to premiums is an important step.
Ultimately, no one but you can decide if moving your business is the right decision. There are many factors to consider, and short of an actual disaster which decimates your building, it’s unlikely that there will be a crystal clear answer. Typical decision-making strategies can help you narrow down your options; make pro and con lists, call business owners in the area you’re considering relocating to, and research factors like cost and regulations online before making any permanent decisions.
Sometimes, you have plenty of time to decide where to open your business, and other times, you just have to take the opportunity you have and worry about the details down the road. By deciding to relocate your business when it is appropriate, you can do the best thing for your business, both now, and down the road.