When Does Moving Your Business Make Sense?

At any one point in time, any business owner contemplates if their business would be better in another location. The grass is always greener on the other side, but if you’re facing any of these challenges or opportunities, a move may be exactly what your business needs:

Poor traffic flow: Is your business located in a “quaint” neighborhood? Have you heard customers remark that they had a hard time finding you? Moving to a location with a better traffic increased traffic can do wonders for your business. Ask your Department of Transportation for traffic flow numbers of any location you’re scouting.

Better neighbors: Are your business’ neighbors not exactly reeling in the customers? One of the great things about brick and mortar businesses is that you can cherry pick customers from your neighboring businesses. It may be time to look elsewhere if they’re not maintaining a proper, appealing storefront (and aren’t willing to change).

Closer to vendors: Are you service provider who’s constantly running to a vendor for materials? If you have a network of vendors who aren’t nearby, you may want to consider a move closer to them. The costs you’ll save on gas and time will help your business’ bottom line.

Closer for customers: Are you where your customers are? Unless you’re a true destination, your business’ location may be inhibiting customers from coming to you. Take a look at your customer database and see where they live. Survey them and ask where would be a more convenient location for them. Or, if you’re looking to expand, survey potential customers in that area on where they’re currently shopping and where they would rather buy from.

If you decide to make the move, be cautious of:

Upsetting your employees: While this is your decision, you’ll want to break the news softly to employees. Your move may mean a longer commute for them, which can upset their schedules. Realize that they may have to move, find childcare, or change their car-sharing patterns, so be flexible with them through the transition.

Outspending your means: Be realistic with your budget of your new lease. Just because you have a great quarter doesn’t mean you’re able to move into the fancy office building and sign a three year lease.

Alerting the public: Keep your move confidential for as long as possible. Competitors in your new area may price-cut or offer promotions during your opening just to keep their customers around. When it’s time to launch, invest time and money into marketing your new – and improved – location. Remember: You’ll need to update your contact information on your website, brochures, business cards, social media, and more.