Relocating your business can involve some critical considerations. Everything from demographics, foot traffic, competition, and accessibility to your customer base can influence the success of your business, and all of these factors are associated with location.
Conducting location research and careful advance planning are the keys to making an informed decision when relocating your business. Look at a few guiding pieces of advice to consider as you plan to relocate your operation.
Factors to Consider When Selecting a Location
Before narrowing down a potential geographic location for your business, consider factors about any prospective location, like:
- Target audience and demographics: Will the location create accessibility to your intended customers?
- Foot traffic and visibility: How likely will your target audience find you at the new location?
- Competitor proximity: Are there any competitors in the area that could impede your profitability?
- Accessibility and parking: Does the property offer enough parking space for your average flow of customers and employees? Does the property support customer accessibility?
- Zoning and regulations: Are there zoning restrictions that would prevent you from managing business as usual?
- Costs and lease terms: Does the cost of the place align with your budget? Are the lease terms suitable for your future plans?
Researching and Analyzing Potential Locations
In addition to the general factors to consider about a proposed business location, going more in-depth with research and analysis is important. For example, use tools like Gale Business Demographics to closely examine reports associated with Census data and even retail spending in a given location. Likewise, if you find a competitor in a certain area that you are considering relocating your business to, thoroughly evaluate that business and its health. Could you perform better by offering a different level of service? Or, could your business be more profitable with a more attractive marketing plan?
Pitfalls to Avoid During Business Relocation
There are several common mistakes businesses make when choosing a location. However, you can work to avoid them as you pick the most attractive location. A few of the most common pitfalls to avoid when relocating your business and choosing the best location include:
- Not doing enough research into area demographics to know there will be enough area interest in your product or services
- Not analyzing lease terms and how they could affect your business down the road
- Not analyzing how locale costs could interfere with business profitability
- Not considering how the relocation will affect your workforce or the potential pool of employees to choose from
The Importance of Local Networking and Community Engagement
Relocating a business is not a small feat by any measure. However, once you are moved, part of your work is just beginning because it now becomes important to engage with the local community and build relationships with prospective customers. Therefore, ensure any location you choose provides opportunities to network and connect.
Indeed offers a reliable collection of tips for business owners looking to network meaningfully, such as offering to assist organizations within the community and being proactive about joining local organizations. As you consider certain locations, think about how that location will support networking and engagement.
Get the Guidance You Need for Your Business Relocation
With many factors likely to affect your business relocation, staying focused on what’s important is vital. As you make all the plans, consider bringing in the help of a full-service office moving company to help you navigate. Reach out to discuss your needs with one of our team members.