I don’t care about the demographics of my company or my family— women control the household, and I believe that working women basically control the world.
In other words, women often have to make extremely tough decisions. Balancing a household and a business can be tricky work, especially when you are considering relocation.
If you do not have a family, this can be a bit easier. However, knowing you have children at home or a husband who may be working makes it very difficult to justify moving your business. This then poses the question: Is the benefit of relocating your business worth all the hassle?
A Few Good Reasons to Move
It is tough to know if moving your business will help it succeed or if it will simply allow it to fail in a different place. However, there are many reasons relocating could lead your business to success if you are currently at a standstill. A few of these reasons include:
- Another area could have a higher availability of a product
- An area loses value because of socioeconomic factors
- Your business is growing and another area may have more market opportunities
- Your rent is increasing because your area is becoming more popular
- You are leveraging a move as a way to keep clients who live elsewhere, or who themselves relocate.
If you find that any of the reasons above are forcing your business into a tight situation, there are still a few things you should consider before deciding if relocation will bring success to your company.
5 Tips to Consider Before Relocating Your Business
1- Talk with your Customers and Clients
Chances are you have many customers and clients in your current area.It is never a good idea to relocate if you are going to lose your entire customer base, so talk to them about the potential move. Ask them if they would be willing to either travel for your product or service or change their form of communication to over the phone or online. If the answer is no, the success of your new city may take longer than you can afford.
2- Create Lists
Before jumping to conclusions, create a few different lists that weight the positives and negatives of the move. Outline your company needs as well as reasons why your current location is not working. If your lists seem logical, consider a few of the things you are hoping for out of the new location. Once you know what you want, then begin researching the area.
3- Have a discussion with someone in the area
Nobody knows an area better than someone who has done business there for a while. Get in contact with someone in your related field and ask them about the economy. As long as the company you choose to talk to will not be direct competition, ask them about the demand for a business like yours.Although looking online for these answers should be your first course of action, someone who works with the same target audience as you in the area you are hoping to move would not be a bad idea.
4- Speak with someone who has relocated a business
Chances are if a business owner has relocated their business they will be more than happy to talk about it. Ask them if they would change anything they did during the process, what they found to be the most important consideration, and how their business dealt with the move.
5- Don’t forget about your current location
Unfortunately, you will not be able to up and move away and just leave your old location behind. Chances are you have a lease agreement, employees who will need to transfer, and even a lot of product that you may or may not want to bring with you. Figure out the terms of your current lease and have the proper dialogue with your employees before getting excited about moving.
Think Carefully Before Relocating Your Business
In this economy, business owners are getting little help from the government when it comes to funding. According to BizBuySell.com, the Internet’s largest marketplace for buying and selling small businesses, “64% of small business owners say that the small business loan process is continually becoming more and more difficult.” In other words, loans are no longer the answer, so living in a good city is key.
Unfortunately, the chance that you live in a thriving environment for small business success (even if you did ten years ago) is slim, and loans are no longer the answer. Relocating is often the best option to keep your business afloat, and in the end your family will understand. Making the tough decision is never easy, but after all, that’s why you’re in charge!
Image courtesy of Kaptain Kobold.
Amanda DiSilvestro is an expert writer on credit card processing companies based in San Diego, California. She writes extensively for an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs such as credit card processing. You can find more of her articles as well as vendors comparisons for your small business needs at Resource Nation or Business.com.Google+