Should You Relocate Your Small Business?

Date: July 01, 2014

Related Content: Playbook Economy Grow Hiring Location

5 things to consider before making a move.

Most entrepreneurs are born risk-takers. They
dare to innovate and try new things—including new locations.

“Although an owner might want to relocate
for personal reasons, such as a nicer climate, better schools, or more cultural
activities, relocating for business reasons must be based on a cost-benefit
calculation,” says Richard L. Weinberger, a small business consultant and
author of Propel Your Small Business
to Success: Accelerated Actions to Maximize Profit.

making a move, here are five things to consider:

1. Cost of
only will it cost money to physically move your business, but you also may
incur costs when terminating a lease or selling property, making a deposit on a
new lease, purchasing new assets, and buying new signage, business cards and
marketing materials.

2. The environment. Is
your prospective location known for any natural disasters that could jeopardize
your business? Could seasonal
weather affect your customer base?

3. Vendor
Think about whether a move will impact your relationships
with suppliers, says Mike Salem, co-founder and CEO of Vorex, a professional
services automation company. Maybe you need
to be in a city with a high concentration of specialized talents, such as
Silicon Valley for Internet companies, he says.

4. Client
Consider whether you will be able to retain your current
customers and whether the new physical location is attractive to new customers,
Weinberger says. Also, research your competition in the new city.

5. Workforce
Will you need to relocate your current employees, or will
you hire new workers in your new location? Consider whether the local workforce
includes people with the skills and talent you need.

Related Content: Playbook | Economy | Grow | Hiring | Location

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