Moving your small home-based business from one location to another can be a risk, but with the right mindset and correct preparation it can also present you with big opportunities. If you are minded to move, here are a few considerations that you should take stock of when deciding where and how to relocate.
Identify Your New Customer Base…
It may well be that your business is in one place and yet most of your customers, or even potential customers, are in another. Moving your operation towards those people who are going to buy your products or services makes good business sense. The Houston Chronicle identifies this as one of the main reasons why tens of millions of small businesses in the US relocate each and every year.
…But Take Your Existing Clients with You
You have put a whole lot of time and effort into building up your existing clientele, so it makes no sense whatsoever to simply jettison them in the hope of gaining new customers elsewhere. If it is at all possible ensure that systems are in place to retain loyal customers through an electronic or mail order supply system. Show good faith to those who placed their faith in you when you most needed it.
Make It a Smooth Move
One thing you certainly do not want is to be distracted by your moving arrangements for any longer than you have to be when you ought to be attending to your core business. Choose a reliable agent like Bekins Moving Solutions to take care of things so that you no longer have to worry too much about the logistics involved.
Take Account of Labor Availability and Costs
One of the main reasons why small businesses move in the United States is the cost and supply of labor. If you employ people it is important that where you are going you know that there is a local workforce from amongst which you will be able to recruit and that wage expectations are not outside of your budget. Remember to do your homework before you go because it will be too late after you arrive.
Be Mindful of Property and Rental Prices
Likewise with property, it is very important that property costs at your new location are within your budget, whether it be the cost of purchase or of rental. Rent and rates will comprise a considerable proportion of any small company’s outlay so make sure your move doesn’t eat too big a hole into your projected profits.
Some states try to encourage new business into the area by offering tax breaks or other inducements and incentives. Always investigate to see what might be available to you and at which location as any monies saved can be injected straight back into your SME. Even if only available for a limited time period this will free up much needed capital which can be used to help expand your business.