5 Signs It Might Be Time to Move Your Business
Every business needs a home. Perhaps that home is in a swanky storefront on Park Avenue; it might be in your garage. But, no matter where your company finds itself, sometimes you find that your location doesn’t feel right anymore. But how should you decide whether or not to move your business?
If you’ve had even a single thought about relocating your business, take a closer look at the idea. In this article, we’ll go over 5 sure signs that you should seriously consider moving your business to another location.
1. Your Business is Growing
Getting that first taste of success is what starts most business owners thinking about changing their address, and for good reason: adding a higher lease or mortgage payment to your list of expenses requires a certain level of business success.
Growing Your Home-Based Business
Plenty of very successful businesses started out in someone’s home: Apple, Amazon, Google, and Disney all started out in garages! But there comes a time when your garage, basement, or spare bedroom just won’t cut it.
Having a separate location can minimize the distractions you have at home (like the temptation to do laundry instead of making that dreaded phone call) and help put you in “work mode.” Commuting to an office every day can provide you with specific working hours, so you can start on time, get more done, and turn your “working brain” off at the end of the day.
Expanding Your Business
Perhaps you’ve already moved out of the garage and onto the next step, but that doesn’t mean you have to stay there forever.
Growing businesses often involve hiring more employees, which is going to require more space. If you’re embarking on a business expansion that will (literally) bring more employees and clients through your door, it just might be a sign that you should move your business to a larger location.
Shaking Things Up
Sometimes it isn’t the size of your business that’s changing, but your business itself.
Every business needs to reinvent themselves from time to time if they’re going to remain relevant, and a new office space can be one great way to accomplish that.
Perhaps you’re changing your brand or company culture and you want a change of scenery to communicate that to your employees and customers. Perhaps you’ve decided to go after a more “upscale” clientele and your location needs to reflect that.
2. The Industry is Changing
You know your business more than anybody else. But do you keep a close enough eye on your industry?
Sometimes your business’s needs are determined by outside factors. If you notice that foot traffic to your children’s clothing store has plummeted while your online sales have skyrocketed, that might be a sign that you need to downsize (or close) your storefront to focus on online-only.
Or perhaps you set up shop in one area of town—because that’s where the rent was cheapest when you were first starting out—but your customers are in an entirely different zip code.
Take a look outside of your business, into the industry as a whole. How well does your company reflect what’s happening in the larger market? If you feel that you’re doing yourself and customers a disservice by staying in your current location, it might be time to move your business elsewhere.
3. You Need More Space
It’s not something you ever want to hear from a significant other, but it’s perfectly fine to tell your office…you need a little more space!
If you’re piling boxes on top of boxes on top of desks, cramming too many employees into one room, or constantly hitting stuff when you push your desk chair back, it might be time to move on to a bigger commercial space. When workplaces are packed too tightly, they can cause disgruntled, unproductive employees, disappointed customers, and even fire hazards.
Don’t forget about your employees and customers when you’re deciding whether or not to move your business. They are what keep you going! If you, your employees, your customers, or your inventory need a little more breathing room, take that as a sign that you need to look at a larger space.
4. You Need Different Features
Business is steady and the company location is…well, fine. But you’re still not satisfied. Or maybe it would be fine if your landlord weren’t so lazy about making repairs and improvements.
It might still be time to move.
Finding the right office space, storefront, or warehouse is like any other house hunt: each business (or family) has its own unique set of needs.
If your current location is lacking in any one area, it might be time to consider moving on. Signing a lease on a building with better tech, internet service, a more convenient location, free parking, a kitchen, a conference room, etc. can make all the difference between a “so-so” business and a “so-successful” one.
5. You Can’t Afford Your Current Location
Mortgage or rent is one of those expenses that can only be improved by moving your business.
You might be able to negotiate a lower phone bill or take steps to become more energy efficient to decrease your utilities, but is there any way you can sweet-talk your landlord into lowering your rent? Doubtful.
Maybe you grew too big, too fast and it’s time to come back down to reality. Or perhaps the economy has changed enough that you can now afford a bigger place for cheaper rent (it happened in the housing market). If you moved into your current location too fast, you probably didn’t have time to look closely at all the options. Maybe taxes are getting out of hand and you’re even considering moving to another state.
If any of these options sounds like you, it might be time to move your business elsewhere. If your lease is expiring soon, all the better, but even if it’s not, do the math. If the savings in rent more than makes up for the cost of breaking the lease, that’s a good sign that you should be relocating your business.
There are lots of reasons you might move, but make sure that you don’t take the leap without thinking it through.
Buying a building or signing a lease are commitments, and you don’t want to stake your entire business on something that might not work out.
Make sure your company is growing consistently before you make a big move. Take your time to look at a variety of different options in a few key locations around town. And, when you’ve finally signed that new lease or deed, don’t forget to call a trusted commercial moving company in your area.