Scaling Up? What You Need To Know When Relocating Your Business
Starting a business is a rewarding experience, but it can also be a challenge. If you already have a location that has been the site of your brick-and-mortar storefront for quite some time, trying to relocate may seem daunting. However, with careful planning regarding the actual move, learn more about moving companies after you’ve done research on factors such as demographics and traffic patterns in the surrounding area. Only then can you find the best location for your new or expanding business.
Knowing your target market
Before you start scouting out new locations, it’s essential to know the type of customer that frequents your business now. If your current customers are based mainly in one area within a certain radius, consider relocating to a place with a higher population density or more traffic.
Knowing your area’s demographics, along with competitor information and sales history, can help you determine what areas would be best for relocation. If most of your customers are from a particular demographic, such as young professionals or blue-collar workers, consider moving to an area where that population is more prevalent. The same goes for traffic patterns: If you notice that your customers arrive in clumps at around the exact times of day, find a new location where there are heavier traffic patterns during those times.
Finding suitable locations for your business
Once you have determined the appropriate demographics and traffic pattern for your business, it’s time to start looking for potential locations. While the Internet has made many processes more manageable, it also opens up finding new sites to social media stalking and guesswork.
When looking for locations, you’ll want to consider factors such as how much space is necessary for your business’ operation, if the property has any special features you may need (i.e., loading docks, storefront windows), and traffic patterns near the property.
Online research is the best way to ensure that you get detailed information on any given location without bias or miscommunication. However, if you find a promising property while out and about, you can also take advantage of some essential tools to get more information on your own.
Branding your new location
Once you have found a suitable property, it’s time to start thinking about your new location as a whole. Relocating your business may be the perfect excuse to update signage or completely overhaul your storefront window displays.
If you already have established brand recognition in the area, you might only need cosmetic changes to your sign and logo for customers to recognize that you’ve moved. If your brand is still in its infancy (or non-existent), however, you’ll want to consider updating your logo for the new location.
Considering your employees
One of the biggest challenges with relocation is how it can affect your employees. Many of them already have established working relationships, so keeping morale high as you transfer into a new property is essential.
If possible, try to create a schedule that keeps as many employees out of the work site as possible during move-in time. This will reduce stress levels and ensure that your staff is prepared for transitioning into the new location.
Relocating your business can be tricky! However, with the proper preparation and access to resources, you can be on your way to more significant, better customer acquisition.