Top tips for small business moves

Top tips for small business moves

If you own a small business, these tips might be rather helpful to you.  Anytime there is a small business move in the offing, you know that you need to be concerned with many details, such as how to pull off the move and whether the move is right for you.  One important aspect that you can assess is your business plan.  Is the plan up to date or do you need to modify it?  Before you consider business relocation, you might want to make certain that you have a sense of where your company is headed.  Will the business relocation really serve the purpose you hope for?  It may make sense in the beginning to consider a move but after you examine everything, including your target audience, you might find your business will lose too much.  Of course, it can also be a positive result, which is why you have to look at your business plan and consider all aspects of the assets, liabilities and potential growth that an office move will provide for you.

Before you determine where you will move your office to, ask a banker for advice.  Bankers are quite knowledgeable when it comes to real estate because they are often asked to help with the mortgages and leases.  Obviously your real estate agent is important too but you do not want to overlook your banker, who could provide you with plenty of help regarding your office move.

Once you speak with a banker and real estate agent, it is possible to determine some of the areas you should be looking into for real estate.  Low commercial property values might entice you at first, but keep in mind that the area might not be the right fit.  Instead, it is best for your office move to look at more than just the budgetary requirements your business has.  Will you get clients to your new location or will it hurt your business?  This is always what you have to bear in mind.  Also, what else is in the area? Places to eat, shops and general traffic will help get customers into your business.

Before a move, also consider asking your customers what they feel about your move.  A small business depends on its customers.  If you are planning on moving into an area that will be better for your customers’ access, the chances are that you will be successful; however, if prices are going to change or other factors will increase then this might provide you with information against the office move.

Lastly, as you look about for a new office space, consider what the other tenants might have had in the location of choice.  Previous businesses that did not succeed may set off alarm bells.  Obviously, if you sell the same thing as a previous business, you might have some trouble unless it was a matter of the other company’s mismanagement and marketing skills. These considerations are also important.

Gene Salaz