Your small business started growing exponentially. And now, you are considering a move to a new, perhaps better location, or an expansion. More revenue means more employees, more resources, and it all requires additional space.
However, choosing a new place for your office can be quite taxing. Aside from obvious financial limitations, there are other factors that can, believe it or not, make or break your business. We picked five important standpoints which we believe will help in this exciting new chapter of your company’s life.
The most important part of any operation is research. Expanding your business is no different. So before you sign a lease on a location, do an extensive research on the area in which you want to open your business. If you rely on selling certain products or offering non-digital services, see if there is fertile grounds for your brand. Will the people passing through and living there need to enter your locale? What about the competition? Picture it like opening a self-managed grocery store down the street from two popular brand supermarkets. Research the location, and double check the competition to be safe.
When it comes to choosing a location, what comes as essential for businesses dealing in material goods is the walking traffic. This comes hand in hand with doing research beforehand (as we already mentioned), but there is no harm in giving it a separate paragraph. The amount of traffic your new location is exposed to is vital for the business. This also accounts for accessibility – parking space, ramps, and so on. And even companies that deal with digital goods need to consider the location as well, as accessibility affects the impression of their visiting clients. The more traffic your location has, the greater the visibility of your brand on that shiny new door plaque.
Before moving your growing company, one important, yet overlooked step is upping the ante on the marketing efforts. Post flyers around, put up posters with the company logo on the inside of your renovating offices. You can get a booth or billboard if you have more finances to invest in. There are also website, television and radio ads.Spreading the word out is bound to aid the previously mentioned traffic and visibility of your brand, so consult your marketing expert on the best possible strategy for your target audience.
Once the word is out (or even before you decide on a location) you can test out the market/target audience/need for your product in that particular area. There are several options:
- Set up a booth – offering promotional goodies and information on your brand
- Hire promoters – hiring promoters will give you more mobility, and also cover a greater radius
- Host a mini event – offer free samples of your products or services during a mini event, like a barbecue, picnic, or a music set
Whichever approach you choose, analyze the feedback to make sure you can earn at least a break even amount to begin with, to avoid losing the invested.
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Prioritizing the move
Before finally moving the company to a new location, it is vital to stay level-headed and calculated. What inevitably happens during such big of a move is that your focus often shifts, being scattered to numerous sides, and your grip on even more mundane tasks becomes looser. Making a priority list before moving can make the following expansion run more smoothly. Get help from your operations department and plan out which pieces of equipment will be hauled when and how. Secondly, think of hiring a moving company that meets your needs best, both in price and reputation. That can probably make your relocation much easier.
Aside from setting aside financing and determining the costs of utilities, cleaners and so on, there are several other aspects that can raise issues for your new business location. You need to thoroughly research the area you plan to move in, as it can determine how much traffic you will be getting, the accessibility to your office, and the visibility of your brand. Test the market of that area, see if your product is actually needed there. But perhaps most of all, make sure to know the competition of that area, and how much you will need to additionally work to stand out.