You know that old saying, location is everything? It’s a classic for good reason; the location of your business can literally make or break your company. Here are four reasons why you should move your business.
While the shop you’ve got set up may have originally worked for your needs, it’s possible you’ve aged out of your space or location. Ask yourself: is it time to move my business?
If you’re unsure how to answer, here’s a bit of advice on why you should move your business.
1. You’ve Outgrown Your Space
As a business owner, is there anything more exciting than growth? Booming business is a beautiful thing. More business means more profit—and profit is never a bad thing!
Along with growth, however, comes a need for more space. You may need to hire more employees, hold more product, or fit more customers in your space at once. For these reasons, recent growth often means it’s time to look for a new space.
Precisely how much space you need depends on your business and your preference for office or store setup.
- A traditional office offers around 150 to 175 square feet per employee, which gets divided between desk space, conference rooms, and more.
- If you’ve got a retail shop, you can estimate the size you should have by calculating your sales volume divided by your industry’s sales per square foot.
If you’re still feeling unsure whether your space suits your needs, here are some signs that you may have outgrown your space:
- Your meeting rooms are constantly booked and employees are forced to hold meetings at their desks or go outside.
- Your storage is overflowing and you’re having a hard time keeping track of products.
- Your store feels cramped and customers have a hard time maneuvering around one another or product gets lost on the shelves.
2. You’re Hard to Find
If your business relies on a steady flow of customers or clients in order to stay afloat, it’s vital that they’re able to easily find you. Unfortunately, things like new construction or civil engineering changes to your street can often impede business.
If customers or clients have a hard time finding you, you run the risk of losing them. They’re likely to get frustrated and give up on finding your business altogether.
Do any of the following things happen to you? If so, your business is likely too hard to find:
- Customers call regularly asking for directions to your business.
- First-time clients show up late and exasperated from searching for you.
- You have an unusually high number of no-show appointments.
3. You Don’t Have Enough Parking
Just like a hard-to-find business, a hard-to-park-at business is a recipe for disaster. Unless you live in an extremely walkable area with most of your customers, clients, or employees nearby, it’s vital that you have enough parking.
If your office doesn’t have enough parking for its employees, you run the risk of losing valuable workers who grow tired of hunting for parking. If your store doesn’t have enough parking, customers will either give up altogether or double-park and speed-shop, driving down the value of their cart.
Is it time for you to contact commercial moving companies? Here are a few signs that you need a space with more parking:
- Employees are often late to work because they couldn’tfind a place to park
- Customers shop in a rush because they’re worried about getting a parking ticket.
- You have a hard time parking yourself.
4. Your Rent is Too High
There are many perks of having a business in an up-and-coming area. For one, the more popular your area gets, the more opportunity for drive-by business, word-of-mouth advertising, and more. More importantly, however, wealthier clientele are simply willing to spend more on goods and services.
The downside of gentrification for many businesses, however, is the ever-growing cost of rent. Unfortunately, as the value of your neighborhood climbs, so will rent costs. Many business owners find that, as their lease ends, their rent takes a significant climb.
If you’ve found yourself facing a rent increase that will eat away at your profits, it may be time to move your business.
With these four reasons why you should relocate, you’ll be able to determine whether relocation is right for your business.