Relocating a business can be a costly and time-consuming process. As a result, many business owners aren’t always eager to consider it if they don’t really have to. Sometimes, this can mean that a relocation is long overdue. Whether you’re ready to or not, now might be the right time to consider relocating your business when you can relate to these signs:
You Require Additional Storage
If you find yourself continuously browsing websites looking for shipping containers for sale, now might be the right time to consider relocating to larger business premises. Shipping containers are undoubtedly helpful as business storage. However, when you have more than one and visit them regularly to retrieve and store things, it’s clear that you don’t have enough space for your needs. As a result, you may like to start researching larger warehouses or offices with more space for your business equipment.
You Want to Improve Business Profitability
Business premises are among the highest expenses the average business owner has. For example, many business owners in the West pay an average of $28.10 per square foot for shopping center real estate.
If you’ve compared your current lease to those in surrounding areas and realize you’re paying more than you need, now might be the right time to consider relocating. While there can be high costs associated with relocation, they may pay off with a more competitive lease agreement.
You Have Expansion Plans
Growth is often a long-term goal for many business owners starting a business for the first time. If your business is growing rapidly, and you’re running out of room for your equipment, employees, and everyday business goods, this can be a sign to explore alternative premises options. However, you may also like to explore new premises even before you realize your current premises are too small. Expanding plans in the pipeline can be reason enough to start your property hunt.
You’ve Identified Demand in Another Area
Your current business location might be fit for purpose as far as size and amenities are concerned. Still, it might not be desirable for business demand. Your business might be in the wrong area for your target market, meaning you may not be achieving the sales you thought you would. In that case, relocating to a more suitable area makes sense. If you’ve identified a more in-demand area, the expected growth in sales may offset the costs of the move.
Your Premises Isn’t Accessible
Business visibility and reach can be significant factors in its profitability. If customers can’t easily access your business, they may choose to visit a more convenient one. Whether you have limited parking for customers and employees or your building doesn’t meet general accessibility criteria, you may like to explore your relocation options. You may also consider moving if your customer-facing business isn’t in a prominent location from the street or isn’t easy to see.
Relocating your business may be a significant undertaking, but it can also be a worthwhile one. If you can relate to the signs above, consider browsing available commercial spaces to help your business reach its full potential.
