Change is good. This is especially true in business. Rebranding, a change of focus or a change in products and services can result in a big boost for your business. A change in location might be a smart move also, for a number of reasons. But as with any big decision that affects your livelihood, you need to do your research first. Here are some ways a change of address might help your bottom line.
Go where your customers are
Has your current business location gone stale? Perhaps the neighborhood is no longer the commercial hub it once was. Maybe public parking has been eaten up by redevelopment or foot traffic has diminished. Sometimes the loss or addition of other businesses has a direct effect on your consumers. If your current business location is no longer vibrant and thriving, or it just isn’t attractive to your target customer, a change of address may be in order.
Are you easy to find for your target market? Many businesses have found benefit in locating near other businesses that share a common theme. For example, if you are selling health food supplements, you might want to be located in view of a gym. If you sell pet supplies, you might look for space near the dog park. Make sure you know your typical customer, and try to make it easy for them to frequent your business.
Take a risk to increase revenues
Moving to a busier commercial center can mean an increase in rent costs – but if it means an increase in revenues, it might be worth it. Whether you are moving across town or out of state, if you are placing your business in the direct path of your target market, you are bound to see a boost in sales. Do your research in terms of actual moving costs, and leave yourself a bit of a buffer in case unexpected costs arise.
Occasionally a business will move in order to tap into a bigger talent pool or to access a supply of products and services that were previously out of reach. If the skilled workers of your trade are located elsewhere, it might make sense for you to go to them, rather than the other way around. This might mean moving to a community where courses are taught in your industry.
Ask the professionals
Moving your business is a big decision and there is no reason why you have to do it on your own. Commercial real estate professionals like the specialists at JGM Properties can help you in your search.
A commercial real estate agent can also provide information on available services and technology at each available business location so you can ensure your business is up and running as soon as possible after you sign your rental agreement.
Particularly if you are crossing state lines, a commercial agent can help you to look into taxes and the general cost of doing business in your new home state so you are well prepared and set up for success.
Prepare for a smooth transition
You can move your business seamlessly from one location to another, but it takes a certain amount of planning and preparation. First, make sure your employees understand your motive for moving. Give them the script to follow so they can inform customers of your move. You want to be as organized as possible so that you don’t lose any potential sales or irritate any loyal clients.
Expect to maintain operations in your current location while your new one is ramping up. For the first month or so, you will likely have to host a limited crew of employees at both locations. Make sure your shipping and receiving department has completely shifted to your new address before you lock up the old one.
In some circumstances, you might have the opportunity to ‘try out’ your new business location with a short-term commercial lease. Some commercial landlords will offer this opportunity as it fills an empty space for them and gives you the opportunity to check out the neighborhood.
Once you have chosen the prime location for your business and done the work to ensure a smooth transition, it’s time to hang out your shingle and declare yourself open for business. Use print, on-location and social media postings to remind existing clients of your move and to inform potential customers of your arrival in their neighborhood.
Eli Russell is the leasing and marketing director at JGM Properties. He’s been with JGM for 14 years and is one of the top leasing agents in Minnesota when it comes to volume of leases signed for office, warehouse, and retail space for rent or lease in Minnesota.