Business relocation is a tricky, well, business. On the one hand, moving your business to a new location often creates opportunities and allows for growth, all while cutting costs, to boot. On the other, moving a business is basically as stressful as moving your home… with the added factors of considering employees and facility logistics. Oy.
Not sure whether it’s worth the time and risk to relocate your business? We’ve put together five definite signs that it’s time to consider business relocation, as well as expert solutions to each.
Your company is changing in size
The sign: Whether you’re growing, downsizing, or hiring more remote workers, if your company is changing sizes, then it’s probably time to consider a move. Your office may feel a bit too roomy, or the shift to a bullpen office may alternatively feel unnecessarily cramped. If your team is feeling the crunch, it’s time to change.
The solution: Find the best office for your company’s new size. The average allotment per employee is 75-150 total square feet, with management-level workers typically requiring 150 to 400 square feet each.
Check out online listings (like LoopNet) or go through a real estate broker to find space that fits your new needs. For more tips on how to make the leap without losing your mind, check out our tips on how to move a business to a new location.
There’s more affordable rent and/or overhead overhead elsewhere
The sign: Every thriving business is constantly on the lookout for ways to maximize profits and minimize unnecessary spending. Industry standards for rent range from 2 to 20%, so there’s no set rule to determine whether your overhead is too high. But if your rent is eating up your profits, or you just know there’s cheaper – and comparable, or better – space available elsewhere, it may be time to consider moving your office.
Talk to a broker to find a space that’s more comfortably within your budget. Sites like Squarefoot have city guides that compare the cost per square footage by neighborhoods, so you can compare your current rent with the average rent elsewhere.
Assuming you want as many of your workers as possible to join you in the move, keep your employees in mind. It may also prove reassuring for them to have you check in, too. That could mean starting a #moving channel in your company-wide Slack, or sending informative emails with helpful tips and details, like the top-rated cable services in the new location (the comparison website In My Area is great for this).
If you are moving somewhere more affordable, you might have some wiggle room in your business relocation budget. Business movers are specially trained to handle office staples, like computer monitors, desks (standing or otherwise), and industry-specific necessities. Psst: Dolly lets you figure out the cost of your business move before you book – no surprises here!
The cost of living is too danged high
The sign: Just as overhead costs can be a deal-breaker for you as a business owner, a high cost of living can isolate workers who can’t afford the steep rent and other related, vital lifestyle factors.
Maybe you had steady access to qualified workers when you were just getting started with your business, but over the years, it became more difficult to find workers that fulfilled your wage and experience quotas. If so, it’s possible that the cost of living has gotten too high in your area – and talented individuals in your field have moved elsewhere.
The solution: It might be time to follow suit, and move your office to another city or state with a more affordable cost of living.
Check out PayScale or Nerdwallet for their Cost of Living Calculators. Both allow you to compare different state and city averages on necessities like housing, groceries, utilities, transportations, and healthcare. Niche is another fantastic resource for objective assessment in overall livability of American cities and areas.
Foot traffic has significantly slowed down
The sign: Have metered parking prices in your area gone up? Or maybe there’s loud construction right across the street from your office, shop, or place of business. Either way, if foot traffic has significantly decreased, it might be time to consider a move.
The solution: Since the problem is likely site-specific, you probably don’t need to make a big, cross-country move to solve it. For a local move, you can even enlist the help of your employees where possible; come moving day, make sure to clearly highlight their tasks and responsibilities.
Tip: Get employees excited about the move by providing brand-new office furniture. New mousepad, who dis?
Your business wants to reach new markets
The sign: Maybe you started your business in a certain city because it was convenient at the time, but now you’re reconsidering. If a market evaluation reveals you’d have an easier time growing in a new region, it’s probably time to consider moving.
The solution: Unless you have a really niche product or service, stay flexible with your relocation. When deciding where to relocate your business, consider smaller neighborhoods with more affordable rent – these might just be the up-and-coming spots in the city, anyway. And make sure that wherever you do move to, you sign up for networking events to meet contacts in your industry.
Moving locations may be the best thing you can do for your business, but cutting corners may just be the worst. Give yourself and your workers as much time as possible, so as to avoid common mistakes like budgetary oversights and settling for the wrong building.
Making the leap of a business relocation can be scary, but it doesn’t have to be hard. With Dolly, takin’ care of business was never so easy. We’ll connect you to Helpers who are trained business movers, available on your schedule. Prices are upfront to make budgeting for your business relocation easy, and our Helpers can provide trucks as well as muscle. Make your business move easy with Dolly.
Dolly helps you move on your schedule and at an affordable price. Book now and see the difference: https://dolly.com.