Relocating to a new site may be scary to most business owners but the possibility of ramping up the business is more exciting. Selecting a business location is crucial and the resources available in that area and its environs are crucial to the growth and success of your business. Entities need to be responsible when relocating by ensuring they are ready to begin operations smoothly once the transition is complete.

Here are some of the essential things a business should consider having when relocating.

Security system

Feeling safe when running your entity is an important aspect of a business. Finding a safe location is taking one step towards the security of your business and that of your employees. You may also keep your premises secure by using smart and professional CCTV cameras that will trigger an alarm system in case of an emergency. Investing in a high-end security system is crucial for businesses that deal with expensive and invaluable items. It is also important for businesses at a higher risk of theft and those that operate at night.

Demand and accessibility

Having a high demand for your products or services is a must-have when moving into a new location. A suitable location should be surrounded by other entities that complement your business, allowing you to adjust easily into the locality. An area swamped by your competitors is bad for business if the demand for your products or services is low. Take for example businesses like restaurants thinking about relocating to the Cayman Islands, tourists and pedestrian traffic is essential because passers-by can spot your business and potential customers will find it convenient. Some businesses require confidentiality and they will need little or no traffic in their surroundings. 

Relocation budget

A suitable location does not only entail an area that fits in your organization’s budget for rental expenses or purchase price. You should make better use of technology advancements by researching the location’s demographics, concealed costs like taxes, minimum wage obligations, renovations and economic incentives. Other hidden costs that may also affect moving businesses include permits, vehicle licenses and utility upgrades. Your business should transition into the new location seamlessly and begin operations as soon as possible. Budgeting for unforeseen costs and emergencies is one way of ensuring a smooth relocation.

Adequate operation space

The amount of space needed for optimum running of a business depends on the magnitude of your operations. If you work from home and require a bigger space, you should consider moving into a bigger house. If you run an industrial site with a lot of equipment and many employees, your new location should be able to accommodate all those people and tools comfortably. These spaces should be flexible by having room for expansion and allow growth of the business.

Digitized business operations

Utilizing the latest technology for your business is important for its growth and convenient management of operations. If you are swamped with competitors, you can use illuminated signs to attract more customers and provide a 24/7 advertisement for your business. You can remotely access your organization’s data away from the new location and monitor the progress of the business from any geographical location.

Digitize your operations and make better use of technology advancements by using Enterprise Resource Planning systems that help you get in touch with your customers easily. You can use the data collected to gain a competitive advantage by catering to client demands and improving the quality of your products or services.

Parking options

Depending on the number of employees you have and the number of people that will be visiting your business, having an ample and secure parking space is essential. The site has to cater to people with disabilities by providing reserved parking spots and easy-access paths and ramps. To avoid burglary and issues with property damages, keep your premises secure by installing security systems to curb such problems. You may also employ valets and traffic controllers to ensure smooth flow of traffic in and out of your premises.

Availability of job recruits

Settling into a new location may present a need for employees and managers. It is crucial to relocate into a suitable location that will attract enough and high-quality job seekers. They should feel safe on your premises and be able to access basic amenities like public transport facilities. Your location should be a place where people want to work and feel comfortable reporting or leaving work.

References

11 tips for moving your business to a new location. (2020, September 12). BDC.ca. https://www.bdc.ca/en/articles-tools/money-finance/buy-lease-commercial-real-estate/11-tips-for-moving-your-business-new-location

Factors to consider when choosing a business location – BusinessTown. (2020, May 15). Business Town. https://businesstown.com/factors-consider-choosing-business-location/

Lauckner, S. (2019, August 15). How to choose a business location: 8 factors to consider. JustBusiness | The Most-Trusted Advice for New Businesses. https://www.justbusiness.com/starting-a-small-business/business-location