Xfinity Discovery Hub

December 07, 2018

Factors to Consider When Relocating a Business

relocating a business

Location, location, location. Your business address matters, which is one reason why you may be considering a business relocation. The right area can bring in more traffic, while a less-than-ideal location might make customers miss your business altogether. As an example, think of two gas stations across the street from one another. One has a dedicated turn lane, while the other has a narrow driveway. The one with a dedicated turn lane will get many more customers just because it's easier to access.

The same concept applies to any business that customers need to reach. If you aren't getting the customers you want, you don’t have enough space, or you’re having issues with your lease, you may be consider moving your business. Whatever your reason for relocation, there are many factors to consider. Here are some things to think about, like parking space, accessibility, visibility, and cost.

Cost of moving your business

There are always costs associated with relocating a business, but the actual cost of moving your equipment is negligible compared to the ongoing expenses. Compare the amount you pay to rent or lease your current business location with how much it would cost in a new area. If you're moving to a different city, find out the average cost of living. Cities with a lower cost of living might mean a lower rent for your space, but it also might mean a slower economy overall – and fewer customers. The opposite could also be true. If you move to a major city from the suburbs, the cost of a storefront may be a larger percentage of your expenses, but it could also expose your business to many more customers.

Availability of services

If you move your business to a more rural area, you may not have access to the same services you do in the city. You'll need a dedicated Internet and phone service to keep your business running smoothly. There are also a number of other considerations that come with a dedicated business service, such as cloud services and the ability to give customers free WiFi on a secured network. Before you move, make sure Comcast Business Internet is available in your new location.

Visibility

It doesn't matter if your location is easily accessible if no one knows it's there. While you’ll likely draw many customers in through advertising and word-of-mouth, a huge amount of storefront traffic comes from curious shoppers that wander by. A small store tucked away in an alley may receive a fraction of the business of a store on a front-facing street. If you want to grow your business, make sure you relocate to a space that will organically draw in customers.

Parking

If you relocate to a city where people drive more than they walk, make sure your business has sufficient parking. Few things irritate customers as much as a narrow, cramped parking lot that makes it tough to get in and out of a store. One of your main goals should be to make it as easy as possible for a customer to come to your store. Once you have customers coming into your space, then you can focus on selling to them.

Make a business moving checklist

It’s one thing to decide to make a move, but it’s another to know how to relocate. Make a checklist of all the things you need to keep in mind during the process, like transferring your services and alerting your customers. Moving can be a hassle (and is almost always stressful), but a list can help you manage all the steps so you’re up and running without a disruption to your bottom line.