Although there’s been a significant boom in eCommerce shopping, brick-and-mortar stores are still in high demand. Many customers still enjoy walking into a physical store and shopping for what they need. So, if you’re taking the storefront route, the location you choose for your business is one of the most important decisions you’ll make.
There is a direct connection between how profitable your business is and its physical location. If you’re considering relocating to better your operation, you aren’t alone. But before moving, it’s best to thoroughly examine how relocating could potentially affect the success of your business.
Let’s explore four ways relocating your business can impact its success.
Get Closer to Your Ideal Customers
The quality of customers you have means everything to your business longevity. Having a consistent flow of one-time purchasers is one thing, but successful businesses enjoy a vast pool of loyal customers who make repeat purchases. One way to attract those ideal customers is through your location.
Relocating your business can bring you closer to your ideal customers, and that betters your customer retention. But you need to know as much as possible about your ideal customers before deciding on where to relocate. This includes their financial landscape, the industries they’re most likely to work in, their transportation choices, how and where they like to shop. All of which influences where they would be living and thus the places you should consider relocating to.
Relocating can make it easier for your customers to shop with you. Better access to parking, a larger retail space, a beautiful, functional storefront, and being near public transportation all contribute to a better experience with your business. And a fantastic customer experience is directly connected to success.
Better Your Community Involvement
Suppose you’re dedicated to being a staple of the community your business is located in. There’s nothing more defeating than being unavailable because:
- You’re not in a convenient location
- There aren’t many community connection opportunities
- Your company values don’t match up with those of the individuals in the neighborhood
Simply put, deep community relationships and commitments better your business. In addition, many of your customers are more inclined to support companies that mirror their values than those that don’t. So, relocating to a community that fosters similar passions for specific causes, charities, or is heavily involved in other social, environmental, or economic issues could be an excellent decision for your business.
Lower Business Expenses
We all know that the success of any business is tied to how well kept the finances are. And that means making suitable investments, paying your business expenses on time, managing debt, ensuring employees, vendors, and suppliers get paid, and tracking cash flow. A great business financial landscape also means constantly analyzing where you can lower overhead costs without compromising business integrity.
Relocating may help you reduce one of the most significant business expenses, rent. Relocating to a space with lower rent costs can help you save money and allocate it to growth initiatives. But when you decide to rent a new location, be sure to consider your business’s specific needs, if it makes sense financially, and whether you can grow in — and into — the location.
It’s Better for Your Current and Future Workforce
Relocating your business is much like relocating for a new job. Many of the things you consider when relocating for a job, you should consider when relocating your business. Especially when it comes to how the move affects the people around you.
For example, when you relocate for a job, you factor in whether you are single or married and have a family. Likewise, when relocating your business, you should consider whether you’re a single business owner or have internal partners and employees coming with you.
Factoring in the effect relocating will have on employees, business partners, and their families is the right thing to do before making any final decisions. Suppose you can provide your current workforce with ample time to make arrangements for themselves and their families, a better financial/benefits package, a convenient location, and an overall positive outlook for their future with your business. In that case, you may be able to make a strong case for the move and them coming with you.
Relocating may be the best option for the long-term goals you have for your workforce. You may want to attract top talent more consistently in the future, and the new location will help with that. Or, maybe your current workforce consists of people from multiple generations, and the new location makes your business more accessible to them all.
Ultimately, if relocating makes things better for your current and future workforce, you’re more likely to keep outstanding workers with your business long-term. And that also positively impacts how well you serve your customers.
Relocating your business can have a significant impact on whether it’s successful. When done with proper planning, moving your business to another location can get you closer to your ideal customer, better your community involvement, lower business expenses, and improve your current and future workforce.