Canada is one of the highest-ranked countries when it comes to the number of private business owners and self-employed individuals. According to statistics, there are currently 1,011,474 private businesses in Canada. If you are a business owner yourself, you know how challenging it can be to open and maintain a successful company. And sometimes, you also need to expand or more your company to a different location. This big decision can greatly impact your business as well as your private life. If the idea of relocating your business has been lingering in your mind, Number 1 Movers Van Lines are here to provide you with some guidance. Meanwhile, this list of most important pros and cons of moving a business to a new location can help you make a decision.
Possibility to expand the market when moving a business to a new location
The most evident advantage of business relocation is the possibility of expanding one’s market. If you own a small or medium-sized business, relocating it elsewhere can lead to getting more customers. And as you know, more customers equals more profit. This is especially advisable for those living in smaller cities, states, or countries. While living in more remote areas has its benefits, moving to a bigger place can open the doors for new customers and better sales. If you already own a large business, expanding it to another city or country will give you more customers on a global level.
While moving to a new place usually means more opportunities, a notable disadvantage would be a loss of local customers. For example, if you have a baking business and plan on relocating to Hamilton via moving companies Hamilton, you will probably lose a couple of customers who won’t be able to purchase your products. This usually happens for companies with temperature-sensitive products such as food, chemicals, makeup, etc. Moreover, if shipping takes too long or is too expensive, most people will look elsewhere for a product or service.
Suiting your business to the demand of customers
Another advantage of moving is adapting your business to the characteristics of a certain area and making the most of it. If your company sells bicycles, the temperature won’t have too much of a influence of your sales. However, if you plan on selling knitted winter clothes or skiing equipment, your business will bloom in colder areas. This rule applies to businesses offering both services and products. Let’s imagine you live in a big city but discover a smaller place with no private kindergartens or babysitters. Moving there will be much more beneficial than staying in a big city and fighting with the competition.
However, when you move your business to a completely different place, the chance is you will probably have higher competition. Therefore, you will need a bit more energy and creativity to make yourself stand out from the rest of the competitors. For example, there are many Mississauga-based movers, but our movers and packers Mississauga made themselves stand out with their professionalism, experience and quality services!
Chance of having better financial benefits
The global and regional economies do not travel at the same speed. Today, each city has its own economy, and understanding this is very important for those who plan on moving a business to a new location. Some areas are usually perfect for opening and moving your business since there are more financial benefits, such as lower taxes, different minimum wage rates, better affordability, etc. This factor is essential for any company that wants to grow quickly. In markets with strong economic expansion, selling is much easier, and acquiring new customers costs much less!
Most of the time, moving to fast-growing areas is a better option for a successful business. However, these cities are frequently very unaffordable to live in. This is especially important information for those who plan on working from home or renting business spaces. Unfortunately, pairing an affordable, fast-growing city that has a lower tax rate with reasonable business space is hard to find these days. Most people tend to move to more expensive areas, which are usually better profit-wise.
Need to adapt office space is one of the cons of moving a business to a new location
Adapting the new space to your business’ needs comes with certain challenges. Preparing everything to match your business will also take a lot of time. You should be ready to take several days, if not weeks, to make sure everything is sorted. If your business deals with production, the new space may require certain changes: from painting the walls to retiling the floors or upgrading bathroom partitions.
You should consider all of those factors before you start relocating your business with help of the best moving companies Brantford has. You should check with the landlord if the necessary changes are allowed before doing anything drastic. Moving both your personal and business belongings at the same time, on the other hand, will save you a lot of time. If you have planned to designate a workroom in your home, you will be much more motivated to plan and execute a relocation because you will be killing two birds with one stone.
Production disruption and handling your employees
Moving your business to a new location with the help of movers Niagara Falls will mean that you won’t be able to work for several days or even weeks. All of that will result in a decrease in production/sales/revenue. You’ll have to carefully plan the whole process if you don’t want your business to keep prospering even after the relocation. Finding ways to compensate for lost time will be the best policy. Aside from that, consider very well whether the money you invest in relocating the business pays out. Relocating down the street will not take much time or money, but moving to another city or country is much more challenging. Another thing to point out is your employees. If you have employees, you will not only relocate your business but also your workforce. You will have to communicate changes with them and see:
- which employees want to relocate
- which do not want or cannot move
- see whether working remotely is possible, etc.
If working from home is not possible, and your employees would not like to relocate, you will be in a tricky position. You can either cancel the relocation or hire new employees, which is an option that will cost you some time and money.
Moving a business to a new location is stressful
Every change brings along stress. That’s why you should prepare for any unexpected situations that will be highly stressful and could cause a bunch of other issues. Being in charge of everything can take a lot of toll on you. Therefore, make sure you know how to handle stress and don’t take everything too personally. Your well-being should always come first. Therefore, no matter how big an issue occurs, learn to calm down and not let the stuff you cannot control affect you.
You will also need to think about the relocation of your equipment, paperwork, materials, etc. If you have expensive equipment, you will probably be concerned about it being destroyed or damaged during the relocation, which can happen but rarely. However, if you have a team of employees or colleagues who will support you and help you, moving a business to a new location will be a lot less challenging. Moreover, your move will be as smooth as possible if you choose to hire professionals such as moving companies Dundas residents always reccomend.
Is having competition an advantage or disadvantage?
As you already know, you will have competitors regardless of your profession. Some professions have higher competitor rates, and some have only a couple of very potent companies. For some, having competitors can be a really big boost. Some people work amazingly well under pressure, and their production is at its peak when their competitiveness is challenged. However, some people do not take it lightly and place undue emphasis on it.
Moving to a highly competitive area can be a word with two blades. You can succeed in business and reach milestones, but crumble under the pressure and constant battle with competitors. On the other hand, you can stay in an area with a steady workflow and little to no competition. If you choose to move to a highly competitive area via movers Burlington, make sure to not put too much pressure on your employees, and get the best results by stimulating them.
How to successfully move your business
Other than finding a new location for your business, you must estimate the time required for your move. A move can also take several days, so shifts and any changes in schedules need to be organized. This way, your employees will be able to organize their work chores, and your customers will know the working hours.
Involve employees in operations when moving a business to a new location
Do you want to be back up and running as soon as possible? If so, you have to make sure that employees are involved in preparing for a relocation. They are the people who know the company best and know what is needed until the last day and cannot already be packed. You can hire moving services St Catharines or have your employees pack the items that are rarely used. The advice is always valid: the employees are valuable in the organizational stages of the move. They can make all the difference as you pack your boxes and organize your new spaces.
Choose the best moving date
One of the essential steps is choosing the best moving date. If there is no particular hurry, one can consider moving in the summer, when there are usually fewer requests and customers waiting to receive products or services. Obviously, this decision must be based on individual activities. You can do so by evaluating the characteristics of your company: some companies are more active in the summer and others in the winter. If your business blooms in the winter, relocating in the fall or late summer would be the best choice.
Finding the right moving company
People tend to underestimate the importance of hiring professionals when relocating. While you can relocate successfully on your own, commercial relocations should be left to professionals. Opting for the best moving companies Oakville Ontario and scheduling your moving day months in advance will help you swiftly move a business to a new location.
All in all, moving a business to a new location is a big step. Whether you want to relocate to the next city or very far away, make sure you weigh all of the pros and cons before making a decision.. There will always be some cons, whatever you do. However, if you feel like you have been stagnating, relocation would be a good choice. If you do decide to relocate your business, make sure to arm yourself with patience, and time and hire the best moving companies Richmond Hill has. That will ensure your relocation runs smoothly and swiftly. After all, if the idea of relocating your business has been lingering in your mind, why not give it a shot?