.Not only does this have an immediate effect on your own quality of life, but it can also dictate the quality of employees you’re able to attract and whether or not you can successfully run your business.
Here are the pros and cons of relocating:
Pro: Increasing Your Audience.
Many businesses feel that moving to a new location could earn them a larger, or even more profitable, customer base. While this becomes a primary concern when sales are low, if your industry is experiencing growth it may also be viable to try and take advantage of this situation as much as you can. As serviced office providers Landmark PLC have identified, relocating to the business capital could also give you a better opportunity to hire high-quality professionals seeking work in your industry.
Con: Inflicting a High Initial Expense.
There’s no doubt that relocating any business, no matter what the size, will incur a significant cost. The price of your initial deposit on your new property, paying third-parties to ship any valuable office equipment, and hiring new members of staff will all start to add up quickly. There may be other hidden costs you’d not considered, too, like the change in lifestyle you can expect from moving to a new location or the impact it could have on your family life.
Pro: Reducing Your Operating Costs.
The potential to reduce your overheads is often one of the primary motives behind relocating. In fact, if you’re currently struggling to pay the rent on your current property, you may feel that you have no choice but to move to a less costly area. During the planning phase, don’t simply look at locations that have the lowest cost of operation. You may find that the broader economic reasons behind this make the locale much less desirable than you initially thought.
Con: Disrupting Your Business.
Finally, one of the main concerns many business owners have over relocating their business is the downtime it could cause. You’ll have to ask yourself if the money that could potentially be lost during this period will be appropriately recouped in the long-term. This is a particular concern if you run a seasonal based business, where you can’t afford to lose out on the most viable months of the year.
Like most decisions in life, relocating has both its advantages and disadvantages. Make sure you weigh up all of the factors before you commit to your choice.