4 Signs It's Time To Relocate Your Business

How To Relocate

For many business owners, there will come a time in your growth journey when you have to make the important decision of whether to relocate or to expand your business. While this can signal quite a lot of change and upheaval, there are many long-term benefits and it’s usually a clear sign that your business is growing in the right direction! However, like any big business decision, timing is everything.

So how do you know when it’s time to make the big move?

Here are just a few of the signs that may indicate it’s time to relocate your business:

 

1. You’ve outgrown your surroundings

Relocating Your Business

One obvious sign is that you’ve quite literally outgrown your surroundings! Perhaps you’ve noticed that your premises are quickly becoming crowded with employees and customers. Or maybe you’ve found that you’re piling up boxes of stock and trying to fit more than you can into a single space. This can lead to an unproductive and chaotic environment – especially if your number of employees are on the rise.

Although relocating can be a hassle, you can try to make the process easier by speaking to your current landlord to see if they have a bigger property available nearby or you could communicate with the businesses in your community so that you’re the first to hear about any upcoming spaces!

 

2. You need better facilities

Besides running out of space, you may also notice that your facilities aren’t meeting your needs anymore or perhaps the list of repairs on your premises just keeps mounting up. Whether it’s a better communal space for your staff you’re after, or a bigger kitchen with more up-to-date equipment, having the facilities and equipment you need is essential for maintaining the success of your business.

If you choose to relocate for this reason then it’s important to have a full checklist in place when scouting out your new location. For example, your list might state that you must have: a strong internet connection; available parking spaces; accessible bathroom facilities; plenty of natural light; modern air conditioning or modern heating systems.

 

3. You want to expand your product or services

Stock

If you’re thinking of adding to your range of products or services, this could be the time to think about relocating. For example, if you run a nail salon but want to offer more beauty treatments, this will likely involve more rooms, equipment and a location that can accomodate this.

Although this can be a really exciting for you and your team, you’ll need some funds behind you so that you can make the most of every opportunity that comes your way. Luckily, businesses who have been trading for over 4 months and take an average of £2,500 per month in card transactions can apply for flexible funding options such as Liberis’ Business Cash Advance. This works in line with your cash flow as repayments are made at an agreed percentage of your card takings – perfect for businesses taking the next leap!

 

4. You need to be closer to your customers

If you’re getting to the point where you’re struggling to meet your customers’ demands due to your location then it could be time to move. Moving closer to your customers will allow you to build stronger relationships with them and means they can access your products and services more readily and easily. Plus, if you know you’re relocating to somewhere with a high demand for your business then you’re more likely to gain added visibility and new business!

Another option is to expand and open up a second location to reach a wider radius of customers. Both of these options are big decisions so it’s always worth getting as much feedback from your customers and investors as possible to help inform your next steps.

 

And remember . . .

When considering a new location, always make sure you read through your lease agreement to avoid running into any legal issues. You should look out for things like rent increase clauses, whether you can get out of the agreement at any given point, and how long you are able to rent the space for.

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Liberis is a responsible financial provider. Liberis does not offer 'short-term loans'. The minimum expected duration of a Business Cash Advance is 120 days / 4 months and typical expected durations are 6-12 months. These business financing products are not consumer loans.