Your business has blossomed, and it has expanded to the point where it no longer fits comfortably in your home. Therefore, you have decided that now is the right time to move the business to a new location. You are seeing all your hard work pay off, but here are some tips that you will need to keep in mind when moving your home-based business.
Choose the Right Location
Many home businesses move to a location in the same town where the founder lives. If you depend on people walking in the door to make sales, then consider where those customers are located so that you can find a convenient spot to get them into your business.
If you rely on shipping goods to customers, on the other hand, then you may want to think about locating near major highways and other transportation hubs so that getting supplies in and out is easier. If you decide to move to a new town, then think about the different costs of real estate in various markets along with making an educated guess on which market would be easiest to penetrate. The best businesses are the ones that are created with a clear vision and plan in mind, and that includes thinking about where you want your business to be located. For example, what kind of businesses do you want to be associated with? Considering your neighbors, the look of the storefront, and the city and state, are all important factors.
You will need to do some calculating to figure out how the move will affect your company financially. Decide if renting or buying a location is the right move. While renting adds some instability to the picture, it doesn’t require a long-term commitment. You may find more tax benefits, however, in buying a piece of property that you can redesign as needed. If it is feasible, you may need to look at low interest loans or even a home equity loan to help finance another building or new location.
You’ll also need to think about any additional machinery that you may need in your new location. Deciding on how to choose and purchase manufacturing equipment can often be done by creating a business plan. Choosing manufacturing equipment such as conveyor belts, packaging machinery, pumps, or compressors can be a challenging process. For example, when choosing conveyor belts, you have to know the purpose of the belt, what material it will be transporting, what kind of environment the belt will be functioning in, how much weight it can carry, and more. There are many such considerations for every piece of manufacturing equipment. Once you have figured out your other financial needs along with your company’s objectives, you may want to talk to an expert at the United States Small Business Administration office or your local bank to see what financial help may be available.
It’s important to ensure that your business is physically protected now that it’s going to be somewhere you aren’t able to watch over it all the time. You can solve this issue with security systems and other property protection plans. But you also need some reliable business insurance. Sometimes, the best protection is just being prepared for things that can go wrong. Having a plan in place and insurance to buffer your losses in the event of a disaster can be the difference between a business that lasts and a business that breaks.
You also need to consider how you will hire the right people to help you run your new location. You may want to make a list of possible job roles. Then, think about all the people you know and see if they would be interested in going to work for you. If you are located in a community with a college, then you may want to consider reaching out to graduates and current students who are looking for work. Another option is to look for ways to automate various parts of your business. Robotic process automation allows companies to automate repetitive tasks within their business operations—effectively streamlining essential processes and services. In addition to hiring on new people, automation technology can help you scale your business moving forward.
Taking all three of these factors (and of course, local marketing you might want to look for the new location) into account along with your own ingenuity will allow you to develop a thriving business in a new area. In fact, your business may grow so quickly that you might want to consider leaving room for expansion when choosing a new location. Good luck with your future endeavors.