Pros And Cons Of Relocating Your Family Business
by Arnab Dey Business Published on: 13 October 2022 Last Updated on: 26 September 2024
The reasons for relocating a company vary. Sometimes, the business is going well, so the owners need to expand.
At other times, the business is not going well, so the owners must relocate somewhere where the costs are lower, where there is better foot traffic, and where there is a bigger pool of talent.
The reason why you need to relocate your own business doesn’t really matter – what matters is whether you are making the right decision or not.
Checkout Few Important Pros And Cons Of Relocating Your Family Business:
We cannot tell you what to do – but, we can provide you with some pros and cons of relocating your family business that can help you make your decision. Thus, if this is the kind of help you need, just keep on reading.
Pro: Better Location – Better Business
One thing is for sure – location is the thing that will either make or break your business. For instance, if your family business is located somewhere where there’s no foot traffic, where crime rates are high, where employment rates are low, etc., your business is destined to fail. But, if it is located somewhere where there are a lot of companies, schools, residential homes, etc., your business is more likely to succeed.
Thus, if your company is struggling because of location, you should be thinking about relocating your family business. Don’t think about the struggles of moving – it doesn’t take long to move all your belongings. Just think about how better your business will be once relocated to a better location.
Pro: Better Access To Customers and Clients
This one just goes without saying – one of the biggest pros of relocating your family business is having better access to customers and clients. Unless you have an online business, without customers and clients you can’t do anything – you just need them for the survival of your business.
Moreover, besides customers and clients, another pro of relocating your family business is being closer to vendors and more importantly, closer to potential employees. You need both of them for your business.
Pro: Lower Operating Costs
It is not a secret that a lot of businesses are struggling with operating costs. Sometimes, the rent is too high. Sometimes, all the taxes and bills are too high. And, sometimes paying your employees according to the standards of your own city or state is too high.
If you are struggling with any of these, you should consider relocating your family business. There are many cities and states that are more suitable for start-ups and family businesses on a low budget – so give this some thought.
Moreover, don’t let the actual process of moving scare you. If you need help – just ask Strong-Ass Movers for a piece of advice. That is, ask professional movers how to relocate your business to a new location in a stress-free way. Or, hire them – that is always an easier option.
Con: Production Disruption
We mentioned some of the most important pros of relocating your business and now, let us cover the cons! One of the biggest cons is definitely disrupting your existing business.
Not only will you move from a place where your family has always done business but you will also disrupt every part of your business (employees, customers, clients, production, etc.)
But, we would be lying if we said that there is no solution for this. Namely, if you hire some good residential and commercial movers, you can move while also running a company in two locations. Of course, this is not going to be easy, but it is a far better solution than stopping your business for the time being.
Con: Moving Expenses
The part we all hate – moving expenses. Yes, moving does come with a lot of expenses. If you decide to have a DIY kind of commercial move, you will save some money.
However, you will still have to buy a lot of packing materials, rent a moving truck, give your employees a couple of days off, and stop working until you relocate. Moreover, you will also lose a lot of time, energy, and nerves while packing up and relocating everything – which will, in turn, affect your business financially.
To avoid all of the things mentioned above, consider hiring professional commercial movers. Of course, they cost – but not as much as you think. If you hire them ahead of time, you’ll get a big discount.
Moreover, with professional movers by your side, you can focus on your business, and not lose money there. Just think about how much money you will save by having professionals take care of relocation. So, if time is of the essence, you know what to do.
Con: The Loss of Existing Customers and Clients
Another very big con of relocating your business is losing all of your customers and clients. Losing people that have been loyal to you and your family business for years or even decades can be the hardest thing you will have to endure. But, try to look on the bright side – moving somewhere where there’s higher foot traffic means gaining a lot more customers and clients, and of course, increasing your growth revenue.
If you have a business that is selling some kind of a product, you can consider opening an online shop – that will help you keep all your loyal customers. And, if you are offering some kind of service, you can give all your loyal clients a discount when they come to your new city or state.
The Bottom Line
As you have seen, there are a lot of pros and cons of relocating your small business. But, at the end of the day, whether you will start with your commercial move or not is up to you. Take a look at all the factors. Talk to your family members. Seek advice from a business consultant. Do as much as you can to ensure that you make a good decision.
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