At some point, it is likely that you will think about whether it makes sense to relocate your businesses to a new location or even a new town. This creates obvious challenges, from finding new customers to ensuring that we have our new showrooms/offices in place when we are ready to reopen. Today, Angelytix shares tips that can help you overcome some of the greatest hurdles and pain points of moving a business.
Plan the Relocation Ahead
As with all things in business, planning is essential to success. Start by creating a timeline so that you know when you plan to relocate your business versus when you’d like to be fully operational. You’ll also want to look at the competition, which brand tracking company Attest explains includes first identifying your competitors and also looking into what share of the market they currently hold.
Evaluate your Inventory
Another step you can take to improve your chances of a smooth move is to evaluate your current inventory. What’s selling? What’s been sitting on the shelves for months? Once you have an idea of what might not appeal in your new market (and what you don’t want to have to pay to move), you can plan a clearance sale. Start with 30% off, move to 60%, and then get rid of anything that’s left after two weeks.
Store your Best-Selling Products Close by
At this point, you’ve already identified your best-selling products. These are the ones you want to have readily available at your new location. For this, consider renting a storage unit. Storage units in L.A. start at around $120 per month if you qualify for a new customer discount. Now might also be a great time to look at local suppliers, which may help save you money if your current suppliers are closer to the location you’re leaving.
Get the Word Out Before you Relocate your Business
Next, and before you actually relocate your business, start getting the word out. You can begin by making an official social media announcement with your plans to relocate. Then, update the name of your business to reflect your new address. For example, if you are currently operating as D’s Custom Cups, change your name to D’s Custom Cups – New City. you might also start a second location page. By adding the city name, you not only show where you’re located, but it instills the idea of growth into your potential customers. You can also join your local Chamber of Commerce and begin networking with other business owners. The Quality Logo Products blog also points out that this is a great way to get access to grants and funding.
Register your Business
If your business currently operates as an LLC, corporation, or other formal business structure, you may need to register in your new state. MoneyUnder30 acknowledges the benefits of an LLC, citing that this business structure reduces your personal liability.
Have your Signage
While your business likely operates heavily online, a physical location needs signage so that passersby can see you and your customers can find you. There are different types of sign, including pylon, monument, post, channel letter, and dimensional. Contact the codes department in your new county to find out what you can and can’t haven’t. If you are taking over a current building, you may be limited by the footprint of the current sign.
To relocate your business takes work. There’s no way around that. However, it’s just another labor of love that can help you get the most out of life from where you want to be. The above tips, from storing hot inventory to speaking with the county codes department, can help you sidestep some of the greatest challenges so that you can get on with your life and work in no time.
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