Your business location is of utmost importance for the success of your venture. The infrastructure, proximity to the commercial area, local market and demand affect how your business will flourish in its current location.
No matter how much you invest in R&D, work on product innovation or invest in advertising, if the location doesn’t suit your business, you’ll have to relocate. Relocating an entire business setup, however small, is a steep climb.
Your home-based venture will have some equipment, inventory, shipment contracts, and employees, and moving along (or without) them will be difficult. Here are some factors to consider when you’re deciding whether or not to relocate.
Access to Buyers
If the market for your product and services is wider in the new location, you’ll benefit from relocating there. For that, you need to survey the new market before moving the entire setup to a new city. Assess the demographics and study the market trends to see if the buyers will favor your products.
There might be barriers to entry in a foreign market, so make sure you are prepared to deal with those. Once you overcome the initial hurdles, your business growth will experience an upsurge that’ll bring more revenues.
The operating cost of your business is a fixed cost that entrepreneurs aim to minimize so that their profit margin widens. This includes the utility bills, transportation costs, and cost of labor. These elements might be cheaper in a new location and that can make relocation a smart option.
As your business grows, profits aren’t the only thing that increases; the size of the production setup must also increase. But your production house may have limited space that won’t accommodate the growth. Staying in the same location will be counterproductive for your business because the lack of space will hamper progress.
But moving to a bigger place or buying or renting a property for your business may not be economically feasible in the current city. Moving elsewhere might offer cost reduction that’ll be fruitful for your home-based business.
Are you looking for a realtor who can find you a suitable place in Fayetteville for your business?
Phillip Fehler is a real estate broker at Fathom Realty who has extensive knowledge and experience in residential real estate in North Carolina.
He can guide you best about relocating your home-based business to Fayetteville.