Relocating a business is never an easy decision. However, when you relocate for the right reasons to the right location, you may be able to grow your company in ways that were never possible before. Change is tough, but sometimes it’s necessary for success. Relocating may be key for taking your business to the next level. If you believe that relocating is the answer for your organization, think about whether the following five reasons are applicable for your business.
Rent or cost of real estate
Real estate expenses can make or break your business. It’s important to remember that high real estate costs alone aren’t enough to force you to relocate. For example, if you have a prime location in a busy area downtown, most likely it doesn’t make sense to move to the suburbs.
However, if real estate prices are significantly limiting your ability to expand your products or services, it may be time to think about relocating. Look for a region where real estate is more affordable and ideally there are also more tax incentives.
Difficulties in attracting quality employees often lies in location. If you have advertised extensively on job websites and regular searches fail to yield the employees that you need, it may be time to move the business. Relocating a company can grant more access to available talent at better prices. Having a core group of employees ensures a cohesive business with a desirable culture that produces consistent results.
More desirable lifestyle
When you are just starting out as a company owner, you may not have a lot of flexibility in the location of your first business. If you are lucky enough to become a successful business owner, you may have the option of relocating to adopt a more desirable lifestyle. When you have the opportunity to choose where you live, you should take advantage of it.
Bigger target audience
A given location might not provide access to a target audience that is large enough to support your business. When you have maximized growth in one location, it may be time to relocate your business. If you have branded the company, hired the best staff, advertised properly and you are still not getting the customer base that you need, consider relocating. Seek out areas where the demographics support growth for your particular products and services.
Opportunities for growth
When you started your business, you may not have made the best decisions about where to open the company. Maybe you settled into one spot too quickly or you didn’t do enough research about where your type of business should be located. Sometimes businesses also find themselves in less desirable locations due to factors that are out of their control. For example, maybe your customer base dropped off significantly after a large factory closed down, forcing many people to move for new jobs.
Relocating your business gives you the chance to start over, positioning your company for future growth and ultimately, widespread success. Take your time and do your research to determine the best possible location.
Since 1983, La Junta Economic Development (LJED) has made business growth a top priority for the greater Southeastern Colorado region. LJED is closely involved with the chamber of commerce to support small and large companies alike in their efforts to relocate or expand. If you have any questions about relocating your business, give us a call today at (719) 384-6965. You can also Contact Us via email. Let us show you why La Junta, Colorado is a great place to live, start a business, and raise a family.