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Image via Felix Russell-Saw

In case you are looking to relocate your business due to family changes or simply looking for more customers, you might have to spend a lot of money. To make sure that you are making the right decision, it is important to check the facts and do your research. When you are not familiar with the area, or your new marketplace, it is always better to spend some time doing your research than regretting your decision. Below you’ll find a few questions you should ask yourself and experts before you jump head first.

Rents, Taxes, and Other Costs

Before you sign the dotted line for leasing or buying your business premises, it is important that you see clearly about all the costs of running your business at your new location. You will have to contact the state tax department and the local municipality to find out more about business conditions and additional taxes. You might think that it will be cheaper to run your business at the new location, but if there are environmental taxes in place, it can get more expensive than you would think. Work out how much you have to spend on renovating your business premises to suit your needs, too.

Competition

It is crucial that you do your competition research thoroughly, so you can break into the market as soon as possible and turn a profit. Find out how many similar companies are there in the town, and check their financial accounts published. Chances are that if there are not enough companies doing the same thing as you, the demand is low. This could prompt you to change your business profile, products, or services to suit your market’s needs. However, if there are loads of established businesses making money, you will have to be prepared for a fierce competition.

Customer Demographics

It is also important that you get to know your potential customers and find out more about the demographics of the area. You can get in touch with CS Town Planning to find out more about the future plans in the town and neighboring areas, including industrial and residential developments that can impact your business in the future.

Potential Partnerships

You must look for potential partners to help you get your feet in the door within your new marketplace. You can find suppliers and customers before you relocate, and approach potential partners who might be interested in collaborating with you. Whether you would like to create a joint marketing launch campaign to create awareness about your business and share the costs, or want to get recommendations from established firms, it is better to find out whether they are willing to work with you before you move.

Should You Buy an Established Business or Franchise?

Breaking into a new market is never easy. You will have to spend a lot of money and other resources to get your launch right. As an alternative, you could buy an established business and rebrand it, or invest in a franchise opportunity in the new town. This will reduce your risks associated with launching in an unknown market. If you opt for a joint venture deal, however, you will be able to take advantage of the expertise and experience of your partner company, helping you get established.

Image via Bernard Hermant

Property Prices

You will need to check whether you will be able to pay the rent or buy and extend your business premises over time. If properties are not affordable, you will have limited opportunities to expand and grow. You should be realistic about your long term plans. If you’d rather stay small and run a family business, property prices might not be relevant for you. However, if you want to relocate to the new business location, you want to make sure you are getting a good deal on your real estate purchase, too.

How Long Does It Take to Get a Return On Your Investment

Return on investment is an important figure that will tell you whether or not it is worth to take a risk and invest in a new venture. Get in touch with a professional accountant who will be able to predict how long it will take you to turn a profit and earn back your initial investment amount.

Relocating your business is a decision you should not take lightly. Do your research and explore your options before you commit yourself to a deal. Work on your market entry strategy and try to find opportunities and potential partners before you move.

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Vinh Van Lam & Stuart Horrex

Your  Creative Coaches  @ CoSydney & ArtSHINE industries

 

About The Author

I am a Business LifeStyle coach who specialises in working with artists, designers, crafters and all creative professionals. Myself and my partner Stuart Horrex are here to help you to achieve your Life & business goal and dreams. We have had over 20 years experience in finance, retail,furniture,food,wine fashion,crafts and hospitality.

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