Running a successful business is the fine art of calculated risks. But no matter how good a businessman is taking such calculated risks, sometimes things just do not work out as planned. The result of failed risks can lead to your shop closing. However, some are not as unfortunate; some just need a change of scenery to revitalize business.
Business relocation is a common practice for businessman who has deemed it fit that they are catering to the wrong locale of customers. It is a great way to give your shop another shot. But this comes with a cost and some level of investment. Here are some tips on how to calculate or estimate the cost of business relocation.
- Stop, look and listen. Getting the cost of transferring your business will be such a pain if you are not prepared. So before anything else, have handy tools for computing. You will need: a calculator for precise computations, a notebook to list down the breakdown of costs, and some magazines for reference on where to get the best spots with the cheapest possible rates. Being prepared beats taking more risks. With the right equipment you are all set to do business.
- Start with the start-up. Start from the top. This is the right way to relocate your business. Get estimates, if possible actual costs, on mortgages, lease deposits, and other miscellaneous fees if you are transferring your shop to a new property. If your shop requires certain constructions and repair be sure that you are conducting the procedures the legal way. Apply for permits, local government licenses, and utility contracts, like water, electricity and internet services, to make sure that you leave little to chance.
- Real time costs. After you have accounted for the costs in securing a new location, this include lease deposits, permit fee and contract down payment, it is time to get the cost of the moving your shop. In moving your shop, you have to consider the costs brought about by hiring movers, experts, land agents and other professionals that will make the relocation seamless. In addition to costing, double-check all your current equipment. Inventory sorting is the way to go. Throughout the process make sure that you have your calculator handy and that you are jotting down the costs in your notebook. Doing so will help you avoid being blindsided by the rising costs.
- Deep impact? Think how your employees will be affected by the relocation. Moving to a new spot will entail the moving the employees as well. This will incur additional costs since you either pay for their lodging or increase their pay to help them cope with the bigger commuting budget. Some businessmen will even entertain the thought of hiring new employees much closer to their new shop. Weight your options well then decide. Remember business is business. And one must be very professional in conducting it. That also means you do not have to be cold hearted.
Don’t let the relocation get in the way of your business. Update your patrons and your supplier. Also change your address in flyers and websites. Make transferring as seamless as possible. Relocating is no Herculean task if you know your way around it.