Owning your own business should bring on a sense of pride. You can be your own boss and make all the decisions for the direction of the business. Whether it’s a store that provides goods to the public or a service that helps to fix something that went wrong, running a business is a large and time-consuming endeavor. Not every business is successful. For everyone that’s been around for generations, there are numerous businesses that close after only a few months. The oft-repeated key to success is “Location, Location, Location!” Opening a business in the right location can make or break your business. Some companies are suited for a rural setting, while others better serve an urban or suburban area. Many times, the owner of the business has to make the difficult decision to move. There are several key steps to moving your business. Follow some of these tips and tricks to make this momentous move.
Reasons for the move
Moving can be quite an exciting yet nervous experience. Every year 43 million Americans will call a new place home. People do not just move from one house to another. Many businesses often move in search of greener pastures. There are a variety of different answers to moving your business question. Many choose to move locations because their current spot is just not working. Maybe the business is too close to another similar themed business. In the business world, reputation is everything. The other business may have a strong reputation that’s been built up over the years. A new fledgling business may struggle to compete with the more established company. The newer company may think that a change of scenery may be in the cards. They might consider moving to an underserved community.
Some business owners may be willing to move because of the community. Unfortunately, many communities are struggling and a business may fail to thrive there. This city or town may have once been the hub of activity. A business could not only survive but prosper. Over the years, for one reason or another, have become downtrodden. If this is the case you might have to make the difficult decision in moving your business to a community that is thriving.
Preparing for the move
When you are planning on moving your business, there is a great deal of planning involved. This is not something that should be taken lightly. There will likely be several maintenance projects that you will have to take care of at the new location. Say that the building you purchased has been vacant for a significant amount of time. It will likely be in need of some repairs.
Every building needs a strong and protective roof. You should consult some of the commercial roofing services in your area to get it serviced and maintained. They can give you an evaluation and recommendations for roof improvement. This may include the replacement or covering of roofing tiles. Flat top roofs are a different breed. Many of these roofs hold air conditioning units. They will need to be strong to hold the large units. While snow will fall off of sloped roofs, snow removal is needed for a flat top roof. Maintenance is a key element in the building roof.
You will also want to make sure that your new building is comfortable for anyone who will be entering. This is especially true if it is a store that will see many customers and foot traffic. No one will want to visit a store that is too hot or too cold. This is why proper HVAC maintenance is vital for the business. This should be one of your top priorities during this move. Keep open communication between you and the HVAC service provider. If you are planning this move during the winter or summer months, you will want to make sure that the system is installed as soon as possible. It is important that you don’t waste time when scheduling the installation. The company may be extremely busy during this time and will not be able to come out for quite some time. As you are preparing on moving your business, making sure that it is properly heated, ventilated, and air conditioned is an important step in the process.
When you are moving your business, you must keep it protected. You can never know exactly what will happen to your business. It could be broken into and robbed. An accident could cause destruction to the structure. The best way to protect your company is by purchasing business insurance.
There are many different options for your business insurance plans. You can look at the available plans and decide which is best for you. Compare and contrast the different plans. Some insurance companies have features on their website that will allow you to pit two different plans against each other. It might be tempting to go for the cheaper option, but that is not always the best decision. When it comes to protecting your business, cheap is not always the best option. Something unforeseen may happen to your business and your chosen plan may not cover it.
The key to choosing your plan is the deductible. The deductible is the minimum amount that the insurance company will begin payments. Anything less than that amount will have to be paid by you out of pocket. Carefully example the deductible amount for each insurance plan. A cheaper monthly premium quite often correlates with a higher deductible. You might have to pay a little more each month in order to obtain a lower deductible. This is an important topic to consider when evaluating the insurance plans.
The type of insurance that you choose is often predicated on the type of business you run. A restaurant, for example, is often susceptible to fires. Having fire insurance is essential for anyone wishing to run their own restaurant. You would also be well advised to hire a business lawyer to help you with insurance and other legal related issues that may arise while moving your business. We do not want to think about worst-case scenarios while running a business, but incidents will sometimes happen. It is best to be proactive rather than reactive. You will be better prepared should a situation ever arise.
Not every business is started from the ground up. Many business owners will purchase an already existing franchise and start a new chapter. For someone looking to purchase a local franchise, they will be well-advised to consult with a franchise agreement attorney. They can help guide you through this legal practice. Even though you are the owner, you will still need to follow the corporate guidelines for the business. Your attorney can help you decide what your next course of action should be. This can be a complicated process, but with the right help you can handle it efficiently.
Running a business can be a large financial burden. As the old saying goes, “you need money to make money.” The lack of funds is often a barrier to a new business startup. Whether you are starting one or moving a business, you need money to get started. Business owners most often apply for loans to help with this financial endeavor. There are a number of different loans to consider for your company.
One option that you can consider is the jumbo loan. Jumbo loans are on the high end of the loan spectrum. They are mortgage loans that are deemed too expensive for the more common conforming loans. Conforming loans have an amount limit to them. When the cost exceeds that amount, one would need to apply for a jumbo loan. For someone launching a large-scale business, a jumbo loan is the most feasible option.
Before you apply for any type of loan, it is important that your credit is in order. Banks will be hesitant to give out a loan for someone who will struggle to repay it. This is one of the main reasons why loans are denied. The loan officer has to carefully review the application and decide whether it is worth it or not. Before you apply, it is imperative that you have a solid proposal and a business plan. The slightest incongruity could result in a denied application. Your proposal needs to be persuasive. It can let them know that your business will both survive and thrive.
As you are moving your business, you might also consider a new look for the place. You can add some new accessories to the business to really bring out its personality. Adding in some new office seating could help bring a sense of comfort to the employees. Consider adding in all new chairs and couches for employees customers, and guests.
Another new upgrade to consider is technology. The moving of the business can give your company a new lease on life. You might as well embrace this change and upgrade the technology in the office. All new laptops, tablets, and other pieces of technology can really help bring your company into the future. Many businesses struggle to survive without at least basic level of technology at the forefront. Without the top of the line technology, your business may struggle to compete with the more tech-savvy companies.
Taking care of the new place
When running your own business, you will want to give as much tender, love, and care to this new place. First impressions are vital to success for any business. The last thing any business owner wants is for their customers to leave unimpressed. A key part of first impressions is a clean and tidy location. If anyone enters the building and sees it in disarray, they will likely make some rather negative judgments.
If you’re looking to make a great first impression with visitors is to make cleanliness a priority. Make sure to have regularly scheduled floor cleaning sessions from a quality and reputable cleaning service. this is especially important if you have a store that will see frequent foot traffic every day. A clean store will help show your customers that you are committed to excellence. It doesn’t matter how great your products and business acumen are, a dirty store will discourage potential new customers.
Quality plumbing is another essential function of a successful business. You will want to make sure that the plumbing is properly working for your customers and employees. If your business uses a septic tank for plumbing, it is important that you keep up with the maintenance of it. Schedule a septic tank pumping with your septic tank service provider. It is important not to procrastinate. The technician may be busy and not able to come out immediately. If you wait until it is completely full, then you leave yourself susceptible to a backup. A septic tank backup is the last thing that you will want for your business.
Another key aspect of maintenance is mold damage prevention. Mold develops when water seeps into the home. Mold can have dangerous consequences. Those with respiratory issues will struggle to breathe in this environment. The best way to prevent mold is to prevent water from getting in. Water often comes in because of a leaky roof. You can prevent this by replacing the tiles. Roofing tiles can only last so long and will need to be replaced after so long. When moving your business, make sure that you keep abreast on the roof structure. You should know when the last time it was serviced. If it has been a while, you should consider getting it serviced before any issues arise. If someone has health concerns due to mold in your building, you might find yourself vulnerable to a lawsuit. It is important that you make sure that employees, customers, and guests feel completely safe.
Seeing a business close down can be a depressing sight. Sometimes the closure is inevitable. Other times they shut down due to mismanagement by the owner. By following these tips and tricks, you will not only learn about moving your business. You will also give it the tools to succeed. No matter what the reason, a new location for your business may be just what you need.