Small businesses often rely on the local community to help them get up and running. Even if you run your business online and from home, you might target a local audience so that you can narrow down your audience. But sometimes you might contemplate moving, either out of necessity or because a move seems like the right thing for you. When your business is attached to the local community and also centred around you, can you relocate your business at the same time as relocating your personal life? It could be a smart move, but it could also be difficult to do. If you’ve decided to move, there are a few things you might want to think carefully about when it comes to your business.
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What to Do with Your Existing Location
You’ve set up a business that provides products or services to the local community. Perhaps your business even has a brick-and-mortar location. So what do you do with it if you’re moving to a different area? There are a few things you could decide to do. One option is to sell your business. This could give you the opportunity to make some money and either let go of your business or start a new one somewhere else. Another option is to have someone else take over your business while you remain the owner. You could also choose to relocate your business, closing it in your current location and opening it in your new home.
An Opportunity to Grow Your Business?
Moving home could give you an opportunity to grow your business. It could give you the push that you need to open multiple locations or branches. It could even be an opportunity to turn your business into a franchise. Of course, this might not be for everyone. Perhaps you’re happy with the size that your business currently is and you don’t want the responsibility of taking on any more work. However, growing your business could also eventually give you the opportunity to step back and let other people run your business.
Who to Notify
Notifying the right people and organisations is essential if you’re moving your business and moving home. You’ll need to notify people of your new address(es) so they know where to find you. Some of the most important people and places include Companies House, HMRC, and your bank. Companies House expect businesses to change a director’s home address when they move and you’ll also need to notify of your new business address. If you have customers who you don’t want to lose when you move, you’ll have to make sure to tell them too. Keep your contact information up to date online too, especially as it’s useful for SEO.
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Getting Assistance with Moving
If you’ve decided to move your business, it can be tricky. It’s even more difficult if you have to move your personal life at the same time. However, one way you can make it easier is if you get assistance with the move. You might be able to get a grant or other monetary assistance for moving your business, especially if you’re moving it to somewhere with high unemployment levels and you’ll be providing new jobs for local people. You might also be able to get a loan to help you.
What If You Have Employees?
Moving your business when you have employees can present an even tougher dilemma. What do you do when people’s livelihoods depend on your business? One option is to simply make sure you give your employees plenty of time to find a new job. The more notice they have, the easier it will be, and it will be easier for them to find a job while they’re currently employed. In some circumstances, your employees might be able to relocate with you. If they want to, you could support them during their move.
Establishing Your Business Somewhere New
If you do decide to move your business, getting set up somewhere new can be tough. If you want to establish your business in a new location, you should focus on the local community. Get to know people in the local business community and make yourself known to non-business people too. There are local marketing methods that you can use to get the message out about your business. Plus, you can build up excitement about the opening of your business before it arrives.
If you’re thinking about relocating your local business, consider all the pros and cons before you make a decision.