As a small business owner, you once spent countless hours searching for the perfect place to bring your vision to life. However, after finally getting your dreams off their feet, there may come a time when your business space can no longer keep up with your needs – leading you to consider a relocation. 

While a complex process, a proactive and well-planned approach to moving your small business can minimize the disruption to everyday operations and lay the foundations for long-term success. 

If you’re thinking of relocating your small business, here are a few important tips that can make the process smoother. 

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Work With a Dedicated Commercial Real Estate Agent

Regardless of your motivators for moving your business, navigating the process is easiest with a commercial real estate specialist. Catering to your personal needs and overall business goals, they can provide critical end-to-end guidance for your relocation. 

Whether you need to sell your existing business space, purchase or lease your next spot, or both, a commercial agent will have nuanced, industry-specific knowledge to advise you in the right direction. Beginning with an in-depth conversation about your long-term goals and pain points with your existing location, they’ll help you determine the best path forward and execute a strategic plan of action to ensure you get there. 

If you are unsure where you should relocate your business, your agent can assist you with that too. As an industry insider, they will know local and provincial markets inside and out. Based on your unique vision, they can help you identify strategic opportunities that provide ample opportunity for success. 

Research Your New Market 

Whether you’re moving down the block or out of town, everyday operations in your new location may look different than they do now. When it comes to running a business, micro-market trends and neighbourhood demographics will greatly influence which types of customers you serve.

With this in mind, it’s important to be aware of the local business landscape in your new market. What nearby businesses have been in the area for many years? What are the local favourites? Will you be directly competing with your neighbours? 

Relocating may also entail a process of obtaining new business licenses or transferring existing ones. As this will depend on your new market and category of business, it’s critical that you research your requirements in advance. Once again, your commercial real estate agent can assist you in determining which steps you need to take before opening your doors. 

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Thinking about starting a small business for the first time? You may find these pages helpful. 

• What to Expect When Buying Your First Business
• Buying an Existing Business vs Starting From Scratch
• A Beginner’s Guide to Small Business Loans

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Acing Staff Communications

Relocating your business is no small process. In addition to greatly impacting you as the business owner, it also affects your staff. 

When it comes to communication it’s important to be patient and empathetic. Remember that your employees are also invested in the success of your business, and may feel emotional about the news – particularly if it will impact their employment. In the early stages of your relocation, such as the sale of your current space or your search for the next one, be mindful of confidentiality. 

When the time comes to bring your team up to speed, they will likely have a lot of questions. By holding off on communication until the key details of your move are ironed out, there’s a better chance you will have the information and answers they are looking for. 

Depending on where you relocate, some team members may be eager to continue working with you at your new location. This can make the process of launching your next location faster as you will already have some staff who are trained and familiar with your brand. 

Looking for more information about ensuring a smooth transition for your staff? We’ve written an entire blog post on the topic. Click here to read it. 

Get the Word Out (Again)

When it comes to communicating with customers, there are two main stages to consider. The first of these stages is client retention. After relocating, you’ll want to ensure that your existing customers are informed about your move and feel excited and incentivized to visit you in your new location. 

Ideally, you’ll be able to carry over a good portion of your loyal customers to your new place. While easier said than done, by creating a strong communication plan you can help customers feel considered and respected in light of this major change. 

The second part of this process is attracting non-existing customers to your new location. Similar to how you built a loyal customer base when you first opened, getting the word out about your new place will take some time. However, with a combination of traditional and online advertising, word of mouth, and above all else – great service, you will have a strong customer base in no time. 

Ready to relocate your small business but don’t know where to start? We’ve got you covered.  As Southern Ontario commercial real estate experts, Northern Hospitality can help you find success. Send us an email or call 647-280-4404 to get started.