Back again for round two? That’s good because there are more things to discuss relocating for an entrepreneur like yourself. In Part 1 – moving business in Toronto, we touched on common moving mistakes and how to know when you should move. This time, we’ll start out with alternative options for allowing your business to expand.
Expanding without Moving
Perhaps you’ve figured out that you’re not ready to move. But, there’s still a way you can expand your business without relocating. You may be able to increase development in your business by simply using more space, getting more employees, or improving efficiency from the workers and facilities. You can even split your current facility in two or more separate locations if you feel it’s going that way.
Taking advantage of open space is most likely the cheapest option. Some businesses simply need more space for their employees and equipment – and adding or using extra space can be a solution. If space next to your business location is not being occupied – don’t be afraid to let the owner know that you’ll be needing that space soon.
The second option is focusing on the employees. To save you money, you can train your current employees further without having to add more. If you see that you need to one or two experienced workers in your field, by all means – do so. But, if you want to focus on the inexpensive option – give your current employees additional training to increase productivity.
The third option is increasing productivity with modifying the equipment and facility. If you’re using old equipment or methods, it’s time you switch out for a more modern version of working efficiently.
The last option to consider is using two locations to expand your business. Move equipment and other things in one location and the sales outlet in the other location. Or – if your business isn’t about manufacturing but it includes different specialties, has one location for ‘Wedding Photography’ and the other for ‘Casual Events.’ This is just an example – you as a business owner find out what works best with two or more locations. Every business is different – especially with the type each one is. With the type of business you have, consider if separating it into more than one location will work out.
You need to decide how your relocation will work between buying real estate and leasing space. Buying needs capital investment but offers more security, while leasing space is cheaper and more convenient to back out of. You may consider purchasing property and then leasing it to your business. The business can then reduce lease payment while you get the added income. If you decide not to do the long-term mortgage, then consider a lease. You’ll be able to buy property for a set sum at the end of the lease. Set the price now then save expenses later when you’re ready to pay.
Making the Move
Although making the decision to find movers in Mississauga is already stressful, there’s no doubt that actually moving business is a pain in the neck. First, you’ll have to jot down all the reasons your new location offers better opportunities. And that also includes persuading your current employees or workers who are comfortable with their current location. If the main reason for relocating is to take advantage of a better market, make sure you’re not just considering a good lease or great economic development agencies.
Make sure you gather enough detailed information from companies and small business owners that know all about your new location. Ask plenty of questions that will help you decide if you’re making a good decision to move. In addition, it would be a good idea to visit all the sites offering information about your location. Checking out the new city or town by driving by won’t cut it. The Internet can give you aerial views that will give you detailed photos of the retail zone.
As mentioned before, making the move itself will be a hassle. It’s important that you decide how equipment and heavy items will be moved safely and conveniently. Canadian Company Miracle Movers performs business relocations across the country. For more information, go to this link: https://www.miraclemovers.com/.
Being successful in your business, as well as your personal life, may not always work out. But it’s important to pay attention for the main reasons you’re relocating. Your new spot should really help you grow in all aspects of life.