When Your Business Needs To Relocate

If the lease on your place of business is due to expire, now is a very good time to start addressing your company’s needs. As Orlando commercial real estate appraisers, much too often we see businesses that do not conduct the necessary research and then find themselves in a new place that is either too small, expensive or the location is undesirable. While these seem like simple problems to avoid, unfortunately, missteps occur far too often. Maybe business owners are rushed and feel the pressure to find anything that is available. However, the key to a successful relocation is to give yourself plenty of time to prepare and carefully research the market place.

Step One: What Are Your Needs?

Chances are, your business has changed since you moved into your present location. Maybe your company has grown so that parking has become an issue and you need additional office space for more employees. Perhaps a once vibrant area full of thriving stores/restaurants/business now resembles a ghost town. Or possibly, because of technology, you have an office where employees are now telecommuting so you don’t need a large office space. Whatever your needs are now, the time has come to address these concerns:

How will the company change?
What additional needs will be created in this move?
How many employees will relocate?
How will the day-to-day tasks be completed when relocating?

By discussing this, you will have a clear idea of what you want your company to be and how a new commercial space will assist you with your goals.

Step Two: How Will Your Company Improve?

Businesses usually move so it can improve the company. Some move for better curb appeal. Again, it’s not only important to improve your business on the inside, but consider how to improve your business on the outside as well. What exterior improvements should be made to make your business more appealing to clients and naturally, improve profits?

Step Three: Designing Your New Space To Achieve Goals:

If you are moving your business because you need additional space for more employees, think small. Companies today are actually fitting into smaller spaces with more employees. The open concept, including shared spaces, is immensely popular in today’s offices. Working with an architect or space planner can do wonders in your new location not to mention your budget. Just because you have more employees doesn’t mean you have to pay more for square footage. Remember, it’s how you use the space that counts.

Step Four: Location, Location, Location:

Yes, this saying will never go out of style. As Orlando commercial real estate appraisers we can attest that location is everything and you certainly don’t want your business stuck in the middle of nowhere or an unappealing neighborhood that may get worse during the length of your 5 to 10 year lease. So narrow down the neighborhoods that will best suit your business. Keep in mind that your employees and customers will be moving with you. So consider:

Commute: Will it be a longer or shorter drive for the majority?
Access: Will your customers easily find your new location?
Parking: Is there plenty of parking for your customers and employees?
Growth: Can your business grow in its new location?

Step Five: Budget

Finally, it’s time to discuss your budget. The above steps need to be addressed first so that you now exactly what you need to ensure the success of your business. The budget should include, but not be limited to:

Improvements
Monthly rent
Taxes
Insurance
Relocation costs (moving)

Work with a professional real estate broker and create a realistic budget. Mistakes in costs can undermine your entire move and cause expensive delays. By giving yourself plenty of time to plan your move before your lease expires, you are saving not only time, but money and unnecessary stress as well.

Again, consider relocating as a time to take your business to the next level. It’s a time to start fresh and finding the perfect commercial property is sure to bring additional success to your company.