As a business owner, increasing sales and growing your client base should be a top priority. Growing a business isn’t easy and you will experience periods where sales might not meet your expectation. In most situations, it only takes a month or two for sales to recover.
However, if nothing you do improves sales, it could be time to take drastic action. Ever considered relocating for your business? If you have a physical location it may be time to look at expanding or moving to a new location. It may be just the thing you need to improve sales and revenue. Here’s how…
Reach A New Market
If you have been in business for a few years now, you might have already exhausted the local area in your neighborhood. If you think that this is the case with your company, moving to a new area will expose your business to new faces. It may also be a good idea to relocate to a new market if your current market has become saturated and is no longer lucrative.
Be Closer To Clients
Relocating might put you in a more prime location – closer to your clients and customers. Right now, if your office or shop is a distance from your target market, they might not visit you as often as they should. Putting an office or shop closer to them will help to increase their visits and purchases.
Tip: this is especially important if you offer a specialty or luxury product… you’ll want to place your business as close as possible to all your high-end clients.
Not all neighborhoods and areas are created equal. Some locations are less expensive than others to run a business in. Talk to someone at a real estate firm, like Mammoth Village Properties, to gain insight into whats available and what locations are high traffic and popular to your target demographic. Each of these factors will have a big impact on the cost of office rental space.
Get Closer To A Suitable Workforce
Relocating your business won’t only put you in touch with more clients, it could also place you nearer to a large applicant pool. Many CEOs and entrepreneurs who set up a business in fairly rural areas relocate to a more densely populated town or city when they are ready to expand. Why? Because there will be more people who are willing and qualified to apply for open positions. As a result, you may find that you get higher caliber applicants as well.