Location, location, location. It’s the mantra any small business owner is sure to hear in their first few months of operation. More so than any other feature of your company, where you set up shop can affect the type of customers you draw in, the opportunities you can access, and the reputation gain within your market. Indeed, with the growing number of mobile business searches, it’s never been more important that your physical location aligns with your customer base. With that in mind, let’s examine four tell-tale signs that will let you know you need to up sticks and find a new home for your business:
Low Mobile Search Rate
As mentioned before, people constantly search for goods and services on their cell phones. And it’s essential that you’re able to market yourself to cell-phone users in your location. To that end you need to monitor the amount of traffic you’re getting from mobile searches. If those numbers are decreasing rapidly or have been deteriorating for some time despite your best efforts, it may be time to sound the alarm. Relocating your business to closer align with people who are more likely to search for your company or product will likely coincide with an increase in sales.
Trouble Attracting Talent
If you’ve needed a position filled for months on end and still haven’t come close to finding a qualified candidate, it may be a symptom of poor location. People want to work in places that are hubs for arts, entertainment, and leisure activities. If you can’t seem to find the right people to work with, moving closer to them might be the solution.
The Neighborhood is Clearing Out
This is a hard one to miss, but you’d be surprised how stubborn certain business owners are when it comes to their brick and mortar. Especially if they’re just starting their small business. However, if you notice other companies –– even ones in different industries –– giving up on your area, the writing may well be on the wall to bolt.
Increase in Crime
Even if it hasn’t directly affected your company, operating in a high-crime rate zone is a risk not worth taking. If at all possible, relocate in this situation –– if for no other reason than your own safety and peace of mind.
The Bottom Line
A business location is rarely an easy process, but often it can provide a massive boost for your company. And if you’re concerned about the cost, know that there are many options available to cover relocation expenses. Even if a bank won’t finance it, alternative lenders offer business loans for bad credit so that you can move into your dream office and realize your business’s full potential.