This week, Strand Consulting officially opened its new office at WeWork La Brea in Los Angeles! We’d love for you to come by, chat with us and take a look around when you’re in the area.
In the process of making the move (it’s our second time), and helping numerous clients do the same, we found that the main question people ask is:
When is it the right time for a business to move out?
Whether you are running a home-based retail business and are looking to move to a storefront, an online store now looking to open a brick-and-mortar location, or a home-based service business looking to rent a professional space, how can you know the ideal time to make the move? What criteria should you be looking at?
The answer is a surprisingly simple 4-word phrase: When it’s worth it!
It’s time to change your location when you will either make more money and/or have less headache doing so – both are valid reasons and will make it worth your while to move. Sometimes your bottom line will be higher if you stay, but keeping your business at your current location has become technically or emotionally overwhelming so it is time to move out. And sometimes, moving from a quiet, unnoticeable location to a busy retail storefront can more than double your income.
As your business grows, moving out can either be the best or worst decision you make. On the one hand, as the business gets busier, moving it to a self-contained space will give you your life back. On the other hand, if you don’t have enough income flow, it can destroy your bottom line and force you to shut down operations completely. We’ve seen both.
So how do you know if it’s right for you?
You need to take two factors into account:
1. How will this affect my bottom line? Make sure you are currently earning enough to afford it based on your annual average income over the past year – not the just the past few months, or your estimated income increase that should come from the move.
2. Will this move give me piece of mind? Once you’ve ascertained the affordability of the move, even if it will hurt your bottom line, it’s worth it for the sake of your emotional equilibrium, because there is really no price for that.
The above assessment applies even if you’ve moved out years ago. It’s imperative to check in annually and confirm you’re still in the right location for your current business flow. A recent “move-back-in” for a client earned her $10K more per month immediately!
Still uncertain if moving out is right for you? Moved out a while ago and thinking it might be time to move back in? Schedule a free chat to discuss the best option for your business at www.strandconsulting.net/letstalk.
Take 5 minutes today to think through the two factors above and make sure your business is currently in the right location. Will you earn more from a move? Will you have more peace of mind? Or are you in just the right place for what you’re doing right now?
Let us know in the comments below.