This column is sponsored by BizLaunch, a division of Arlington Financial Improvement.
By Alex Held
Relocating a small enterprise to a brand new area is a major endeavor that presents many challenges. Shifting to a unique location is usually a daunting process for small companies, whether or not on account of enlargement, value concerns or modifications within the enterprise panorama.
When Reena Bawa, Founding father of Magnificence Honest Hairstylists, discovered she wanted to discover a new location after operating her Columbia Pike enterprise on the similar location for greater than 35 years, the method appeared daunting. Fortunately, she had BizLaunch to assist her discover a new area for her enterprise.
In the beginning, discovering an appropriate area that meets the wants of the enterprise is usually a important hurdle. Typically, this course of can take one to 3 years. In Arlington, significantly alongside Columbia Pike, vacant retail area could be arduous to search out, and with low provide, rents are rising. At the moment, the retail emptiness charge alongside Columbia Pike is 2.8%. This problem could be additional amplified if a shopper is searching for industrial area, which in line with CoStar has a 0.8% emptiness charge in Arlington.
In Magnificence Honest Hairstylists’ case, Bawa was already about double the business common (about 17% of gross sales) for lease and was going through one more improve within the present area. Nevertheless, Bawaknew she needed to stay near her buyer base alongside Columbia Pike and for the area to be simply accessible.
By way of ReLaunch, Magnificence Honest was capable of leverage Revby’s experience in analyzing completely different choices, similar to buying an area, leasing one other area or remaining on the present location with a lease improve. Nevertheless, with the price of acquisition, build-out and lease rising, none of these choices made monetary sense nor aligned with Bawa’s objectives. Thus, she determined to lease out area inside an present hair salon. Such an association is usually referred to within the business as sales space lease.
As soon as it was clear which course Bawa needed to go, the BizLaunch staff recognized a number of sales space lease alternatives all through Arlington. Lastly, Bawa settled on her new location inside Samaris Hair Salon at 38 S. Glebe Highway.
With the situation chosen, the logistical challenges of the transfer itself got here into play. Small companies should plan and coordinate the bodily relocation of kit, stock, and furnishings, which could be advanced and disruptive to day by day operations. In Bawa’s case, since she would lease area from an present salon, a lot of her gear was not wanted, forcing her to liquidate or retailer gear.
Moreover, BizLaunch supported Magnificence Honest by means of the transfer, serving to her replace her handle and apply for a partial Certificates of Occupancy for her new area whereas additionally being supportive within the transition. On this case, Bawa had been in her location for greater than three many years and was understandably connected to the situation. It was a part of her enterprise identification, and it was necessary to not lose that identification.
One other important problem is notifying clients, purchasers, and suppliers concerning the relocation. Small companies rely closely on their present networks, and a transfer can disrupt established relationships. Speaking the brand new handle and speak to info is essential to sustaining robust connections and minimizing any potential lack of enterprise.
Fortunately Revby was capable of assist develop collateral materials similar to fliers and enterprise playing cards with the brand new handle and replace the web site and Google My Enterprise web page, letting clients know of the change. Moreover, the Revby staff was capable of help in extracting clients’ info from the proprietor’s telephone right into a spreadsheet, simply accessible in a single place.
“Whereas the adjustment has been arduous, I’m grateful for the sources Arlington has offered my enterprise in addition to the assist from my clients and colleagues inside Samaris Hair Salon,” says Bawa.
For companies going through a relocation choice, attain out to BizLaunch as early as potential, as discovering an appropriate area for your corporation can take a while. Schedule a while with considered one of our consultants right now. For extra details about BizLaunch, go to www.bizlaunch.org.