There are many things that you will need to consider during the feasibility process and decisions that you will have to make. The impact on the operations
The reasons behind the relocation
Assess your needs, This will involve much planning research and consideration similar to that when you decided to involved in business or launched a new product or service in your business. Does your business premises need to be where they are now? Is your client-base shifting? Have rents increased beyond your means or are new markets developing in other locations? If so, it may be time to consider relocating your business. Relocating a business can be a complex task. First and foremost, can the business maintain its viability if you decide to move? Secondly, would relocate only serve as a band-aid measure to an already failing business? In many cases, if you choose carefully, your business will benefit from the rejuvenation of a new location. Where to get information It is important to make use of all the agencies which can provide helpful information regarding demographics and economic factors of a particular area. The Australian Bureau of Statistics provides information in relation to this www.abs.gov.au The type of information you will need will depend on the size and nature of your business. For example, the New South Wales Department of Trade and Investment can give practical assistance to international and interstate businesses planning to relocate or expand in Sydney and NSW. For medium-to-large businesses, the investment division offers many forms of support and assistance. The agency provides information to help businesses prepare feasibility studies and business plans. For example, it can provide information on the size of markets in your industry in NSW, Australia and the surrounding region and data on business costs. It can also help you find the best site for your business in Sydney and NSW. For more information, visit www.trade.nsw.gov.au or www.business.nsw.gov.au or www.smallbusiness.nsw.gov.au . Whatever the individual circumstances, making the decision to relocate must be done with foresight and planning. Relocation tips When thinking about relocating your business:
You should aim for at least six months of planning before making any major decision. Make sure you do not do anything without having put in the necessary research and groundwork. If you find premises in the right location, but it needs renovation or fit out, organise the pricing/quotes for work before making any decision on relocating. This way you will know before you make a decision, what the financial impact of a relocation will be. Sometimes relocating a business may be a result of personal circumstances. It may also mean the business is relocating to a regional area or another city. In this case, you will also need to consider the impact on your family and housing arrangements.