No business owner enjoys the thought of relocating their operation to a new building, no matter if it is large or small. Relocating a business comes with its fair share of challenges, physically and financially. It costs money to move inventory. It costs money to refurbish the new building. It costs money to be closed for a period of time. Can you afford to spend all of that money?
Businesses need to move for a number of reasons. You’re business may be responding to a natural need for better and bigger facilities or it is forced to relocate for other reasons such as a lousy landlord. One thing remains constant. It isn’t easy to do nor is it cheap. Here are a few steps to help you find the funds necessary to make the move easier and cheaper:
- The first thing you want to do is to decide if now is the right time to relocate. A business relocation analysis can make this decision easy. You should be looking at costs such as your current lease or mortgage. Would it be more cost efficient or even profitable to sell the property? How much it will cost to get out of the lease? Talk to a commercial property real estate broker for their professional opinion. Most times they won’t charge you for this consultation.
- Your next order of business involves figuring out how much it will cost to relocate your business. This is easier said than done. Start with a list of all fixed costs. This includes all permits, licenses, construction expenses and lease deposits. Next, add that number to the cost of moving the inventory, relocation consulting service, inventory control and the hiring and training of new employees.
- Now you have an approximate cost of what the business move will be. With this number you can begin approaching banks and other lenders to shop for loans. Normally, it is best to deal with the bank you have always done your business through. They already have the majority of the information on your business available. This not only cuts down on any paperwork headaches but also the amount of time it takes to get approved. Don’t let your bank loyalty get in the way of a good interest rate, however. Your ultimate goal is to save money. Never forget that.
- Schedule an appointment with a business relocation consultant. They can help you out with all of the in’s and out’s of a business relocation loan. These consultants can also provide you with many comprehensive services during the course of your move, as well as inform you about any special programs banks are offering.
- The best advice I can give you is to apply for the smallest loan possible. This way you can pay it off quickly and be done with it. Don’t agree to a loan amount more than necessary. The point of the relocation loan is for just that and not other in-store improvements. You’ll just put the business in further debt than need be.
Merit Capital Advance looks at the big picture by offering a financing program that provides small businesses with fast business cash. It is the most convenient way to get a small business cash advance when you need it most. Visit Merit Capital Advance at http://www.meritcapitaladvance.com.
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