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SAVVY
SELLING - JUNE
16, 2006
Selling
in a New Place
By Michelle Nichols
EXECUTIVE
OVERVIEW
Once you've
decided to move your business
to a new locale, here are ideas
on how to resume profitability
as quickly as possible.
You've decided to
move your business. How do you
establish yourself, make connections,
and land your first sale?
Have you ever wondered what
it would be like to move your
business to a new place? Perhaps
it's the lure of better weather,
a lower cost of living, or being
closer to your customers, skilled
employees, or loved ones.
Last January, our family moved
our home and my business from
Houston to Reno. Although I'm
a member of the Frequent Mover
Club—12 home addresses
in the last 21 years—I
sold my first two companies
during previous moves. This
time, I decided to keep my company
and move it with us.
I envisioned that moving my
company would be a little more
work than throwing a few extra
boxes in the back of the behemoth
moving truck. Boy, did I underestimate
the job. I discovered that moving
an established business to another
state is like starting a business
from scratch. Let me explain.
Moving a company takes a tremendous
amount of time and money. Assuming
your present company is up and
running, you've probably forgotten
all the administrative minutiae
your local government authorities
put you through to start up
your business. In your new location,
you have to go through it all
again, but they will require
you to jump through different
hoops. It's a hassle.
NEW SUPPORT SYSTEM.
Besides the additional startup
expenses, you'll probably have
a drop in revenue—and
that combination can really
smack your bottom line. You'll
have additional costs like printing
and deposits, and you'll have
less time to sell because you're
getting your home and business
unpacked and settled—hence
the drop in income.
However long it took you to
become profitable when you started
your company is about how long
it will take you to regain that
status after you move it. Sure,
you're established and smarter—you
probably have a higher run rate
after all those years in business,
too. Your run rate is how much
you have to sell to break even.
When you're starting out, your
costs are low, so your run rate
is low. After a few years, you
add to your monthly costs—more
advertising, more lunches—and
hence, your run rate is higher.
People forget that.
Most of your prior local support
system will be gone, including
vendors who could help you get
something done in a pinch, customers
who could refer you to new clients,
and friends who would listen
to your most recent sob story.
You can't just replace them
one-for-one; you'll have to
find new supporters, but they
may help you in different ways.
"ELEVATOR SPEECH."
It's tempting to want to hit
the ground running, but resist.
A silver lining to moving your
business is that it's the perfect
opportunity to rethink your
entire operation. Don't just
continue to do the same things
in the same way that you did
them in your last location.
Dissect your business and evaluate
which parts are the most profitable,
both financially and in terms
of personal satisfaction. Scale
back or eliminate those activities
that don't make the cut.
Once you've updated what your
company does, have new business
cards printed. Then it's time
to hit the local networking
scene. Remember to brush up
on your "elevator speech"
because you're going to be giving
it a lot. It might sound something
like, "Well, I just moved
to town and our company, ABC
Industries, works with X organizations
so they can save (or have more)
Y."
It's natural for people to
ask you where you moved from.
Tell them briefly but don't
get stuck on spouting all the
wonders of your prior location.
Instead, focus on what you can
do for the folks in your new
locale.
EASY DOES IT.
Even if your company serves
customers all over the country,
you still need to be connected
to your local community. After
all, that's where you'll hear
about the best local vendors
who can help you continue to
provide great products and services.
It's also where you'll meet
some new friends—and you
need those, too. And you may
uncover some local opportunities
that you hadn't even considered
in your last location.
If you are moving between cities
that are about the same size,
that is one less variable to
deal with. Relaunching your
business is different if you
are moving from a big city to
a small one, and vice versa.
If you are moving from a big
city to a small one, as I just
did, remember to take it s-l-o-w-l-y.
I've met folks who came to a
smaller town with the attitude
of "Lucky you! I'm here,"
followed by lots of chest beating.
The locals turned a deaf ear.
Instead, do a lot of listening
and researching. Smaller towns
are very interconnected. If
you step on one important toe,
it will have repercussions you
won't even know it. Take the
time to find out who the powerful
players are and what they care
about. Find out which charity
groups, churches, schools, universities,
business clubs, and other groups
have the most clout and offer
the most opportunities for business
connecting.
BRUSH UP YOUR LOCAL.
If you're moving from a small
town to a large one, find a
niche to attack. For instance,
you can't move to Houston, with
a population of 4 million people,
and make a splash without spending
millions of dollars on advertising.
It's wiser to pick a segment
that's underserved by what you
offer and go after that market.
In the future, your business
will spill over into other related
industries.
Regardless of the size of the
city you move your business
to, subscribe to the local newspaper
and business magazines for a
few months before you move there.
Clip articles on people you'd
like to meet. There are few
better ways to make a lasting
impression than to meet someone
and say, "I read that article
about you a few months ago,
and I've been looking forward
to meeting you." Wow—that
will definitely push you onto
the fast track to selling in
your new town.
Moving your business is not
to be taken lightly. However,
if it's the right decision,
go for it. You'll never know
what could happen until you
try it. Make a good plan, be
flexible, look for opportunities—and
sell, sell, sell. Happy selling!
Michelle Nichols is a
professional sales speaker and
consultant based in Reno, Nevada.
She welcomes your questions
and comments. You can visit
her web site at www.savvyselling.com
or contact her at michelle.nichols@savvyselling.com.
Her toll-free number is (877)
352-9684.
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