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Was wondering if anyone has ever done a pre market analysis before moving shops? How to do you estimate customer retention (from 1 shop to the other) and estimate the new customers you will gain at the new location?

 

We have been at our current location for 30+ years but in the last several years we have been on a month to month lease. Currently we have a large customer base and are within a few miles of a local university and we are within a few blocks of a wealthier neighborhood so customers can drop their car off and walk home.

 

We don't want to voluntarily relocate but we are also slow to put money into the outside of the building since we have no guarantee to be here next month. I have been keeping my eyes open for shops within the area for the last several years just to be able to have ideas and unfortunately there are few to no available shops but one of our customers came to me last week asking me to rent a 6 bay shop from her (we currently have 3 bays). The shop is road front on a busy main street but entrance and exit could be a little tricky in rush hour traffic. Otherwise the location offers great visibility.

 

The price she mentioned was a about the same or a little less than what we are paying now and she even offered to do 6 months at a reduced rate just to get us in. My #1 hesitation is moving (about 10 min away) and losing our customer base and having to rebuild. I really would like to ride out our current lease as long as possible because of the great location however; I would also like to be able to be ahead of the bullet incase the landlord comes calling. The owner of the other building also mentioned that she is going to be putting it on the market for lease next month so I don't want to lose that as an option if and incase the current location is sold. I even thought about renting and staffing the second location to establish a customer base and if our current shop is lost, merging into the other location but I would still like to be able to estimate the potential at the new location.

 

Any thoughts, experiences or ideas?

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I'm interested in this topic. We will most likely be relocating as well to a much bigger location that is about 6 times bigger then our location now, however it is about 15 minutes away from here. I think it will do wonders for our commercial tire business as it is located close to a major 4 lane highway, however I'm looking at my retail side as pretty much a new start up.

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    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's Blog
         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

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