Moving your business is a big job, but it’s an absolutely manageable task. You just have to make sure you are properly prepared for what you’re facing. Take the time to really think through the different variables involved.
Start researching what you will need to do to successfully relocate your business, and set your operation up for success. Here is a brief look at a few factors to consider when moving, and move forward feeling more equipped for what lies ahead.
Consider the cost of moving
Moving your business to a new location will cost you some money, but it’s your responsibility to accurately predict just how much. You need to draw up a budget for the possible move before you make any big decisions.
You may need to consider hiring professionals for reinstatement once you leave the building to fulfill the lease requirements. Formulating a plan before you get into the process will give you time to really think through the total cost of moving.
Think about your employees
You likely don’t want to lose your employees when you move, so it’s important to consider the things they need to continue feeling comfortable in their position. Make sure they can still get to work without trouble, for one.
Take a look at the parking situation. No one wants to dread their parking situation every time they arrive for work. It’s a bigger annoyance than you might think. Give everyone a comfortable parking situation when you decide on a new location.
Taxes are a critical consideration
Where you choose to move your business may have an impact on what you pay in taxes. Sometimes you’ll pay quite a bit more, and it might affect the profitability of your business operation.
You may also make your business available for a tax credit you didn’t receive at your old location, so keep your eyes on the changes in your tax setup from day one. Prepare your finances for the changes heading your way.
Consider your customers
Your customers are a foundational part of your business, and your move could have a grave impact on your foot traffic. It’s important to consider how the move will affect your customer base. You may have to shift your marketing plans to hit home with a different kind of shopper if you move into a whole other state or area.
Pose your business for growth
The new place should give your business room to grow. Moving on to a new spot should also mean moving up in your success. If you have a little 500 square foot shop, consider looking at places that are closer to 1000 square feet for the future.