Featured image from Unsplash
Your business is your baby, your livelihood, and often your second home. It’s no surprise that most business owners are willing to do almost anything to help their company thrive. From late nights and personal sacrifices to endless coffee runs and an abundance of hard work, a business owner’s day-to-day routine revolves around nurturing your enterprise, even when relocating your business.
For those business owners launching their brand to record heights, critical factors that contribute to the cultivation of a bustling business is your company’s location. For instance, monitoring rental trends in an area allows business owners to strategically take advantage of cost-effective rental spaces in cheaper areas. This also helps them avoid setting up shop in a part of town that’s all too pricey.
While of critical importance, rent affordability isn’t the only factor that prompts commercial realtors to yell “Location, location, location!” from the top of their lungs. Housing your business in a city or state with a high minimum wage may prove disadvantageous for small business owners. In many cases, missing the opportunity to stay within a stone’s throw of your target market can render your company profit-starved.
Thoughts of hemorrhaging earnings or wasting profit potential on account of a less-than-idyllic location can have any business owner ready to pack up and hit the road. Although, diving off the deep end when it comes to a business relocation can be dangerous. From losing a loyal customer base and starting your staff recruitment process over to being faced with a host of new costs like lease deposits and refinishing. A hasty relocation may only move you closer to added financial strain and stress.
Still, if a well-thought-out move is truly the next best step for your business, you’ll get to capitalize on access to new vendors, customers, and market trends that best suit your needs. As you plan to relocate your business, you’ll want to ensure that your relocation checklist is complete to guarantee a successful move.
RELATED ARTICLE: IS YOUR SMALL BUSINESS READY FOR AN EMPLOYEE?
Your Comprehensive Business Relocation Checklist
Plan Your Timeline
To stay organized, select the date you intend to relocate your business and make yourself a to-do list. From packing up the office to notifying employees about the move, you’ll want to keep track of the details from start to finish.
Budget the Costs
Moving is expensive. So, setting a budget and sticking to it is critical to ensure your bank account stays healthy throughout the process. Be sure to incorporate space in your budget for new construction, furnishings, movers, and travel. For those business owners relocating from coast-to-coast, you can safely and cost-effectively transport company vehicles with the help of Guardian Auto Transport.
Let your vendors know that you’ll be relocating so that they can update your shipping address in their system. This will ensure a seamless transition once the move has taken place.
Notify the Proper Agencies and Get Legal Documents in Order
If you’re planning to relocate your business, you’ve got some homework to do. From IRS Change of Business forms to address papers and articles of incorporation, some research and form completion is in order.
Deduct Moving Expenses
Costs acquired by moving your business, and in some cases, costs associated with your personal move, are tax-deductible. So, be sure to keep track of things like equipment moving and supplies.
Still not sure if taking the leap is right for your company? Consider the benefits below.
Seven Tell-Tale Signs It’s Time to Relocate Your Business
Your Operating Costs Are Breaking the Bank
Do you find yourself stretching your budget each month to cover rent costs? Consider uprooting your business located in the eye of a raging cost-of-living storm. Remember, moving to a location with affordable rent prices could significantly reduce financial stress immobilizing your small business.
You Want to Be Closer to Your Customer Base
The wrong location can drive a wedge between you and your target demographic. However, moving closer to your customers can take your profits to the next level. For example, a supplemental tutoring program may thrive in a suburb packed full of families with children. Simultaneously, a trendy vegan smoothie bar is likely to appeal to millennials living in metropolitan areas. Maintaining proximity to your ideal client will only help your business flourish.
You’re Paying Too Much in Taxes
Are you feeling gouged by taxes? A move to an area with a lower tax rate can help prevent tax payments from eating into your profits. So, as you pay less in taxes, your budget for product development, advertisement, marketing, and more business-building practices will expand.
Finding and Keeping Quality Employees Is Proving Difficult
Despite how hard you may try to keep your employees happy, specific locations can hinder employee success. For instance, unsuitable office space can leave workers feeling cramped. Highly competitive markets can compel dissatisfied employees to chase carrots dangled by your competitors. So, finding a location with a surplus of qualified individuals searching for work will help you build your dream team.
RELATED ARTICLE: HOW TO FIND THE PERFECT CO-WORKING SPACE FOR YOUR EMPLOYEES
Your Lease Is Expiring, and You’re Not Upset About It
If you’re just not inspired by your current office space, relocating to a building that provides you with the scope and environment that your business’s team needs to thrive may be in order. A lease end is a golden opportunity to make your move without paying added fees to break your rental agreement.
Your Current Location Limits Expansion
If the business is booming but you’re struggling to keep up, physical expansion could provide you with the facilities needed to foster advancement. Growing your space to allow for more streamlined production or upgrading the workspace to elevate its professionalism will take your client interactions to the next level.
Your Dream Location Is Available
So, if the business space you’ve fantasized about since your company’s conception becomes available, getting your hands on the location is worth considering. If visions of a better locale dance through your head, it may be a sign that you’re too unsatisfied with your current place of business to stick around. If this is the case, it’s time to make your move.
RELATED ARTICLE: 3 THINGS TO REMEMBER WHEN MOVING YOUR BUSINESS’S LOCATION