Each year, the fence on the other side will always have a greener pasture for entrepreneurs. The change of location seems like the most trending and promising path to grow businesses. Thus, many entrepreneurs will pull up stakes and consider corporate relocation services to get a new place where they can increase sales and save money.
According to the reports of the US Census Bureau, around 40 million Americans relocate their business. Although no one keeps counts of business moves, almost every entrepreneur will, at times, consider relocating their business so as to grow. As a business leader, you may want to make a good decision, which could not affect your stakeholders negatively, but to achieve that, here are great ways to help you:
1. Have a Budget.
The total amount you can comfortably afford is certainly the most important aspect in narrowing down to various options. Regardless of whether you buy or rent a new space, consider reserving a part of your budget so as to cover additional expenses. Some of these extra expenses may include maintenance, insurance, moving, and renovation.
You can use GIS (geographic information system) technology to allow you to have an in-depth analysis of potential locations. Through combining different data trends on lifestyles and demographics, you will know the downsides and upsides of various locations.
2. Consider Replacing Old Furniture and Equipment with New Ones.
Relocating is a great opportunity to declutter, save time, minimize costs, and upgrade. For example, you may have the chance to replace uncomfortable and old office furniture. New office desks and chairs may not be associated with many expenses compared to moving old furniture.
If you also have other office equipment, older machines may not be able to provide updated features as new models do. Hence, when you are moving, you could get the opportunity to replace your obsolete equipment like clunky old printers and get the productivity benefits of new ones.
3. Put Notifications into Account.
Before completing the relocation procedure, make sure you contact state, local, and federal agencies to notify them about your plans. The IRS may need you to fill out a change of address form and go through some local or state notification procedures.
In addition, prepare your vendors and customers a few days or weeks earlier before moving to a new place. You may send emails or place signboards at the old location to notify your clients about the date of your move, new address, and how they may contact you.
4. Prioritize the Taxation Factors.
Some cities and states provide tax incentives so they can attract new entrepreneurs in their communities. Tax incentives might be in the form of sales exceptions, breaks, or property abatement.
If your company meets all the new location requirements, you will be able to move your business and save a lot of money on taxes. Although this is the least of the reasons why entrepreneurs move, it may offer the last push required to compel you to come up with the decision to move.
5. Assess the Growth in the Future.
Among the major issues with relocating businesses is the potential of losing the most valued staff members. Regardless of offering relocation bonuses to your employees who choose to come along for the ride, some of them may opt to remain behind.
Therefore, if you want to encounter attrition, you may want to target a location with a substantial talent pool. For example, towns with colleges and universities may offer you a wealth of talent. Depending on the state or city, you can also qualify for some training services if your business is producing a net number of new occupations.
The final decision of relocating your business may have a big impact, so it needs to be taken lightly by every leader involved. It may also be important to assess all the factors associated with moving your business so you can make the right decision.
Whether this involves assessing the growth in the future or the cost of the new location, you should give each factor much of a thought and equal attention.