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Believe it or not, an average of $16,229,125 is spent per company on relocation every year. That’s a lot of money and one of the reasons why business relocation is such an important decision for so many companies.
Of course, your budget may be much smaller – but that’s all part of the reason to account for certain key considerations when you want to relocate.
If you’re thinking about relocating your business, read on to learn about the big considerations you need to think about first.
1. Your Customer Base
When relocating a business, depending on how far you go, your current customer base may get left behind. This is especially the case if you’re a local business that doesn’t sell outside of your immediate area.
If everyone already knows about your company where you reside now, and you’re making a steady stream of profit, are you sure that’s something you want to give up? It could be worth it, but you want to make sure you’re prepared for the labors of setting up shop elsewhere.
You’ll likely have to increase your marketing budget and work hard to gain familiarity with the locals in your new location. There may be a period of time where you don’t make as much as you do now.
You also want to consider the economy and average income of where you decide to move. You could relocate to be closer to more paying customers.
2. Your Employees
Another thing to consider if you want to move a business is your employees. Are you staying close enough that they can keep their jobs? If not, you’ll need to let them know well in advance, and you’ll have to find new ones.
If you’re prepared to forfeit the employees you have now, you also want to consider the effort it will take to hire new staff.
If you need people with special skills or training, you’ll want to make sure you can find them where you’re going. You’ll also want to factor in the cost of training each new employee.
Another option is to have your current employees work remotely. Whether this is an option will depend on the type of company you run and how much remote work would change your daily work routine.
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3. Tax Changes
The relocation of a business also changes the amount you have to pay in taxes every year. Different states have different tax brackets, regulations, and laws, so how much you pay may increase, decrease, or stay the same.
Some states even have tax incentives for new businesses because they want to attract new businesses to stimulate the economy.
4. Your Budget
Surely you’ve thought about your budget, but you need to break it down to properly consider relocating. It’s a huge cost that includes more than your new rent, the cost of moving, and business relocation services.
As mentioned earlier, you’ll also have to include the cost of marketing, training new staff, and more.
You may even have to sell your home. Fortunately, there are also sell my house fast services that can help.
Take Business Relocation Seriously
If you’re thinking about a business relocation, you already know it’s a big decision. Make sure you’re making the right choice by thinking it over carefully.
You’ll want to consider your employees, customers, changes in taxes, and how it all influences your budget.
Keep these four things in mind, and you’ll make the right choice.
If you found this article helpful, be sure to check out our blog for more like it.