The New Year often brings many changes, both in our personal life and in our professional career. You’re likely setting goals and creating a plan to achieve them. This post will explore a professional goal for business owners of moving. Perhaps your landlord is not renewing your lease, perhaps the rent is going up too much, or maybe you need more or less space. Or maybe your business is expanding and you’re heading into a new market to sell your goods or services. A move of any type is a big decision!

Whether you’re looking to move your business nearby or far away, you should know that it gets tough. Regardless, it’s one of the biggest rewards as a business owner. Getting the opportunity to move your business to serve an entirely new market is so invigorating! It’s hands down one of the best parts of getting to be a thriving business owner. Plus, this gives you the chance to shake things up. You get to shake things up in your private life by being in a new environment, but even for your professional life, you’re getting the chance to switch things up too!

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While in the end, it’s going to be worth it, it’s important to know and understand the amount of work that’s going to go into moving. Even moving domestically is going to be a lot of work. You’re having to think about where you’re going to move to, such as some nice apartments, where your business is going to be, and whether or not you’re going to have to market your business in a different way. Fortunately, these are some helpful tips to get through the process!

Advantages of Moving

There could be an array of reasons why you’re wanting to move. It could be personal reasons such as your spouse getting a new job, but maybe you just found an untapped market. There are even cities within the US that are offering great incentives just to get people to move there. This can include lower property taxes, unbeatable business taxes, low cost of living, and even affordable housing. Or if you’re in a less than ideal situation, getting out and away is definitely an advantage.

Overall, having the chance to move can help expand your horizons, get out of your comfort zone, and really put your business to the test!

Considerations to Look into

While each state, county, and even city will have its own laws and regulations, it’s important to know that all locations can vary. So it’ll be up to you to do your research to find the best place for you to live. There are things you should keep in mind such as crime rates, education level, how good the government is, and what sort of amenities are offered. These shouldn’t be the only considerations. You should also look into:

• What the regulations are and how they can affect your business
• What’s the average median income? If you’re selling high-end goods and you’re moving your business to a low-income town, then things may not work out so well.
• What the taxes are
• What the operating cost maybe when moving
• Are there any business-friendly laws
• How different is the culture from where you’re from

Figuring out the costs

Just like moving in your personal life, there are lots of costs involved in moving your business. You’ll need to think through and research office rent at the new location. You’ll want to figure out what physical assets you have today that you’ll need to move. Start doing research and getting quotes. You’ll also need to factor in business disruption plans if your business will be down for a period of time during the move. What about employee relocation costs if you plan to offer them, or the cost of hiring and finding new talent in the new location? What about your customer base? If you have a physical location how will this affect them in terms of being closer or further away?

Research is a critical step in the moving process, and you’ll want to be sure you’ve thought through the costs of moving and have a good understanding of how much they are and if you can afford them.

Summary

In general, while there are plenty of advantages to moving, you should also think about what some of the advantages could be and what are some potential hazards. However, you should also look at what could benefit your business and what locations could do your business the most good. Since you’re wanting a better place to work, you just need to keep in mind the number of things that you’re going to have to take into consideration. 

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