Are you thinking of relocating your company to a new place? A move is a major undertaking, but it typically pays off handsomely. A need to grow, modernise facilities, attract new consumers, raise sales, or reduce expenses usually prompts a business to relocate. If you choose to relocate, you’ll need to think about many things, including hiring the best relocation services. Before making a move, you’ll probably do a lot of studies. It’s a lengthy procedure that should not be rushed. After all, you have to choose the ideal location to avoid having to relocate again anytime soon. Here are some points to consider when dealing with a company relocation to help you get through it:
- Choosing a Location
It’s all about the location. To begin, you’ll need a location accessible to your customers. You’ve cultivated a devoted following, and they must stick to you after the transition. To make a wise business relocation decision, make sure you know where your clients come from. You want to be near your customers, but you also want to be in a convenient location. Look for places with convenient highway access and ample parking to keep consumers pleased. Look for a location that has some curb appeal as well. A firm with good visibility and parking is more likely to attract new consumers.
Consult with nearby business owners while choosing a new location. Inquire about their impressions of the area and any suggestions they may have that could be useful throughout your business migration. When you’ve narrowed down a place, use the city resources accessible to you. Some places have startup packages that contain useful relocation information or give services such as site selection aid, development services, and tax advantages.
- Price
Of course, you can’t discuss location without mentioning the price. You want a location that is both affordable and profitable. This cost varies depending on the type of business. Still, the average rent-to-sales ratio for restaurants and bars ranges from 1.24 per cent (building material shops) to 8.93 per cent (clothes and other accessories), with an average of 7.62 per cent. However, purchasing or renting a new office is not the only price. Additional fees, such as licensing, taxes, and local fees, apply to each location. Before deciding, contact a city’s economic development department to learn more about the taxes and fees and the benefits of forming a business relationship.
Furthermore, you may lose some business as a result of the relocation. Some customers or clients may not return despite your efforts to inform them of your relocation. Some staff may not follow you; thus, the expense of recruiting and employing new personnel should be included as well. You’ll also be juggling two operations at the same time. You may have to pay more salaries as your old business closes and a new one opens to ensure a smooth transition. Relocation costs will also be a one-time annoyance. You’ll need to budget for these fees, including hiring relocation services, renting trucks, and purchasing relocation insurance. Here are some considerations to consider when you compare location and cost:
- Will any of your current customers follow you?
- Will your new location provide more value to your customers?
- Is there enough fresh business to match or supplement what you have?
- Are you ready to lose valuable employees who refuse to relocate?
- Do you have the money to run two operations simultaneously throughout the transition?
- What additional costs do you anticipate as a result of the new location?
- What will the total cost of moving be?
- Is the city willing to offer cost-saving benefits to move your company?
Cities that aim to recruit firms to offer tax breaks and other incentives. Get in touch with a city’s economic development department to discover what incentives you might be eligible for. You may be qualified for tax breaks or utility savings in several circumstances.
- Making preparations for a move
It’s time to take action once you’ve decided on a new place. You are the only one who truly understands your business. The same is true when it comes to relocating your company. Although you may wish to employ relocation services to assist with the move, you should designate a point of contact within the organisation to ensure that everything goes properly. Day-to-day operations, meanwhile, must continue to satisfy expectations.
You can effectively manage your company relocation if you follow the guidelines above. It will be a difficult time; however, the more preparation you do ahead of time, the smoother the transition will be.
