Thinking about moving your business? If so there are some things that every business owner should think about before they plan on relocating their business even if it’s a small one. Relocating a business can be a costly decision and there are some things you may not be prepared to deal which is why it’s not too often that people say moving a business is a good idea. If you’re sure it is the right decision for you how ever here are some facts that should be known before you make the choice.
Finding new employees
When moving your business not every important asset can leave with you for the most part your employees. This could be a very difficult experience not only for emotional reasons but because the time spent establishing a strong relationship between your employees and yourself would now be lost as you try to find other qualified people with the same skill set to take their place which is not easy. On top of that you would have to start all over training new people and gradually form that relationship you previously had which may or may not be replicated.
Simultaneous operation of both businesses
It should be known that when you’re moving you should keep your old business operational at the same time as your new business for about a month. This is because it can take a while for other businesses that are tied to your own like suppliers and manufacturers to update that information which is why it can be hectic trying to ship a delivery to your new address but instead is shipped to your old one so you have to cross back and forth to get it to the right one. When operating a business this can be a very expensive endeavor.
Price of moving
Just like moving to a new home/apartment the cost of moving things such as furniture and office supplies can add up fast. Time is of the essence so you can’t have your businesses most important resources to be shipped longer then a week because you’re still running a business and every day that pass is a lost of revenue so if your second business is a little further than your current one you may have to rent a moving van and move everything yourself. Let your customers/clients be aware of anything that’s happening to your business and where to contact you if they need anything.
High cost of operation
If you’re moving to a new state be aware of tax laws that could work in favor of your business. You don’t want to be clueless of the tax laws in the state that your business is operating in because that could change the way you do business. Some states like Florida have no state income tax but the cost for some products could be higher maybe because of differences in the sales tax. A change of living cost is an expected thing to you’ll have to adjust to.
Change in culture
The culture of your community where your business resides may also be very different and hard for your business to adjust to. The people in your community would likely have a different set of values, way of doing things and attitude then you’re home community which means trying to make more adjustments with your business. Try to adapt to some of the ways your new employees may act or think since they come from a different community than your own. People have their own ways of being motivated and it may not be the way you’re use to.
These are some of the changes that you must account for if you’re planning on moving your business. Sometimes it may or may not be the right choice but with every decision comes risk and rewards but expect some bumps in the road along the way. It would take some time for your business to recover from a move and if you’re planning on making any big decisions or changes it’s best that you plan way ahead to give yourself enough time to plan out everything in order to assess the risk, benefits, changes, cost and other concerns before you’re ready to take that big step forward.
This article was sourced and rewritten from http://www.inc.com/maya-jimenez/think-twice-about-moving-your-business.html