There are many legitimate reasons why you might be pursuing a new small business location. Perhaps your commercial rent has increased beyond what you can afford. Or maybe you’ve outgrown your current location and need more space to expand.
No matter your reason for wanting to relocate, you should always plan ahead to make sure your business move goes smoothly. Here are a few tips to help with your company relocation.
1. Consider the costs
“Businesses, big or small, have to incur certain operating expenses to keep themselves functional. These expenses include rent, insurance payments, electricity and water bills, Internet and cable TV charges, and equipment handling costs. There are also a variety of tax payments such as sales tax, property tax, and income tax to be considered.
Look closely at these expenses and weigh your current and future outlay and their impact on your company’s finances. If these costs fit into your financial plans, then you will only benefit from the move.”
Source: Small Business Bonfire
2. Consider location and ease for employees
“Before moving your business, make sure to consider your business needs and that of your employees. After all, location can make or break a business – depending on the type of business you run. If your company relies on foot traffic or a certain demographic, then you’ll need to find a space best suited to meet those needs.
It might also make sense for your business to be located near other like-minded businesses. For instance, a finance-focused business might want to consider opening an office in a city’s bustling business district. Finally, you may want to consider the needs of your employees. Is the new office space easily accessible? Is there parking available? Etc.”
Source: Moving.com
3. Communicate with your team during a move
“Keep your team informed during the relocation process, especially if you’re offering employee relocation packages. Even if your move is relatively local, employees must understand what the new location entails regarding parking, their commute, office perks and more. Give them a schedule of events and a list of their responsibilities.”
Source: Business News Daily
4. Research tax break opportunities
“Many states, counties and cities offer special tax breaks for new businesses. Knowing what’s available can significantly reduce the cost of your move.
You’ll also want to be sure that your move does not subject you to significant new tax liabilities that could seriously degrade your chances of increased profitability.”
Source: Daily Business Review
5. Create a timeline and moving schedule
“Come up with a realistic timeline and schedule for your move:
- How much time do you have before you need to be out of your current location?
- How much overlap is there between when you can access your new location and when you need to be out of the old one?
- If you go through the process gradually, it’s easier for you and your team to keep up with the daily tasks of running the business.
Regardless, you’ll need to make sure that you schedule yourself and your team enough time to get everything sorted and packed before the moving date.”
Source: Small Business Trends
6. Inform your customers, clients, and vendors
“Make sure to inform your staff of the relocation, preferably four months beforehand. They must be adequately informed as some of your employees might need to make drastic life changes to accommodate the relocation plan.
To help your employees adjust quickly, encourage them to participate and be involved with the entire moving process. Give them enough time to organize their office belongings, preferably a week in advance. Have them clean and set up their workspace in the new office so they can get a feel of their new working environment.”
Source: Business Opportunities.biz
7. Tasks to complete after the move
“Once the boxes are moved and customers are notified, there’s still work to be done. There are a series of administrative tasks that often get overlooked. Here are a few things to add to your to-do list once the move is complete:”
- Change your address online
- Change your phone number/try to keep it
- Update your invoices to reflect new information
- Update your address and information with the government
- Update marketing materials
- Update social media
Source: Moreno Valley Economic Development
Need Funding to Relocate Your Small Business?
At First Union, we can help get you the money required to purchase a new and/or larger location. We want to see small businesses thrive and grow—it’s why we do what we do. With loan programs ranging from $5K to $1 million, we have the resources ready and waiting to allow you to realize your business dreams. Call us at 863-825-5626 today!