Moving Your Business
Friday, April 30th, 2010Life is a lot more difficult than it used to be. Virtually gone are the days when a towns person opens a small feed store in a small farming town and does a great business on just the few people who live in the town. Today, opening, and particularly moving, a small business (whether a computer store, a manufacturing company, or even a feed store) can make it more successful or bust it.
Here are some examples and tips and things to think about:
Moving a business after many years in one location, especially, can be a very emotional decision to make. You have friends in business and/or loyal customers. There is a lot to think about, a lot to plan for and quite a few decisions to make. Sit down with a plan and a physical chart. Consider everything as you work with your chart. Start at the most important decision first and work from there.The first thing you have to think about is your reason for moving. More than likely you want to grow your business and not leave you at a stalemate in your current location. Is it worth it?
Next, you want to do serious research. Selecting states and areas is a hefty process. Will your business really succeed there? What area within the state has the population and need for what you offer? What is the level of the local community in respect to the type of business you own?
Think about tax structures and local and state fees. Is it worth it? Will your business have the opportunity to grow physically and economically?
Other costs such as utilities may cost less or more than where you are now. Will your projected income make it worth the moving fees?
Costs vs. Income level. Will your income and that of your employees be more or less than the costs of moving and residing in that area. Costs include everything, including your home and family and all the costs associated with moving your house and business. If you have a manufacturing business, you might have a lot of heavy equipment that needs to be relocated. Proper hauling with a good moving company is vital.
How many employees will you need once relocated? Is there a need for jobs in the area you have chosen? Or do you have employees in your current location that will be willing to relocate with you?
And what about employment rates? How much is the average pay to employees in your new area? Will the end result be worth it?
Think about supply houses as well. Where do you obtain your supplies? A distributor who is located nearby and will cost more or less to ship inventory and necessities, is a very important item on your comparison chart.
What of the economic development of the area?
It is imperative to research and visit the state, area and competitive businesses well before you make your decision. Once you have crunched the numbers, dotted the I’s and crossed all the T’s, researched and checked the Chamber of Commerce and done all of your comparison shopping, it’s time to make the final decision. Remember, it all comes down to the bottom line of your chart: money.