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Key factors to consider if you’re thinking about relocating your business

business Key factors

Moving your business to a new location can be a huge undertaking in terms of cost, time, effort and stress. That’s why, if you’re considering taking the plunge and relocating your company, it’s worth taking the time to ensure it’s the right decision. So whether you’re thinking of moving to a different location in the same city, or a new city altogether, here are some factors to bear in mind before committing.

Reasons for moving

Firstly, think carefully about the reasons you want to relocate your business, to ensure that you choose a new location that won’t suffer from the same problems (or cause new ones!). Perhaps you need to upgrade your facilities, or gain more space. Maybe you want access to a larger potential workforce or customer base. Or it could be that you want to save money by reducing costs. Whatever your reasons, don’t rush into a decision. Consider several different possible locations, try and find out all the pros and cons of each area, and don’t cut corners. It might take longer, but you’ll thank yourself later once you’ve found the perfect new spot for your company.

The cost

As always, cost is an important factor. Firstly, there’s the actual cost of moving, which will vary considerably depending on the size of your company and how far you’re going. A quick Google search for commercial movers near me will help you to find reputable companies and get some quotes to give you a rough idea of what it might cost. Then there are other financial issues to think about, such as how your overheads will vary in different locations, potential employee relocation costs, impact on taxes, and so on. Investing some money into a move in the short-term could pay off in the long run, so be sure to do the math carefully!

Opportunities for growth

Moving your company to a new location is not something you want to have to do frequently. Therefore, when considering your move, try to think in the long term and ensure the new location you choose allows further opportunities for the growth of your business. Think about the size of the space and the local labor pool, and whether they would be able to support your business over many years rather than months.

The impact on others

When thinking about business relocation, it’s easy to get caught up in the impact it will have on you as the business owner, but there are other people you should consider too. Think about the impact your move will have on your employees – does the new location provide a pleasant environment to work in? Is it a location they’d be happy to move to? If all your staff quit as a result of the move, you might find yourself in a tough situation. Then there’s the impact on the local community. For example if you are one of the largest employers in a town and you leave, that could be devastating.

Finally of course there’s your customers – there might be no point in moving if you’ll lose them all!

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