20 Feb 6 Perspectives You Must Consider Before Relocating Your Business
So, you’re thinking about relocating your business. Whether you are moving for personal reasons, business opportunities, or just because you want a change of scenery, moving can be a big change in your life. A relocation can often affect your business in an extremely positive manner, but it is always important to be prepared.
If you are thinking of relocating in the near or distant future, here’s a few things you should take time to consider prior to the big move.
Cost of Living
It is very important to keep in mind that the cost of living greatly varies from city to city. Moving to San Francisco, California may seem like an amazing place for your business to thrive. However, if you’re leaving a suburb in Alabama, the rise in the cost of living might be a major shock. Don’t be discouraged though, simply make sure the increase in business will allow you to live comfortably in your new location and provide appropriate wage adjustments for your employees.
Regional Market Trends
Market trends vary regionally, so it is important to do research on a few locations you can see your business moving to, prior to your move. Analyze market trends based on the region as well as the type of business you run. Take a look at the population, consumerism in that area, and the public’s spending habits. Compare the demographics there to your current location. Take time to analyze and evaluate the demand for your business and of course, take a visit before you commit to relocating.
Employees are different all over the country and their trends and expectations vary regionally. Depending on the city, employees may be used to a certain work style. San Francisco employees have been known to put weight on balancing work and personal life equally, but in New York City, late nights are commonplace. In Miami, many work days begin later, whereas Pittsburgh encourages early days. Additionally, look at how easy or difficult it could be to find qualified employees in the new place you are hoping to relocate to. This is specifically important if you have a very niche business. Don’t expect all of your current employees to move with your business!
If your relocation is actually an expansion to open an additional business, make sure to think of the expenses associated with this. Will you have to return to the original location? How often will you or key members of your organization have to travel between locations? If you are relocating to another country, what’s the currency exchange rate like? Travel costs can add up, especially if your business requires a lot of face-to-face communication between your employees and clients. It’s vitally important to organize yourself prior to relocating.
Proximity to Clients
Speaking of clients, if you were once a stone’s throw away from your targeted client base, it is important to consider how this will translate to your new location. In theory, you should try to remain as close to your top clientele as possible. You want to minimize the difficulties in allowing your business to succeed. So, try to maintain close proximity to clients and keep this in mind prior to your relocation.
Real Estate Trends
As with any move, you have to determine an exact destination before making the jump. Perhaps the most important thing to have checked off your “to do” list is to select where your business will setup shop. There are always an infinite number of possibilities in commercial real estate, and when you are unfamiliar with a new market those possibilities can become overwhelming. This is why it’s critical to hire an expert broker to assist in your decision making process. Elifin Realty is devoted to making great deals for our clients. If you are relocating to, or within, Baton Rouge, LA we look forward to making a great deal for you as well!