Managing the day-to-day operations of a small business is a major challenge and overwhelming at times. But when moving a business from one location to another for any reason, there are even more little details involved in such a big change. To help your relocation process go as smoothly as possible, consider the following tips on moving a small business:
Consider the specific type of move you plan to make.
Do you plan to move your company from a home office to a separate office complex? Are you taking your enterprise from one retail outlet to another in a new city or state? Because moves come in all shapes and sizes in the small business landscape, it’s critical to be confident in whatever move you choose to make—and exactly what it is going to entail. Moving across town is certainly much easier than relocating across time zones. Make a to-do list of every task you need to get done in preparation for, during, and following the move.
Consider how your customers could be affected.
Most small business owners have no desire in temporarily closing their doors when a move takes place. They don’t want their sales to suffer, and they don’t want any interruption or confusion. But the reality is that this may be required if you want to cover all the bases and do it the right way. If your previous office or store will be closed, or if you will not be reachable by customers for a certain length of time, make sure you communicate these details to all parties in your professional circle. The last thing you’d want to happen is having customers calling an old phone number or visiting your old location, not knowing if you’ve closed for good or are moving. It’s incredibly easy to lose out on potential business this way, and you never know if customers will find you again. Let others know about your move by updating your business cards, website, social media pages, billboards, and any other marketing materials with current contact information such as a new physical address or a new phone number.
Consider your expected operating costs/expenses in your new location.
Regardless of where they are based, all small business owners are faced with certain operating expenses to keep their ventures going. Examples include rent, insurance, electricity, water, Internet access, cable TV, and equipment. With that said, you should be fully aware of how much your operating costs will run in a new location. If you foresee operating costs that exceed your current ones, it only makes sense to expect to generate more revenue in your new digs to cover these higher expenses. But if you envision lower costs on this front, such a move could be extremely beneficial for your business from a financial standpoint.
Consider the new tax situation you’ll face.
Small business owners are on the hook for a variety of taxes, including income tax, sales tax, and property tax. This is why you must be completely up-to-speed on the new tax situation you may be entering when moving a small business to a new area. Counties, municipalities, cities, and states often have lots of variation in terms of their tax laws. Just like looking closely at your current and future operating costs based on a potential move, you should strongly consider doing the same with taxes. Will your tax rates be higher, similar, or lower in your new area? Examine the numbers and determine how your company will be impacted.
Consider whether your business will enjoy more success.
It may sound obvious, but moving a small business should be in your best interests. This means there should be a desire to achieve greater success in a brand new location compared to the success you’ve had where you currently are based. Ideally, the grass will be greener on the other side when you relocate a company. You certainly don’t want to change your location and end up with higher operating costs, higher taxes, and fewer opportunities to grow your business. The goal should be to have a better chance at more success as a result of a transition in your location.
This article was originally published by 1800 Accountant
Published: November 4, 2014