At some point in your business’s life cycle, you might find yourself wanting to relocate your company. Perhaps you’re ready to take things to the next level and are ready to prepare for long-term success. Or maybe you just want a fresh start somewhere new. Regardless of why you feel like uprooting your business, the decision to relocate is a major one that comes with its own set of challenges and considerations. While most businesses will never reach the point where they must relocate their offices, it doesn’t hurt to be prepared for any scenario. If you’re seriously thinking about relocating your business and operating from a different location, here are three things you need to know before making the leap:
Hiring And Firing For The move
When you’re hiring new employees for your relocated business, you’ll want to make sure you find the right people for the job. While it’s important to hire employees who are a good fit for the company culture, it’s even more important to hire employees who are a good fit for the new location. You don’t want to hire a candidate for a position and then have to let them go a few months later because they aren’t happy or comfortable with the new location. When hiring employees for a relocated business, try to find candidates who are open to relocating with you. If you’re not able to find candidates who are open to relocating, try to hire employees who are flexible enough to move at some point in the future. You don’t want to hire a candidate who is set on living in a specific area and then have to let them go a few months later because you’ve relocated.
Infrastructure And Technology Requirements
When relocating your business, you’ll want to make sure your new location has the infrastructure and technology requirements necessary to sustain your company. You also want to make sure your new space has the necessary room to house new equipment and infrastructure, such as wiring and Internet access. If you’re planning to relocate to an area that doesn’t currently have the infrastructure needed to sustain your business, you’ll need to plan ahead and schedule the necessary upgrades. For example, if you run an eCommerce business and you want to relocate to a new, less populated area, you’ll need to make sure there’s enough Internet access for your business to run smoothly. Search for the right business internet services near me to support your new setup before you require it, so you know what to expect, or talk to your current provider to find out your options. You also might need to make arrangements for server hosting for your website.
Estimate Your Move Costs
When you’re relocating your business, you’ll need to account for the costs associated with the move. While there may be some costs associated with choosing a new location, there are likely going to be additional costs associated with physically moving your company to a new location. There are many costs associated with physically relocating your company, including hiring truck drivers, hiring a contractor to move equipment, finding temporary office space in your new location until the new office is completed, and purchasing new furniture and equipment for your new office. Depending on the type of business you operate, you may also need to consider the cost of replacing things like computers, routers, or servers. You’ll also want to factor in potential downtime that could be associated with your move, as well as any potential loss of revenue. You don’t want to move your business only to lose money due to the move.
Bottom line
Before relocating your business, make sure you consider all factors that could impact the decision. You don’t want to relocate your business and then realize you would’ve been better off staying put. You also don’t want to move your business to a new location only to discover that there are hidden challenges that weren’t present in your original location. You should consult with a real estate professional and conduct an in-depth analysis of potential new locations before making a final decision. You’ll want to explore things like real estate market trends, potential rental rates, proximity to the current office and amenities, proximity to potential employees, and the general economic health of the area.