Moving our business to a new city is a thought that comes to all of us at some point. The possibility of finding greener pastures sounds enticing enough to make you want to pack your bags, say thanks, and go. But since there are so many places that offer so much, it can be hard to decide where you want to put down new roots.
Deciding where you want to incorporate your business is crucial. The city or town you move into will determine some major aspects of your new life: your clients, your social circles, your employees, and even access to services and vendors. Choosing the right place can change your life in the best or worst way, so this decision is not one to make lightly.
Here are some things to consider before making your move. Remember: think things over, and only make a decision when you have a clear head because once you’ve relocated your business, there’s no turning back.
1. Availability of good real estate
Check the real estate values in a prospective spot if you’re thinking of buying a property outright instead of renting space. Do as much research as you can and determine if the place you’re moving into has a healthy economy. Buying a property when you move will cost you a lot of money, but it will cost you more down the line if you decide to transfer locations again, so it pays to know what kind of market you’re facing.
Some things you need to look into are average property prices, resale values, and listing duration. Look at real estate websites to gain insights into what the local scene is like. Future developments can also affect any area long-term. Research is your best friend!
2. Labor pool
Unless you’re doing remote work, you’ll need to move somewhere that’s easily accessible to most people. Nobody is going to work for you if accessibility is an issue. Make sure you move somewhere with lots of people and a stable job market. You might want to look for an area that can support large businesses because that means the local economy is large enough to support industries of any size.
Think about the kind of people you’re looking for and the compensation you’re willing to offer because these greatly vary depending on the industry you work in. Let’s say you provide professional services in the big city, but your sights are set on a smaller town. Chances are you’ll find it a little bit difficult to find clients in your new area, so your options are to secure new clients before moving or to look at places that offer more options for your chosen field. Keep in mind that moving will also affect your lifestyle, so pick an area to sustain the one you want.
3. Cost of doing business
The cost of doing business varies from town to town. In bigger, more urban areas, prices are higher, but that doesn’t always mean people who live there are better off. You must consider tax rates, not to mention prices of utilities, rent, and goods like food — a hundred dollars don’t feel as much in New York, but it could get you more in smaller towns.
Some states have lower tax rates (specifically sales, property, and income taxes) to encourage big companies and people to invest, so if you’re looking into moving, you might want to check the tax rates of areas as well. If your company has many vehicles, you might want to look into enclosed exotic car transport.
4. The weather
People often overlook an area’s climate before moving in, but it’s an important thing to take into consideration. If you’re used to warm and sunny days, moving to a town where the sun barely shines is going to greatly affect the mood of employees moving with you. The climate of a place will affect your lifestyle, your wardrobe, and even the kind of car you drive. It can also affect your health, so it’s wise to keep this in mind before moving to a place just because the thought of it “sounds nice.”
A final word
At the end of the day, we all want to be in a place where we can grow and be successful: somewhere that we’re comfortable and stable in most, if not all, aspects of life. Moving to a new city is a major change, and it’s important to do it with care and proper research to make sure you find a place that’s good enough to be called home.