More and more businesses are relocating to new states today to benefit from lower taxes, low operation costs, and explore new markets. If you are an entrepreneur and are thinking of shifting your base of operations, there are some things you need to do.
Table of Contents
Find a convenient location
Before solidifying the scheduled moving date, research details about the prime locations in the area and partner with the right realtors deeply committed to scoring the best deal. For instance, if your business provides financial services, an office in a busy business district will be a picture-perfect fit.
In your search, you’ll also need to set your sights on a location that’s convenient for your employees. Start by checking for amenities like parking space and easy accessibility to public transport when screening prospective properties.
Relocate your assets
Among the highest value assets in any organization is the vehicle fleet, and if you need to bring the cars to your new HQ, transporting them can be a challenge. You can drive your family car across state lines, but it makes more sense to invest in professional auto shipping services when several fleet vehicles are in your care.
Pinpoint which companies are willing and able to ship a car from state to state at the best rates. If possible, move during your auto shipping company’s off-season, as it’s cheaper during this period. For other office hardware and assets, employ the services of an affordable and reliable moving company.
Think about your staff
You have three options. The first is to keep your current staff and fork over the cash to cover the moving expenses involved in uprooting to a new location. While an expensive option, sticking with your original staff will ensure you’re ready to hit the ground running and resume operations in no time.
Secondly, grant your team permission to work remotely permanently, although this may not be possible for select business models.
The third option is to respectfully part ways with your existing staff and network with up-and-coming professionals in your new area. Should you choose this option, let your current team members know well in advance. That way, your loyal employees will have ample time to look for new jobs, switch industries, or start a business of their own.
Inform your clients or customers about your move
As you weigh the pros and cons of wiping your staff roster clean and demonstrating loyalty, give your clients a heads up about your upcoming move.
If you actively use social media for your business, post official announcements about the relocation on the various platforms so that your customers won’t be caught off-guard.
By keeping your loyal customers in the loop about your transition, they’ll feel valued enough to return or recommend others even after you move.
Do the paperwork
Before you move, fill out the paperwork required by the state, such as applying for business permits and licenses, switching bank accounts if you currently use a local one, informing the IRS about the move to match EIN and tax ID to the new address, etc.
If the business is a company or corporation, moving is more complicated. You might want to consider enlisting professional services to help sort out various issues, such as company registration.
Professionals like lawyers can also help with mergers and acquisitions, while tax advisors or accountants can ensure you get the best tax incentives as per the state laws. Such experts might seem expensive to hire, but they will enable you to settle down and get your business back in shape as soon as possible.
Keep track of all relocation expenses
During the entire relocation process, make sure to record all the expenses and keep the receipts. You can save a lot of money if you deduct these from the taxes on your business, as they’ll eat into your profits. Consult your tax advisor or accountant to find out what qualifies as a tax deduction.
Develop new marketing strategies
Lastly, you need to develop a new marketing plan that channels local market dynamics. Since your business will be new to the area and building a name for itself in the local community, you’ll need to devise an aggressive plan for acquiring new customers.
Consider social media, B2B marketing, special promotions, newspaper advertisements, etc., to gain traction with locals. Whichever strategy you use must be relevant to your current market and convert to high sales or customers.
Moving your business to a new state can feel overwhelming at first, but tackling the challenge step by step will make the transition well worth the heavy-lifting involved. By following the tips above, you’ll ensure you complete the move almost seamlessly. That way, you can pivot your focus back to company growth.