Why would you want to relocate your business? In some cases, you don’t want to do it, but circumstances have demanded it. We’re not going to focus on that in today’s post. That’s a completely different scenario where your business may be struggling and you have to relocate to cut some costs. Instead, let’s consider why you may willingly want to move your business to a new city or country.
Primarily, it can pose new opportunities for your company. You may relocate from a small town to a big city with loads of new customers. Or, you might move to a country that better suits your market. No matter what, we can agree that relocating your business can present many benefits.
It sounds awesome, but things can definitely go wrong if you’re not careful. Here are some vital things to consider before relocating your company:
Can you afford it?
We’ll start with the biggest and most obvious question: can you afford to relocate? Relocation isn’t technically the same as an expansion as you’re moving your company from one location to another. With an expansion, you have a business in multiple locations. Therefore, you have to factor in the costs of packing up your business and transporting it to a completely new place.
This might be affordable and manageable, or it could be far too expensive. It depends on how hard it is to relocate your business, which links to where you’re moving to and from. If you’re moving to a city that’s one hour away, it probably won’t cost as much as moving to another country. When you relocate internationally, you have so many other concerns to think about!
At the end of the day, this question will determine if you will relocate or not. If it’s too expensive, there’s no point risking your business. Stay in the same place until it becomes a less risky move for your finances.
What about your personal life?
Think about how your personal life will be affected by relocating your business. Again, much depends on where you’re moving. Using the previous example, moving to a nearby city might not change anything. Your family can all stay in the same home, the kids can go to the same school, your partner keeps their job – everything is normal!
On the contrary, if you move to a new country or a city further away, you have to pack up and move your personal life. This could mean selling your house, getting another home loan, buying a new property, and moving the kids out of their school. It could bring huge disruptions to other people in your life. What if your partner has an amazing job that they love and worked hard for? Would you make them quit just so you can relocate your business to another country?
While we’re very much talking about a business decision, you can’t deny that it impacts your personal life. So, think long and hard over whether or not this move will be good for your personal relationships.
Will your employees move with you?
Speaking of personal lives, your employee also have them! Are they willing to relocate with your company? Some of them may be happy to move and are keen to join you on this journey. Others will prefer to leave your company and find another local job.
Does it matter if your employees don’t move with you? Well, yes, it does. If you need to hire a brand new team, you’ve basically reset things to the beginning. It also costs a lot of money – think about the costs of hiring new employees and also letting others go. Of course, this might not be a problem for you. If you have remote workers and you’re the only one in the office, you can completely ignore this point!
Are the benefits worth it?
Is it worth relocating your business? What do you stand to gain from this move? If you’re moving to a new location that presents lots of business opportunities, it’s definitely worth it. You could find more customers and make more sales due to the location. Failing to relocate can mean you miss out on a lot of money and your business struggles to grow.
On the other hand, should you relocate if you aren’t going to see significant benefits? Some people move just because they like the sound of having a business in a top location. If there’s no evidence that you’ll see benefits, don’t bother relocating.
Consider these main factors if you want to relocate your business with minimal fuss. You might discover that it’s not the right move to make right now. In which case, stay where you are and return to this idea in a year or two.
Remember, the Lord will guide you when you seek Him first.
Wait for the Lord;
Be strong and let your heart take courage;
Yes, wait for the Lord.