Choosing to relocate your business can come with a lot to consider, and definitely a mix of emotions, especially when you have nurtured your business into existence in that location. Even though it is hard, there can be several factors that should be considered before you make your ultimate decision to move or stay in your current location. Here are a few reasons why relocating your business could be for the best.
In some places, like California, rent of buildings and property, as well as utilities, are significantly higher than in other states. While California is host to great business opportunities, it also is home to one of the highest state corporate tax rates in the United States (Nerdwallet 2013). If your company is one that does not thrive directly off of a demographic concentrated in a particular area, then you may benefit from leaving a location with high taxes or costs for the operation of your business.
Another reason why you might want to consider relocating your business is the fact that another location may be better served by your company or have the target audience your company markets toward. If your surfboard business is not making sales in Kansas, there is definitely a reason for that. Sometimes the customers you are selling to are somewhere else, which requires you to up your business and move somewhere where you will have more opportunity for sales.
If you do decide to move your company to seize opportunity in a new place, make sure you have thoroughly researched the location and the demographics of the area, especially if you have a brick and mortar business.
Relocating your business does not always have to be because you are forced to or because there is some push factor causing you to move. Some people may pack up and move their business to another place simply because where they are now is not satisfactory. If you find yourself begrudgingly hauling yourself to work everyday because it is the same old routine, you may find it beneficial to move your company some place that makes you happy. Granted, this is a lot easier for someone who runs their business online but does not mean that is impossible for someone who runs a business with a storefront.
Doing what you love has the potential to be much more satisfying if you do it somewhere you love to be. Additionally, relocating to a climate that you enjoy being in could improve your overall attitude toward your company, which shows in how you conduct yourself at work and at home.
Even though relocating your business is a difficult decision, it could prove to be beneficial for you and your business. Starting a new adventure with your business in a new place is nerve wracking and thrilling all at the same time, so don’t make rash decisions when it comes to your business’s location, but also don’t be afraid to try something new!