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3 Strategies for Relocating your Business
Thursday, March 12, 2009
By Anne Kramer
Every business owner enthusiastically embraces economic growth and success. But one often-unwelcome side effect of that growth is the need to relocate. Making the decision to relocate can be daunting; choosing the right location can seem nearly impossible. Generally, however, the benefits of relocating outweigh the risks, because a business owner can consider the shortcomings of the old location when selecting a new one. In addition to addressing logistical issues like rent costs or traffic patterns, it is important to relocate to a place that welcomes businesses.
1. Look for signs of business friendliness, like financial incentives, clear tax procedures, and user-friendly local government.
- It should be easy to ascertain which regulations and policies apply to different kinds of businesses. Information regarding licensure should be clear and consistent.
- Navigating the application and approval processes for necessary paperwork should be manageable. If different agencies work together, look for cooperative, streamlined interaction between their offices.
- A well-managed infrastructure is critical. This allows businesses to budget for normal, incremental increases in expenses like taxes, rather than erratic, unexpected fees and costs.
2. Seek out a community whose atmosphere is fertile for an evolving business. Ample opportunity for development fosters business growth and creates a more dynamic workforce.
- A local college or university provides a valuable educational opportunity for employers and employees who may want to brush up on old skills or learn new ones. Recent graduates also provide an excellent place to recruit interns or new employees.
- It is important that the community has the resources for--and the interest in--funding new business ventures. A community that fosters local growth is more likely to welcome the opportunities that accompany the establishment of a new business.
- Updated regulations regarding technological advancements indicate that a community is welcome to change. These regulations can be especially important to businesses that allow employees to telecommute.
3. Find a place that values its business leaders’ expertise and influence. If a community takes pride in its businesses, these individuals will have consistent input in community affairs.
- The purpose of economic growth organizations like chambers of commerce is to attract people to the area. These groups are usually made up of the kinds of people a community hopes to attract; look for a community where local entrepreneurs and business leaders are active, welcome participants.
- Communities that value their businesses will have well-established methods for voicing concerns and proposing changes. These issues should be addressed in a timely and thorough manner.
Although relocating is a momentous task for any business, it is often unavoidable. Taking the time to choose the new location carefully can significantly impact the continued vitality of a business. A business-friendly community makes operation and growth a convenient, pleasant experience.
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