Should Your Online Business Move to a More Suitable Location?

Advanced technology is providing an increased number of talented people to work exclusively online. As a result, entrepreneurs may consider moving themselves and their businesses. The same organizations that leased office space in urban settings years ago are now finding brick-and-mortar facilities unnecessary. For example, e-commerce surged from 6.4 percent of retail sales to 21 percent from 2010 to 2020.

That opens the door to establishing live-work spaces in places where the cost of owning a building, paying taxes, and other expenses are considerably lower. In addition, far fewer people commute to work today than ever before. And remote businesses enjoy access to a pool of talented people far beyond a reasonable commuter radius. These and other factors make relocating an online organization to a more suitable location more cost-effective than ever before.

Key Factors To Consider Before Moving a Business

As a practical matter, relocating a business entails vastly different issues specific to the operation. For example, an online company that actively ships and receives goods and materials may require a complete inventory packed and transported to a new location. On the other hand, organizations that offer technical support, cybersecurity, virtual health and wellness, and even digital media require only minimal space and full 5G internet access. The critical point is that business leaders will need to inventory their needs and ensure they can succeed in a new neighborhood, city, town, or state. It may be worthwhile to consider the following items.

Cost of Living

One of the common missteps people make when selecting a new community involves income-to-expenses. If you generate good income in one region, your lifestyle comfort may be underscored by the dollar’s value in that area. Unfortunately, people in large cities generally don’t get the same bang-for-their buck as their counterparts in the suburbs or rural landscapes. Consider not only looking at the typical cost of housing, taxes, and goods. Look at the comparative value of your dollar.

Impact On Employees

Moving a business typically affects other team members. For example, if your goal is to reduce overhead by eliminating office space, shifting to a remote workforce might not be seamless. Taking the entire operation virtual may result in some attrition. Moving may also require finding new in-house staff members with the requisite skills for the organization.

Room To Grow

It may make sense to review real estate types and zoning regulations before setting up shop. Ask yourself whether adequate live-work properties are available? Does the area have inexpensive warehousing should your business flourish? How does the cost of shipping, receiving, and logistics compare? In other words, conducting some due diligence can help avoid growing pains as you succeed.

Moving Costs

It’s essential to consider the costs associated with a business’s relocation. Although the operation may function almost exclusively online, sensitive technology, hard drives, and digital files require professional care while being transported. In addition, you must pack all of your office, materials, products, and other assets for a journey that could involve hundreds of miles. Therefore, it may be worth considering hiring a full-service moving company to protect your assets from damage or loss.

The rise in technology and remote infrastructure presents business leaders with an opportunity to relocate to municipalities where costs are considerably lower. By identifying communities with the infrastructure necessary for success, relocating your business can help drive profitability. If you are considering relocating your business, we offer a wide range of residential and commercial moving services. Contact us for a competitive quote today.