Moving a business can be just as hard as moving a family. It can also be risky if it means you might lose clients, sales, and revenue. Then again, sometimes moving your business is exactly what you need to do in order for it to survive and thrive. Knowing how to estimate the cost of moving your business is what lets you figure out whether or not it’s worth doing or not.
Estimating Costs for a Business Move
There are many factors that go into estimating the costs of relocating a business, but Chron sums it up into an eight-step process:
1. Designate a Project Manager: This person needs to be responsible for communications and budget creation for the whole process.
2. List Out All Necessary Steps: This will differ based on your industry and whether you own your building or rent it out.
3. Meet With Property People: These meetings will include current landlords or potential buyers as well as anyone you are about to lease or buy yourself from.
4. Contact Suppliers: Service agreements, equipment costs, and utilities will have to be terminated, moved, and re-established.
5. Physical Inventory: Find out everything you have so you can decide what gets moved compared to what you sell, discard, or donate. You can request moving quotes from multiple companies to get the best deal.
6. Calculate Man Hours: How many of your people will it take to pack, move, and unpack? How many payroll hours are going into this?
7. Figure Out Who Should Know: Do you have clients who need to know about your move? What about media outlets?
8. Breaking Down a Budget: You’ll face two kinds of costs. Hard costs are things you pay money for. Opportunity costs are losses in productivity and sales.
Car Transport Doesn’t Stop at the Pacific Coast
The truth is that in business, new opportunities may arise every day. A lot of the time, business owners simply don’t take enough risks when it comes to expansion and growing their companies. Don’t limit yourself and doubt your own capabilities.
The truth is, you can make decisions everyday toward building the business you want. Don’t let things like car transportation hold your business back. If you wanted to expand into Hawaii, or even a foreign country, there are affordable ways to do it.
For example, car transport to Hawaii can be more affordable than you’d think. Whether you are expanding a pizza delivery service or even developing a construction fleet overseas, there are solutions to expanding your company presence in places all over.
Remember that you’ll reap greater savings by shipping multiple vehicles at the same time. When shipping vehicles, be sure to ask about all options available when it comes to protecting your company assets. Always make sure to inquire about their insurance policy to ensure you are adequately protected.
Reasons Why You Might Move Your Business
There can be many reasons why you move your business, but many potential motivations are likely to land in one of the following categories:
- Better Facilities: Stay in a property long enough, and it’s more likely to get outdated. Moving can mean taking advantage of more modern facilities.
- Cost Reductions: If your rent or property costs are about to go up, then moving might mean enjoying some place cheaper.
- Family: In some cases, you want to be closer to certain family and take your business with you.
- Growth/Expansion: A growing company might just need more room than its current home can accommodate.
- Lease Changes: When your old lease runs out, you might want to move. You might even have to.
- New Markets: Sometimes, new markets can only be accessed by being physically close to them, even in a digital and global age.
- Office Consolidation: Businesses with multiple locations might figure out that getting everyone together can save money and eliminate duplication.
- Taxes: Companies that move for this reason might not admit it in public out loud, but sometimes relocating to a state with a friendlier tax rate or structure just helps them keep more of their revenue as profit, even after the costs of a move.
Never Free, Sometimes Worth It
When you know how to estimate the cost of moving your entire business, you can crunch the numbers to see if doing it is actually likely to prove successful. Moving your business is never going to be something free, but will the costs involved be a futile effort or an investment into something better?
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