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Small Business

Factors to Consider When Relocating a Business

min read

Smaller, but eye-catching signage placed within a mile of your business can also be used to literally steer customers in the right direction.   

Administrative and Financial Considerations when Relocating a Business

Changing locations won’t be without its share of red tape. 

And when you project business moving expenses, it’s prudent to assess costs before you pull the trigger on business relocation. Granted, there will be unexpected dollars spent as the process moves along, so you should build a cushion for expenses you can’t predict. But, nailing down a reliable budget for bureaucratic costs will help minimize those surprises.    

Business Relocation and Insurance

Before you contemplate how to move a business to a new location, be certain that you’re adequately protected before, during, and after the transition. 

If you’re transporting business equipment or inventory, review your policy to have a solid understanding of how your property is protected when relocating your business. Even if you don’t carry inventory or own pricey machinery, moving incidental property in a business capacity could open you up to liability claims, and that’s a situation in which business insurance is an absolute must. 

Next Insurance provides comprehensive business insurance solutions to make sure that any potential accidents or oversights won’t lead to a financial calamity. Policies can be obtained effortlessly on a mobile device from anywhere at any time, so you can rest easy knowing that growing and relocating your business won’t expose your assets to risk. 

Other Contingencies to Consider When Relocating Your Business

You might be headed across town or it’s possible that you could be headed across state lines when relocating your business.

Even if you’re crossing municipal or county borders, you’ll need to investigate the financial consequences of doing so. There may be a need to obtain new certifications or transfer existing licenses to be compliant with new state or local ordinances. 

The cost for license transfers and occupancy fees might not put that big of a dent in your business moving expenses budget but taxes are one area that must be accurately assessed. If you’re buying a facility in a booming market that’s growing in population, you’ll want to understand the existing framework, and also plan for the inevitable tax increase that will come with rising demand for services. 

Lastly, a significant geographic move will seem like starting over if you own a retail or wholesale business. Plan carefully by using a combination of paid advertisements and free marketing campaigns launched through social media or a newly formed referral network. 

A Final Thought

You accept the challenge of relocating your business largely because you see the potential rewards. 

With a well-crafted strategy and some advice from folks who have been there, things should work out fine. With so many factors to consider when relocating a business, just make sure that you don’t leave anything to chance. Create a business moving checklist and make certain you strike-through every task. Most importantly, expect the unexpected, and protect your assets from peril by contacting Next Insurance to set up an insurance program tailored to your needs. 

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