[Note: Today, Brittany Fisher of Financially Well offers tips on managing your move, even if it means going across state lines.]
Just a few decades ago, it wasn't uncommon to stay in a part of town you hated because your business was there. But, today, there's no reason that you can't upend your entire world and stay just as successful as ever. The internet has made it possible to plan ahead and even connect with future customers before you go. Here are some tips on managing this project.
Gauge Interest With Social Media
Social media is one of your best tools for helping you move your digital presence and to gain insight into your potential new market. A great idea here is to open up a second location page and begin to generate buzz about your business. You might create an ad telling your new neighbors that you're moving to the area. You can also get interactive by posting questions about what in your industry is most needed.
Move In Phases
If your business is brick and mortar, plan to move in phases. For this, you may have to continue to maintain your current location and open up a second. If possible, slowly phase out inventory from your first. Pay close attention during this process to what sells the fastest, and then make these the first products on your new shelves.
Utilize a Storage Unit
If you need to move all at once, plan to rent a small storage unit to house excess inventory until your new shop is up and running. The internet is a great place to begin your search. Here you'll find local storage units for as low as $100 per month when you take advantage of new customer discounts. Storage units are typically month-to-month, so you are not locked into a lengthy contract.
Hire Your Key Employees
Chances are, your current employees won't move with you (although you do have the option to pay them to do so). If you have to hire new staff, hire key employees first. This is another area where social media can come in handy. You also need to decide on the start date, hours, and compensation. Gusto also points out that you also need to get your EIN which brings us to our next step…
Register Your Business in Your New State
You'll need to register your company in your new state when you're moving across state lines. This is pertinent whether you have a corporation or an LLC. Fortunately, you can do this online by yourself with a formation service once you have a legal address. Although the rules vary from state to state, you will need to have your EIN, business name, registered agent, and operating agreement in place before you file.
Rent a Co-working Space
A co-working space is a paid office, often with a lobby and private workspaces. By renting a co-working space before you move, you'll have a chance to network. You'll even be able to rent out a private board room so that you can host meetings with potential clients or contact job interviews in a professional environment. The US Chamber also points out that it's highly cost-effective and flexible, so you may even choose to keep your co-working space if you have a business that's not location-reliant, such as a mobile pet groomer, food truck, or housekeeping service.
Moving your business is not as scary a prospect as it was when our parents and grandparents were entrepreneurs. Thanks to technology, affordable storage options, and flexible workspaces, you can market, hire employees, and start work in your new hometown before the "closed" sign goes on your current door.
Guest blogger Brittany Fisher has spent more than 20 years as a CPA. She runs her site, Financiallywell.info, where she shares her knowledge about taxes, personal finance, and general financial literacy, hoping to help anyone who may benefit from it.
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