Thursday, February 21, 2019

7 Factors to Consider for Relocating your Business

by Neil Hanks (writer), Canada, November 07, 2013

Credit: Me
This image is about business Relocation and shows a moving box

Business relocation is a major decision for any entrepreneur. Moving your entire company from one city, province, or even country to another is a great deal of work.

Many business leaders have chosen to move their company to the province for a variety of reasons.

There are countless resources for business relocation available in Ontario, Canada. Small Business Enterprise Centres are located throughout the province to help get your company settled in. Professionals at these locations can help you get started, by offering advice on legal issues, import and export information, networking opportunities, and much more.

7 Factors to Consider Prior to Business Relocation

Many important decisions need to be made before choosing a new location for your business. Take the following seven factors into consideration prior to making any major judgments:

    1)Demand: Before moving your business to a new area, it’s imperative to ensure the area has a demand for your products and services. The Ontario government offers small businesses assistance completing market research, conducting a competitive analysis, and other helpful tips to gain a better understanding of the marketplace.

    2)Location: When choosing which Ontario city, town or suburb you’d like to settle your business into there are a number of factors to take into consideration. Consider the reasons motivating you to relocate your business. Maybe you want nicer facilities, a better quality of life, a more specialized workforce, the chance to cut costs or to generate higher profits? Make sure you know what your goals are for your new location, so you choose a spot that promotes them. If you are interested in relocating or expanding your business to Ajax, click here to find more information.

    3)Transportation: Consider the transportation situation around any prospective location. If your target market would potentially take public transit to reach your business, you’ll want to settle down in an area accessible to this form of transportation. It’s also wise to look out for areas known for high traffic and congestion, as customers are often hesitant to drive into these areas of town.

    4)Housing: Take housing costs into consideration before deciding on an area. Sky high rent and mortgage payments could make certain areas unreasonable for you to afford. If you’d like to live near your business, make sure there’s abundant housing close by, so you have a number of options.

    5)Logistics: Think about whether a new location makes sense logistically. Will it be easy to get necessary items from your supplier to your business? Is there a warehouse or distributor nearby you could work with? Will it be possible to create the same high-quality products? It’s very important to resolve logistical issues before relocating your business.

    6)Workforce: If your business requires a highly specialized workforce, it’s important to make sure you’ll be able to find these professionals prior to relocating your company. For example, if you own a graphic design company, you might want to settle into a major city like Toronto, with a large graphic design community, instead of a more rural area.

    7)Cost of Living: In addition to housing costs, you’ll need to consider the price of other necessary expenses like health care, groceries, clothing, transportation, and other necessities. If these costs are higher than where you’re currently located, not only will you need to budget for a more expensive lifestyle, you’ll need to pay your employees higher salaries.

Whether you’re thinking of relocating your business to the province or within it, the area is a great place to run a company. Make sure you take all important factors into consideration prior to choosing a new location for your business, to set yourself up for success.

About the Writer

Neil Hanks is inquisitive by nature, who likes to showcase his knowledge through the art of writing.
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