Expanding or moving your business always comes with risks, the least of which is whether it’s a good investment. You want to get the most out of your money and make this move not only seem necessary but also a worthwhile venture. But before you call up your local moving service company, here are some important things you should know about expanding your business before you make the big move.
Do your research
Whether you’re expanding to somewhere nearby or to a different state altogether, it pays to do some research on your new neighborhood before you get there. Especially when you’re expanding out of state. Different states have different laws concerning business and foreign entities so you’ll have to do your research on your chosen state’s business and laws and comply with those, whether you’re a corporation or an LLC.
For instance, some states might require you to register your business as a foreign entity and as such, will need some requirements. Even if your business is mostly operating online, you might still be required to register in your chosen state. Of course, this could vary depending on the state.
The need for research is even direr when you’re moving your business to a foreign country altogether. Not only do you need to be aware of that country’s laws concerning businesses, but some might require you to gain citizenship or other legal requirements before you conduct any business there. When in doubt, always do your research.
Get all the necessary licenses and permits
Here’s another reason why you should do your research: to find out what kind of permits and licenses you need to get before opening a business in another state. As was mentioned before, many states have different licensure agreements and rules. You want to get this done as soon as possible to save on time and money and so you have everything ready once you’ve secured your new location. As long as you have the necessary documentation and proof, then everything else should be a piece of cake.
Find a location
So you’ve done your research and decided to go through with the move. Great! Now it’s time to pick a location. Ideally, you want your business to be in a prime commercial area that gets a lot of foot traffic and business. Scouting out locations beforehand can help make this process go smoother and help you to decide on the right place. There are many real estate options you can look for, whether you want to operate from a residential area or want to open an actual brick-and-mortar shop somewhere in town.
Remember that you’re going to be conducting business in this area from now on so it helps to familiarize yourself with the area. Get to know the local scene, scout out places where you can buy supplies, and make friends with your neighbors and even competitors. If you’re already familiar with running a business, then you know just how important the right location is to the success of your venture. So invest in a good place where your business can really grow and thrive.
Have a new marketing plan
A new location means a new market, and a new market means new consumers with different wants and needs. If you’re moving to a different city or a different state within the country, you might not have to alter your marketing plan all that much. But if you’re moving somewhere with a significantly different lifestyle, such as someplace more rural or a place with a different major demographic, then you might want to tweak your marketing campaigns a bit.
For example, if your business is used to catering to middle to upper-class families and you decide to expand your business to a location where the majority of your consumers are middle to lower-class single working adults, then adjust your marketing strategy to cater to them is best. Remember that different consumers have different needs and there is no one-size-fits-all marketing strategy.
Some people might be easily swayed by one tactic, while others might need a little more convincing. Again, when in doubt, do your research on your target demographic and adjust your strategy accordingly.
Moving or expanding your business to different locations is never an easy decision to make but it’s a good next step if you want your company or business to grow even more. It brings in more profit, builds brand awareness, and can help improve your business operations and customer service. When done right, you could even move up a step and turn your business into a franchise. Just take note of these four things and you’ll be on your way to success.