Question: What is one thing entrepreneurs should not forget to do before relocating their business to a new city?
Question: What is one thing entrepreneurs should not forget to do before relocating their business to a new city?
Vet the Talent Pool
"Ensure the city has a permanent and strong talent pool with the right skill sets and experiences to support your growing business. "
Evaluate Long-Term Growth Potential
"Will your business thrive in this new location? Or will it quickly outgrow it? Moving takes a lot out of you and your employees. You have to assume expenses, learn about the new legal environment and, inevitably, recruit new talent. But is this a city where you'd want to (and be able to) grow your business over the next 5, 10 or 20 years?"
@firaskittaneh
Make Sure the City Matches Your Company's Culture
"Make sure that the city has the talent to support the business’s goals. Assuming that you want your company to continue to grow, you will eventually need to hire new employees. It makes sense to locate to an area where other talented and like-minded individuals will be working and looking for new ventures."
@simoncasuto
Look for Tax Breaks and Special Offers
"Many municipalities provide tax breaks and other incentives for small businesses who move in from out of state. Research these opportunities with the local chamber of commerce before making a final decision about relocating your company."
@brittanyhodak
Learn From Prior Successes and Failures
"Write down your top five successes and top five failures. Understand what you did well, what you didn't and how you can improve for next time. You'll walk away with powerful lessons only the real world can teach you. They will better prepare you for your next city."
@phildumontet
Cover Your Legal Bases
"Check with your attorney to see what legal requirements are triggered by relocating to the new city. For example, many cities require a company to register if they are “doing business” in the jurisdiction. In addition, you might not need to still be registered in your previous location and should make sure you are not paying unnecessary, duplicate registration fees for both locations."
@DougBend
Ask Your Teammates
"When we were looking for a bigger office to move into last year, we considered Culver City and City of Industry, two very different places. After we shared our two options with our teammates, it became clear that Culver City was going to be a much better commute for almost everyone on the team. As a result, we moved to Culver City and helped everyone's day start a little better."
@nanxi_liu
