Relocating your business requires various costs to complete efficiently and successfully. More complicated than simply moving the contents of your home, moving your business or office should be thoroughly planned in advance to ensure the transition is smooth and seamless. When preparing for your business move, it's important to create your moving budget so you allot the necessary funds for your relocation.
Start-up costs
When starting your business over in a new location, you will incur various expenses to set up and begin operations. Begin by making a list of everything that you must pay for to get your business up and running again, including:
• Lease deposit or down payment/closing costs. Whether you are renting or buying your space, there will be costs associated with obtaining the property. First month’s rent and a security deposit will be required if you rent your new business space, and a down payment and closing costs need to be calculated if you will be purchasing the property. Depending on your situation, you may also have to pay lease termination fees, cleaning costs, and broker fees.
• Construction and renovations. Does this space need to be altered or updated to meet your business needs? Make a list of possible renovation costs to add to your budget.
• Permits and licenses. If you are moving to a new region, you may need to apply for new permits and licenses required by the local government to operate your business.
• Connection fees. You will have to hook up utilities for your new business, which will require connection fees. Make a list of all necessary utilities, like electricity, water, gas, phone, and internet.
Moving costs
Hauling all of your office equipment and/or products will be the costliest aspect of your move. Make a detailed inventory of everything you will have to move to your new location to begin comparing quotes from office movers to transport your items. Take extra services into consideration as well, such as disconnecting and reconnecting computer systems or hauling any heavy or specialized technological equipment and machinery.
Staff costs
Will you need your staff to help with the packing and moving preparations? You may have to pay your employees over time for extra hours worked if you do not want to take away time from their standard work days to work on the move. Estimate the number of extra hours you may need your employees to work to complete the move efficiently and calculate the extra pay you will have to provide.
You should also consider the possibility of lost employees due to your business move, and the costs associated with hiring and training new help. If you will offer your employees relocation benefits or compensation for moving costs to remain with the company, you will need to factor these into your budget as well.
Business losses
While your business is in transition, it is inevitable that your operations will be stalled—at least briefly. Draft a rough timeline of your move so you can calculate the length of time you expect your business will need to close or halt operations. Conduct the move during off hours if possible to limit your losses as much as possible.
Marketing and PR costs
When moving your business, it is imperative that you let your clients, customers, and vendors know about your new location. You may need to hire a PR firm to help you with your marketing strategies for retaining previous customers as well as attracting new ones. Consider the costs of running advertisements, sending out mail notifications or flyers, and throwing a grand opening.
Compare quotes from office movers
Ready to start comparing quotes from business movers near you to help with your corporate relocation? Simply fill out our fast and easy quote form at Movers.com to be connected with up to seven reliable and licensed moving companies in your area!