The goal of every business is to be successful and to earn more money. If you expand your business, it will be the case. But, not all businesses can expand, especially not to another state. So, how to know that it is the right time to open one more office in another state and to expand your company?
It is a long process and it require a lot of preparation. The first step is to be sure that expanding is the right option for your business. Put your business to another level. It is a big responsibility, but it also mean more money for you. Opening another office to a completely different state is a challenge. Be sure about your decision.
How to know it is the right time to expand your business in another state?
Before you move your business to another state, you need to make a good business plan of course, and to know that this option is the best for your business.
Some of the signs that you should make this steps are:
Having more business that you can handle
If your business is growing fast, you may consider expanding it in another state. It can be achieved without creating a new company and maybe a new state is more hospitable than your home state. If you can’t meet demand and your business have too much work, expanding is a logical option. Of course, having one “crazy” month does not mean you should expand immediately. Follow those numbers for at least a couple of months and then decide. Be realistic and follow the statistics.
Having a solid team of employees
What if your current staff is not able to get the business to the next level? Consider hiring people with new ideas and people that will grow your business even more. It is a strategic hire. Sometimes, the right people can be found in another state. Don’t look only in your city or state. Find great people even if it means that you need to go outside of the state’s borders.
Running out of space
If you literally don’t have enough room in your office, moving to another, bigger one is an option. Or you can stay in the same office and open another one. Another office does not have to be in the same state. You can expand your business outside of your home state and attract different customers – more customers. If the office state is small, move your business on short notice and be more productive in another office.
Having customers outside of your home state
Your customers are also in another state and they are seeking you out. Normally, you will want to expand a business in that state too. Organizing a State to State Move is a smart call to make. If the customers are telling you how much they would love to have your business in a certain location, and if the numbers are on your side – it is the right sign for you to expand. Make a plan for growth and also, make a good business plan.
Industry is growing
Is the market saturated in your home state and the competition is strong? You will have better odds for growth when the competition is not that large. Expand a business in a state where you will be in minority. Choose a state and then the city in that state. The location is the most important factor when running a business.
Having enough cash
Expanding a business is not cheap and it is a big financial step. If you have earned enough money, there is always an option to earn more of it. Invest money in the business and if it the right investment, you will be satisfied with the results.
How to expand your business to another state?
After deciding to expand a business to another state, you should take steps in order to make this dream real. How to do it and what do you need to know. Analyze what you need to grow and determine the finances. If your business model can handle additional work and more employees, then here are some steps to follow:
- Get all the permits and licenses to work in another state. To expand your business, you need to research legal things first. Different states have different rules and regulations.
- Research taxes and how much money you need to spend on taxes. Understand a state tax nexus and it is different in different states.
- Research a job market and find new employees for your business. Explore the competition, choose a location for your new office, and work on the marketing.
Hiring a commercial moving company
Moving a business long-distance is not an easy task. But, it can be with a professional moving company with experience. Corporate movers have a lot of experience and knowledge that can make your relocation process much simpler. Specialized crews can give you a hand and you can stay productive while moving and expanding your company to another state.
Research professional movers that will help you move from one state to another. Or if you are busy doing other moving-related tasks, assign this task to one of your employees. Gather a team of people you trust to help you with this process, not only with choosing the right movers. If you are, for instance, moving your family business to Tennessee from another state in the USA, doing it all by yourself will take more time. And time is money when owning a business. A moving company will do this much faster.