Are you planning on moving your business to Kansas City?
With its booming economy and business-friendly atmosphere, Kansas City ranks among the best places to start a business in the country. A recent report says KC is one of the top 50 cities in the U.S. to start a new business, based on key indicators such as rate of entrepreneurship, wage growth, job creation and population growth.
This may sound like great news to you if you’re planning to move your business to Kansas City in the near future. However, there are challenges to moving any business anywhere, leading to concerns ranging from relocation costs and potential employee attrition to finding affordable office space and choosing the right mover to make it all happen.
Here are some tips on how to prepare to move your business – successfully – to Kansas City.
Know How the New Location Will Affect Employees
Switching your business location could lead to many employees deciding to simply leave your company. Maybe they don’t want to live in Kansas City, or the move is too far for them. Maybe they don’t care for the local school system. Or maybe they were thinking of leaving anyway and the relocation provides them with that break. Or it could be that there is no incentive to make the move with you.
This is why it’s wise in some cases to offer an incentive for your employees to relocate with the company. You could offer to pay for some of their moving expenses, for instance, or promise them bigger and better offices in the new digs. Whatever the case, don’t discount the impact of the move on your workers, and be prepared to compensate them for the inconvenience.
Consider the change in lifestyle for your employees as well. Is the cost of living much higher in Kansas City than your existing location? Expect many employees to opt out of the move if they can’t reasonably afford a new home in a new city.
Map Out Your Relocation Carefully
If you fail to do this, there will be all sorts of obstacles and challenges that can make the transition more difficult than it has to be. A change in location is a major change in your organization. Don’t take it lightly, or assume everything will come together at the last minute. Plan well in advance for the change, taking into account logistics, employee impact, vendor impact and more.
Connect With Local Business Organizations
Part of planning is looking ahead and connecting with invaluable resources that will help make a more seamless transition. Check out the KC Chamber of Commerce to find helpful resources in the area. Research the business climate for your industry prior to making a definitive plan to relocate your business here.
Head to the City of Kansas City government website for help with businesses or KCSourceLink for your guide to entrepreneurship. Inquire about state laws, policies and regulations that affect your specific industry. Seek advice from local community and business leaders.
Analyze the Costs
Cost is a factor in any business move, so don’t discount this consideration – no matter how attractive the tax benefits would be. You’ll have to make a compromise between business expenses, employee quality of life and target market of your products and services. Take a look at data trends on demographics, consumer spending, lifestyles, and more. This can provide insight into anything from customer accessibility to commute times.
Making smart data-driven decisions is key in being a successful KC business owner. Check with the local economic development office or commerce department to get information on cost of living, average home sale prices, average lease and rent costs, etc.
Know the Potential Talent Pool
In the event you lose employees to the relocation, and you most likely will, you have to be aware of the future talent pool you’re jumping into. You want to be assured of access to highly qualified workers in case you experience high levels of employee attrition. College towns historically provide a lot of new talent, but don’t discount areas with strong trade schools and community colleges. You could qualify for training incentives to boost your bottom line.
Luckily, Kansas City is home to many institutions of higher learning and trade schools, from which you could potentially draw talent, such as:
- University of Missouri-Kansas City
- Rockhurst University
- Avila University
- DeVry University
- Donnelly College
- Metropolitan Community College-Maple Woods
- Kansas City Art Institute
- Calvary University
- Manual Career Tech Center
- Concorde Career College
Consider Pros and Cons of Renting, Building and Buying
Most companies find that renting or leasing a space is the most cost feasible option for them, due to fewer upfront costs and no long-term commitments. Rental spaces are generally best because they give your company greater flexibility should you expand in the future.
But sometimes it makes sense to buy or build a commercial space. New construction, for example, can offer incentives in the production of new jobs or can include energy-efficient elements as part of its design. You can take advantage of a long-term mortgage with fixed costs, rent out an area of the building to spur new revenue streams, and enjoy tax write-offs from property taxes and mortgage interest.
Moving a business is complicated. But with plenty of preparation and planning, you are in a better position to prevent the common pitfalls that can pose challenges with a move to Kansas City. A business move can be a rewarding, exciting and profitable endeavor if you do it right!
Contact Moving Proz
Part of planning for a successful move to KC means finding and hiring the best movers in the area. That’s us! We have vast experience in handling commercial and office moves of all sizes in and around Kansas City. Just contact us at 785-201-9195 to get started with a free quote on our far-reaching business moving services