You poured a lot of time, money and effort into a building your company. Despite that investment, it’s possible that you’d do even better by relocation your headquarters or even your entire business to a new state. Here are some of the more compelling signs that it is time to make that move.

Client Proximity

Let’s say you set up shop in New York City because that’s where you live. Only now you spend half of your life on planes because most of your clients live on the West Coast. If your client base lives at a substantial remove, moving your headquarters makes sense. It reduces your travel time and makes you more accessible to your clients.

Real Estate

Sometimes you need more space, but real estate prices are often crushing in high-profile cities. Moving can save you big money. Switching from Miami office space to Atlanta office space can save you $176,000 for every 1000 square feet. Of course, relocating is tricky for businesses with sensitive electronics. You need to pick a mover that understands how to pack that equipment. A business moving from Indianapolis to St. Louis, for example, might pick Bekins Van Lines Inc. for that very reason.

Tax Benefits

Moving your headquarters isn’t just a way to save on real estate. A different state may have lower or no corporate taxes. Wyoming and South Dakota impose neither individual income tax nor corporate income tax. Some states offer tax incentives if your business will create jobs in the state or you’re involved in specific industries. Programs vary considerably, so you’ll need to check the details on a state by state basis.

Attract Talent

Attracting top talent was always a challenge for businesses. These days, finding qualified talent is becoming increasingly difficult in areas as diverse as marketing, IT and manufacturing. Even so, location can play a role. Information technology pros are migrating away from Silicon Valley to other cities, such as Seattle and Charlotte, NC. If your labor pool is too thin, relocating may be the best and only solution.

New Markets

Not every business is a good fit for every environment. A steakhouse in Texas is a pretty sure bet, despite the competition. A raw food café in Texas will probably struggle outside of Austin’s “keep it weird” culture. A new location can be just the ticket for opening up a receptive new market for a business struggling at its current location.

Setting up your business in a particular location almost always means making a psychological investment in that place. You need to be careful not to let that psychological investment blind you to the potential of another location. It could turn out to save you money, open up markets, improve your talent pool and get you closer to clients.

Author's Bio: 

Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.