From packing to organizing to shipping, moving is always stressful. And that goes double for moving your business. Toronto is a huge metropolis and moving your business there can be a good step forward. But, there are necessary things to consider when weighing out pros and cons when you want to relocate your business to Toronto. If you rush in, you are sure to make costly mistakes.
Do research before you relocate your business to Toronto
Toronto is a huge metropolis and the economic recession that devastated the US hardly impacted Canada. By having strong, highly regulated banks and well-educated workforce Toronto stayed a business giant.
Figure out Toronto economics
The strength of Toronto’s economics comes from its business diversity. Having a very diverse and well-educated population has made Toronto an excellent place for startups and aspiring companies. And the city is also helping with local businesses with many available incentives like resource conservation and energy efficiency incentives offered to buy Better Buildings Partnership. Also, Ontario Centre of Excellence provides funding for fast-growing entrepreneurs. But, same as free healthcare, those state incentives are funded by larger taxes than the US. Figuring out how much you will have to pay will give you a good idea on how to approach starting your business in Toronto. Different taxes apply whether you are a startup, or a company and knowing how to legally call yourself will save you from unnecessary financial troubles.
Is your business better in Toronto?
Having such a diverse and well-educated workforce makes Toronto a great place for hiring good workers and business partners, but think if Toronto is for you. You will most likely have to live in Toronto and figuring out what its like will prepare you for that next stage in your life. If you-you are doing well in your area, and you have a business that is well situated think twice about moving it to Toronto. Not only will you be losing home customers, but you will have to get used to business practices that may not be common in your hometown. Consider living in Toronto for some time before completely moving your business here. Try contacting people who have similar businesses with you. Canadians are nice and should be more than happy to share their industry experience if you ask them. Buy living there you will find out the vibe of the city and whether you and your business can thrive in it.
Cost of living in Toronto
The monthly cost of living in Toronto without rents is $1147. That is without rent which is $1390 – $1795. So you are looking at that between $2537 and $2942 that you will need every month. Now you need to ask yourself can you make that much with your business? Having money saved up is a necessity. All beginnings are hard and expect that the first couple of months will be more difficult than you expect when you relocate your business to Toronto. Hey, if you blow up right away, and you start making a lot of money, more power to you. But be prepared. Also, you would like to live close to your company, therefore, the neighborhood in which your business is located will have an impact on how much you spend every month.
When you move
To avoid unnecessary headaches and financial mistakes there are things you can do so that when you relocate your business to Toronto its easy as possible.
Organize carefully your move
Careful planning and organization go a long way. Especially when you are moving your company. Sorting, packing and labeling everything is a must and shouldn’t be done in a haste. Make a list of everything you are packing in order to avoid losing something during the move and not realizing that it be lost. Get enough packing material like bubble wrap, boxes and tape to make everything ready for the move and to avoid damaging your property.
Hiring a company
When moving a business it can be a lot safer to hire professionals than to try on your own. Mistakes that you make when you move your apartment can be easily mended, but those kinds of mistakes can be really costly when moving a business. It is essential to hire a decent moving company in Toronto. Ideally, you want to hire someone local so you can check their equipment and agree on terms face to face. They will need to make an estimate on how much will it cost to move your items. More then ever you will feel the urge to save as much money as you can, but if the estimate sounds too good to be true, it probably is. It’s not common, but some companies take your things hostage and then try to renegotiate prices of the move. Check if the company you are hiring is reliable.
When moving your business to Toronto you will have to you will need to look out for yourself more than ever. These times will be stressful and the last thing you need is getting sick. Make sure you are getting at least eight hours of sleep. To lower the stress, make plans on what should be done each day and make room for mistakes. Eat mostly meats, fruits, and vegetables. Avoid sugars and caffeine even though you might feel that you need a boost of energy. With sugars and caffeine, its temporary boost and lasting effects will leave you fatigued and sleepy. Even when you finish moving, the start of new life and business will be difficult so staying healthy is paramount. You are saving on both time and money.
Final checks when you relocate your business to Toronto
There are things you should check before you move to Toronto in order to avoid mishaps.
- Check your financial situation and financial requirements of your life in Toronto. Figure out when would be a good time reconsider your move, if necessary.
- Check legal paperwork. Especially if you are moving from a foreign country. Make sure you are entering the country legally. That includes your visa, your taxes, and your worker’s paperwork.
- Remember that you are not done once you finished moving your business to Toronto. The fun has just begun.