How does location impact your business?
As a Swedish entrepreneur living in Cyprus, I know how much impact your location can have on your business. I relocated for the first time at 18-years-old to Malta, and the difference that decision made to my life since has been phenomenal. You can read how I did this here.
I then moved to Cyprus where I currently live and run my business from, and haven’t looked back. In Cyprus, I benefit from; low cost of living, beautiful weather, and nature, friendly people, and advantageous tax rates – read more about this here.
However, this journey wasn’t so straightforward. I also wanted to see the world and experiment with being a digital nomad – somebody who lives and works from anywhere in the world – so that’s exactly what I did. As a digital nomad, I got to travel and make incredible memories while earning money instead of burning through it, like a typical tourist. Check out the 20 best digital nomad cities to live in and my top tips here.
The pros and cons of relocating for your business
Many people dream of relocating their business to a sunny island or entrepreneurial hotspot, but it’s a huge life decision that needs to be taken seriously. Consider every aspect of your move and think about the pros and cons before you make your decision to avoid any regrets later on.
The pros of relocating your business
- Financial benefits. It’s no secret that some countries offer much more lucrative tax benefits than others. Other costs like office space, salaries, and employee benefits vary widely from place to place too.
- Networking. Moving to a business hotspot can present you with a lot more networking opportunities and the chance to make new business connections and friends.
- Inspiring surroundings. Moving somewhere you’ve always dreamt of can be a great inspiration to carry on the difficult entrepreneurial journey. Whether it’s beautiful beaches, a nicer climate, or ambitious entrepreneurs, surrounding yourself with inspiration can transform your productivity.
The cons of relocating your business
- Leaving behind your friends and family. You may miss your existing network, and let’s face it, there’s no place like home. However, that doesn’t mean you can’t visit frequently or make a new home somewhere else.
- Disruption. Moving can be a great disruption to your personal life and business, and add a lot of extra stress. Businesses that require physical spaces will find this disruption greater, whereas digital businesses tend to be more portable.
- Moving costs. Moving can come with a hefty price tag. This will vary depending on your lifestyle and business but be prepared for costs such as moving vans, flights, and short-term stays.