8 Signs That a City is the Right Location for Your Business Location
One of the main challenges entrepreneurs face is selecting the right business location. Most businesspersons approach this step with a pinch of salt, and if you’re opening a startup, it even becomes a bigger headache. The fact that you can start your business from anywhere is undisputable. But can you expand your business just anywhere? Getting the right location for your business takes research, planning, and willingness to critically vet all your available options. Cities that attract and support businesses have similar traits…here are the top eight.
1. Available Office Space and Real Estate
A city with adequate real estate and office space enables companies to choose the most beneficial spot for their business. Selecting a location that allows you to create a space that suits your company culture and leaves room for expansion prepares you for success. You don’t need to settle for a middling spot to claim your position in the city. Whether you want to locate your business in an innovation corridor far from the city limits, in the heart of downtown, or both, consider a city that provides an array of options.
2. Diverse Economy
A city home to all types of industries and businesses of all sizes forms an economy that can weather downturns on the national or regional level better than a singularly focused one. Besides that, economic diversity- an array of industries, startups, and business sizes- appeals to millennials and young talent, who don’t like the perception they could become hemmed into a particular job for an extended period. In addition, startup incubators and innovation corridors expand a city’s growth and establish a fertile ground for businesses aiming to relocate or expand.
3. International Connectedness and Proximity
Closeness to suppliers, shareholders, and customers anchors you to countless benefits- the ability to quickly move goods and people at lower costs by taking the lead. However, doing business internationally requires you to have the ability to ship your goods efficiently. Nearness to international airports and shipping sources is a primary consideration. It affects costs, time, and your ability to conduct business one-on-one. When it comes to connectedness, the city should be a welcoming spot for people of all backgrounds. Inclusivity is a critical trait that businesses search for and is suitable for growth. A city that supports arts and culture and the inclusion of immigrants, the LGBTQ community, and other non-natives is worth starting a business.
4. A Talented Population
Does the city you’re considering boast higher education institutions, training programs, or talent bases that can encourage growth in the future? People with the right skills for your business operations are invaluable to growing any business. Search for cities with several universities and colleges, the same businesses as yours, and the town’s record on hiring talents from other regions. Learning institutions like universities and colleges reinforce the vibrance of a city. Tap into them for skills, interns, and sharing ideas.
5. Low Cost of Living
It would be beneficial if each city you plan to open a business ranks high in affordability. However, you must weigh the prestige of a large metro area or a coastal city against its ability to increase your business’ bottom line. Cities with low cost of living are not always strategic spots for tech, but they support thriving businesses. Low business space and payroll costs can create more resources to hire more and invest more in your business.
6. Friendly Financing
Tax incentives and other programs that help you reduce the cost of opening a business in a city are two main ways cities attract businesses. Local organizations that can help you find and secure tax incentives and other programs are even more helpful. Although you can find several investors in your country, it’s best to get local sources of financing, too, mainly if you are a startup.
Good infrastructure is vital to the growth of any business. Water and power supply, good road connections, adequate parking spaces, and accessibility for people with disabilities are signs that your business can thrive in the region.
8. Ability to Put Down Roots
As an entrepreneur, you probably want to start your business in a city where you can live for a while. Therefore, it would be helpful if the city you’re considering is family-friendly and your kids can access high-quality education. Even though you live your business dream, family is one of the essential things in your life.
Cities that exhibit these traits tend to attract money and people. As globalization allows people and money to move more freely than before, a good location will help you lower your expenditure and determine whether or not your business thrives.