The best NEW location for your business: Questions to ask

The best NEW location for your business: Questions to ask

On June 16th, 2010, posted in: Uncategorized by Comments Off on The best NEW location for your business: Questions to ask

From Ecodev, LLC:

1. What are the labor needs of the business? (e.g., education, skill level) Since the cost of labor is the biggest expense for most companies, it is important to carefully assess labor needs to find the area that will provide the most cost-effective, qualified labor.

2. Does proximity to clients or vendors matter? If the majority of a business’s clients or key vendors are located in a particular region, it may make sense to locate the business in close proximity to reduce travel or shipping expenses or to provide better (in-person) customer service.

3. Does the business need to be located near a port or rail system? With rising fuel costs, more companies are looking for ways to scale back transportation and shipping of products.

4. How will the local tax situation impact the business? It is important for a business to know all the applicable taxes it will face.

5. What are the business’s property requirements? The cost of property varies dramatically depending on location, up to twice as much. As a starting point, companies should outline the amount and type of space required to operate the business.

6. What is the quality of life in the area you are considering? Before locating a business, companies should ask if the area is recognized as a nice place to “live” beyond a good place to operate a business. Employee retention and future recruitment depend on offering a good quality of life.