A lot of factors go into finding the perfect location for your business, whether you are a start-up company or looking into a new regional opportunity. Considerations such as unemployment rates, market sizing, available resources, and quality of life all come into play when making this big decision. Here are a few important factors to start with when finding a good business location:
#1 Know the Market
It is easy to look around on the internet and find dozens of lists of cities and states that are ideal for small businesses, with information based on a combination of lifestyle studies, statistics, and more. While these can be very helpful, you might want to do a little deeper research than just perusing these commercially produced recommendations. Government market and demographic data can give you a good idea of local market trends, small business lending, demographics, and more for an area. Visit websites such as FedStats.gov or the U.S. Census Bureau’s AmericanFactFinder for this kind of helpful information.
Check back to future posts for some more insights on finding the best location for your business! It is so important to do your homework and evaluate all the information at your disposal before making a decision about where to locate your business.