When choosing a new location for a business, be mindful of workforce development, business model, hidden costs and ad and marketing needs.
While picking a new business location, aim to find a location with workforces that align with your ideal employees. Businesses must be aware that a company’s location plays a role in marketing and advertising costs and plans.
This is because the location will determine the age, gender, occupation and household income of the people in a given area. Whether marketing and advertising spends might be higher or lower will depend on whether or not a community comprises of a good target audience for a business.
Depending on the business model, identify infrastructural needs. To research this, study the success or failure of similar businesses in a location of interest. Research any potentially hidden costs a business could incur, especially in a location that’s notoriously expensive.
[3 minute read]
