3 Things Business Leaders Should Do When Looking for Their Second Location

3 Things Business Leaders Should Do When Looking for Their Second Location

Buying second location for your business is not any mean feat. No two companies have the same conditions for another headquarters, but these pointers can help you get the procedure started whatever where you are or industry. There is no place like home, specially when it involves starting an enterprise. When my co-founders and I first started out our company – Covo, a coworking space – we setup shop inside our home city of SAN FRANCISCO BAY AREA. It had been where our people and systems were, and we grasped the city’s particular dynamics and civic politics.

However when it came a chance to open up another headquarters, the complete continental USA was suddenly in mind. The place to start? Which city possessed the best confluence of conditions we were seeking? After scouring options in the united states, we made the decision that St. Louis was the perfect location.

We’re not the one ones considering the visit a new location to call home. Amazon is, of course, narrowing down its set of applicants because of its second headquarters, and companies like Apple are on the hunt as well.

1. Make a set of specific criteria.

Having a set of conditions (including a inviting community, affordability and navigability) offered us a concrete way to filter down our options. Amazon is doing a similar thing on a much bigger scale. Soon after naming its finalists for second head office, the internet large started describing the characteristics it is seeking, including education, travel and labor force. These characteristics are just three over a set of 200.

Looking for specific traits can help your team find out-of-the-box options rather than just following money. Technology hubs like Silicon Valley and Boston could easily get more capital raising funding than other areas of the united states, but the areas will work hard to innovate despite obtaining less capital. The Kauffman Foundation’s latest Development Entrepreneurship Index accounts that Atlanta, Georgia; Columbus, Ohio; Nashville, Tennessee; Washington, D.C.; and Austin, Tx, will be the five areas starting the most entrepreneurial expansion. Don’t be worried to check out your biggest priorities, even if indeed they take you from the beaten path.

[Do not forget to read: How Real Small Businesses Adopt Technology]

2. Use digital resources to slim your search.

Whether you utilize Yahoo Maps to see what amenities are in your possible places or research a city’s walkability report (that was critical for we at Covo), there is absolutely no scarcity of digital tools to help your team find a city that satisfies all your needs, no subject how small.

These digital tools can also help you find just how many startups are in the next area as well as just how many accelerators or incubators will be near your team. Many of these factors helped we decide where you can build our second head office. Once you have narrowed your search to several markets, get in touch with an agent in all of them. Get yourself a real house search heading – it’s free, and broker agents get access to even more info than laypeople like us.

3. Visit your top choice before getting too fired up.

Suppose you’ve found a city that complies with all or almost all of your conditions. You’ve contacted an agent, and property options for your brand-new office are up for grabs. Can get on a airplane or in an automobile and visit your top choice. You will need to see, smell and walk around your company’s potential new home. Meet local people and have them questions. Speak to cab or ride-share motorists. If there is no spark, get one of these second search or quest to your second-choice city.

When we became aware that St. Louis, of most places, was our top contender, we made a decision to take a look. We continued a real house travel to scout out numerous options and get a feeling of the location itself. We viewed the technical, startup, food, caffeine and brewery views as well as local education opportunities. Between those benefits and our lead buyer contrasting purchase-to-rent ratios, we dropped in love. Browsing personally made all the difference for all of us and switched a city we understood little or nothing about into one we were thrilled to keep discovering.