Bringing new business to town always feels like a prosperous maneuver, bringing hope of gainful employment and prosperity to new employees and providing potential to increase the overall economic situation. However, there is more to expanding a business (or starting a new one) in a new region besides choosing any old corner to set up shop. There are many factors that can influence the site selection of a new business. Below, we explore a number of important criteria a new site selection should meet.
Hardee County has identified a number of key industries which would thrive in our region. Businesses that are starting up or are expanding are wise to look into regions in which their industry is both welcome and can stand a great chance of sustaining and growing due to local resources. For Hardee County, we have identified the industries of Agriculture, Manufacturing, Energy, Eco-Tourism, and Technology to show great potential for economic development. While that does not mean industries not included on this list could not do well in the region, it simply means that more growth potential is available for these options. It is easier to set up shop in an area that is welcoming than it is to set up shop in a region that is indifferent or hostile.
One of the first questions a prospective business will ask is if there are business-ready sites ready for their industry. If not, is there adequate space that meets the criteria needed to establish an industrial site? It’s important to know what the prospective business needs in order to establish such a site. If all you need is office space, site selection may prove more flexible than someone requiring a full campus of new buildings with specialized uses.
Knowing a region’s major employers can help a company determine how fierce their competition may be should they set up in an area with other companies in the same industry. It also helps provide a good “lay of the land” for predicting the skill set of most of the local workforce.
Workforce and Training
Once a company knows how many options they have for their potential workforce, they can decide the best course of action for hiring the right people. Companies that require skilled labor may need to provide higher training or educational incentives if a region does not have many workers suitable for their company. Regions which offer many options for prospective employees can prove helpful by allowing a company to determine the best competitive rates and benefits to attract the right people.
Financial Resources and Incentives
Does a region have access to funding for economic development? Is that funding available in the form of resources or incentives? If you are a business owner, it helps to find a region which has funding streams available for economic development use.
Knowing the transportation culture for a region is especially important. Does your business require nearby access to ports for importing goods? What public transportation or parking options are nearby (or provided) for your workforce to get to and from work?