9 factors you need to consider when selecting a new site for your company

Let's imagine the company you work for has grown tremendously over the past several years and is looking to expand. Let's also imagine you've been tasked to lead the expansion. You have one goal: find the perfect place for your company to grow. You have many options nationwide and multiple competing offers for your company’s presence. But you’re one game-changing surprise away from this expansion effort falling through. You can’t afford to add extra risk or lose time and money.

Whether it's a new headquarters to accommodate a growing headcount, another distribution center to reach customers on the other side of the country more cost-effectively or adding a manufacturing facility to onshore jobs, there are several things you'll need to identify as you begin the search.

Below are nine important factors for finding a site that will meet the needs of a business expansion or relocation.

1. Size. Acreage. Square footage. Speculative buildings that can be customized to fit your business. Whatever your needs, be sure to visualize and document the right fit for your new site. No matter what state you're considering for future investment and growth, you should be able to find an online property search tool that will allow you to explore available buildings and lots by size.
2. Logistics. Go where you want to go. Be where you want to be. If you wish to be near an airport or water port, be seen from a highway or next to a railway, location is everything. Getting acquainted with a state's infrastructure and understanding how it will help you reach customers more efficiently, now and in the future, is imperative to keeping you running without interference.
3. Initial investment. You need resources to match your vision and a clear pathway forward with sustainable growth. How much is your company planning to invest in your new business location, building, machinery and equipment?
4. Scalability. Why invest big for a short-term stay? Choose economic development partners obsessed with your bottom line and committed to helping you grow for the long haul. For example, Ohio's economic development entity, JobsOhio, is private, so there's less red tape, and with our unique funding model, we can customize our assistance to your needs quickly. Ensuring your business thrives in our state is why we're here - to create jobs and build ROI for Ohio.
5. Utilities. Accurately estimating your anticipated electric, water, fiber, gas and sewer requirements can save you money and help you avoid emergencies downline.
6. Due diligence. You can't afford game-changing surprises, like endangered species or historical landmarks, to derail your development timelines. Make sure the land is vetted and authenticated. Keep in mind that not all authenticated sites are created equally. Be sure your economic development partners are guaranteeing that the certified sites they're showing you are construction-ready on day one - and be sure you understand what that means to them.
7. Talent. Finding a perfect site is one thing. Finding the perfect workforce is everything. Access to talent is one of the biggest issues facing American companies today. Look for a partner in economic development willing to support your business in hiring and training the workforce your company needs to drive momentum and increase the bottom line when the new location opens.
8. Timeline. You can't afford the time, money or geopolitical risks of getting this wrong. Look for partners to help you get it right the first time, which gets you further faster. In Ohio, we routinely perform in-depth statewide site and building searches as a free service for companies within our targeted industry sectors. It's something we think you should expect in an economic development partner.
9. Incentives. Plenty of states offer incentives for you to set up shop, as they should. Keep your standards high and be bold in seeking out more than price­of-entry pitches. When comparing states, look for ease of access and funding timelines to support your project when you need it and for the long term.

If Ohio isn't already a state in your consideration set, perhaps it should be. Ohio is making sizable investments in site readiness and preparation to attract economic development projects of all sizes and is continuing to rank among the top U.S. economies.