Picking a location for a new business can feel daunting. Similarly, established businesses may move or expand into new states or regions for various reasons, such as gaining access to a bigger labor pool, seeking a more business-friendly regulatory environment, expanding into new markets, and more.
From finding the right properties to navigating local laws and incentives, the process involves a myriad of challenges that can overwhelm even the most experienced entrepreneurs. Fortunately, local Economic Development Corporations (EDCs) can provide valuable insight and resources to help business leaders make informed decisions about site selection. Here’s how EDCs provide the resources you need as you search for a new site for your business.
What is an EDC?
Economic Development Corporations are local nonprofit organizations dedicated to fostering economic growth within a specific region—usually a city, county, or state. They collaborate with local governments, businesses, and community leaders to create a favorable environment for business development.
EDCs hope to attract new businesses, keep existing ones in the area, and foster sustainable economic growth in their communities. Here are some of the ways they can help as you research a potential new site for your business.
Access to Comprehensive Market Data
Understanding the local market is one of the first steps when selecting a new location for your business. EDCs can provide business owners access to expansive market data, including demographic information, consumer behavior insights, and economic trends. This data is crucial for making informed decisions about where to establish your business. You can identify potential opportunities and challenges in various locations by analyzing this information.
Help with Site Selection
Finding the perfect location for your business involves more than just choosing a spot. For example, industrial businesses may seek properties conveniently located near major highways, with rail access, close to a port, or meeting various other conditions. EDCs can assist with site selection by providing information on available properties, zoning regulations, and transportation and utility infrastructure. They often have databases that can help you find a location that suits your needs, whether that means space in an industrial park, blighted properties ready for teardown and rebuild, factories that can meet specific power requirements, or something else.
Finding Incentives and Navigating Local Regulations
Local laws and regulations can vary widely between municipalities, counties, and states. Failing to understand the complexities of those local rules can do extensive harm to your business. Thankfully, EDCs are well-versed in these local nuances and can offer guidance as you apply for permits, seek to comply with zoning laws, and figure out whether you are eligible for various tax incentives. They can also help you identify and apply for grants or other financial assistance programs in the area that might otherwise fly under your radar.
Building Connections and Networking
Establishing a successful business in a new area can be challenging if you don’t have a champion in the local government. EDCs can connect you with key stakeholders in the community, including local government officials, other business leaders, and potential partners. These connections can open doors to new opportunities, provide crucial insights, and help you integrate into the local business ecosystem.
Support for Workforce Development
Your business can fail fast if you can’t find anyone to work for you. EDCs typically collaborate with educational institutions and workforce development agencies to ensure local workers have the skills that the local businesses need. They can help you find qualified candidates, establish training programs, and build partnerships with local colleges and technical schools.
Promoting Your Business
Once your business is operational, EDCs can help you establish your place within the community by allowing you to participate in events, marketing campaigns, and networking opportunities. This increased visibility can help attract customers, partners, and investors, contributing to your long-term success.
Economic Development Corporations are valuable partners for businesses looking to establish new locations or move existing ones. By leveraging the expertise and connections of your local EDC, you can navigate the complexities of relocating or siting your business more effectively and set the stage for long-term success.
About Phoenix Investors
Founded by Frank P. Crivello in 1994, Phoenix Investors and its affiliates (collectively “Phoenix”) are a leader in the acquisition, development, renovation, and repositioning of industrial facilities throughout the United States. Utilizing a disciplined investment approach and successful partnerships with institutional capital sources, corporations and public stakeholders, Phoenix has developed a proven track record of generating superior risk adjusted returns, while providing cost-efficient lease rates for its growing portfolio of national tenants. Its efforts inspire and drive the transformation and reinvigoration of the economic engines in the communities it serves. Phoenix continues to be defined by thoughtful relationships, sophisticated investment tools, cost efficient solutions, and a reputation for success.
