- Funding: As a start-up, funding and support are essential, so do look for business incubation, accelerators, grant funding bodies, as well as venture capital funds.
- Talent: If you are a rapidly growing company, you are going to need to recruit people, so consider whether there are skilled people nearby and check that re-locating staff will want to live in the surrounding environment. Remember that it’s unlikely that 100 clones of yourself will make the best business, so look for diversity in the broadest possible sense.
- Facilities: If your business needs testing capabilities for hardware or software, it is worth considering how far those facilities are from your office. As the orders ramp up you will need to spend more time travelling to use the facilities so chose a location nearby.
- Customers: Every business needs to grow and to do that it needs orders, so look at the location in terms of potential customers and whether there are on-site networking events to help you meet them.
- Collaborators: Innovation often requires partnering with others, particularly as a small business as you can’t possibly do or know everything. Build a partnership and deliver a great product rather than settling for a mediocre one. Before you sign on the dotted line, consider who in the area you may want to collaborate with.
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