Prospecting for the right site for your business
By Brett Traver, Business strategist, Fond du Lac County Economic Development Corporation
The real estate mantra “location, location, location” is always on the mind of anyone seeking a building site. However, few may realize the details that go into determining that ideal location.
Retailers for example, must consider not only consumer traffic, but the right consumer. Manufacturers on the other hand are more interested in the location of suppliers, customers, and workers. One constant is cost which must fit the budget. Costs are not limited to the rent or purchase price but include taxes, utilities, and fees.
The other constant for any site prospecting project is having good information. The right demographic information and understanding what it means can be the key in a business’s success. The staff at the Fond du Lac County Economic Development Corporation (FCEDC) is available to bring the right information to the table and then help you think through the strategic decisions you need to make.
Site prospecting – do it successfully and no one knows. Fail and the world knows as you lock the doors for the last time.
For a retailer, we can turn to trade associations and other databases to learn more about the specific retail niche including what the customers look like, what are the industry trends and the average industry profit margins. Then we can use GIS mapping to show where likely shoppers live. We can also research the competition to determine what they are doing and map their locations.
For the manufacturer making a site location decision, FCEDC staff can take the information about potential suppliers or customers and expand the list using database information. We can then map the locations with drive-time information. We also have detailed workforce information so that we can help determine the wage rates for different types of workers.
With all this information, we then start the property search. An FCEDC business strategist will be able to work with you to determine what available properties fit your needs, provide information on the properties, and after a tour of the facilities you will be able to determine the best fit.
Site prospecting is part of the work of starting and running a business. The best marketing campaign or useful product won’t matter if your rent is beyond your budget or your customers can’t find you. Site prospecting – do it successfully and no one knows. Fail and the world knows as you lock the doors for the last time.
