Ideal Selection Criteria

Hocking Hills State Park

Know the criteria for successful site selection

The location needs of entrepreneurs are different from those of established businesses that already have access to many resources that new companies must find. Established businesses may already have internal laboratories and R&D departments. They have an existing supply chain. Experience. Knowledge and partnerships. And they usually have access to capital that new businesses do not. That makes the location selection for established companies much more flexible. While an entrepreneur must find the perfect balance of resources and low costs, an established business can draw from its existing networks. For the entrepreneur, it's get it right or else.

Learn more about why Enterprise Appalachia is the ideal location for your business. Read what Inc. magazine has to say about the region.

Enterprise Appalachia: Market Access White Paper

Enterprise Appalachia: Supply Chain Optimization White Paper

Enterprise Appalachia: Access Knowledge and Labor White Paper

Enterprise Appalachia: Access Capital White Paper

Enterprise Appalachia Tax Brief

What the experts say

So what makes for an entrepreneur-friendly environment? There are a variety of factors that must be considered. Entrepreneurs who don't plan carefully often make the mistake of focusing on just one or two of them. For example, an area may offer tremendous tax incentives, which help in the short term, but if the area lacks a good transportation system or an affordable, skilled labor force, the long-term profit picture could be dismal.

Most experts agree there are four selection criteria in finding the ideal location for an entrepreneurial start-up. Research your options and make comparisons. When you match the ideal site criteria for your business against local assets and expenses, you may be surprised which location provides the perfect balance you need to thrive.

Access to capital.
For entrepreneurs, raising start-up funding is one of the most critical and challenging elements of launching a business. Do local officials support companies looking to raise investment capital and other start-up funding by maintaining relationships with angel investors and angel funds, venture capital firms, private equity groups, and investment banks? Does the location offer funding sources not available elsewhere and does it work with entrepreneurs to make access to capital easier to obtain? The cost of doing business is the other part of this equation. How efficiently can precious capital be utilized? Lower costs for real estate, rent, transportation and labor allow the entrepreneur to devote more precious capital to product and service development.
Access to knowledge.
Great companies start out as great ideas. But commercialization of even the best idea requires development. The ideal location is close to a strong, cooperative academic community that delivers a skilled labor pool, the latest technologies, research and development, and knowledge relevant to the business. It has networks of other experienced entrepreneurs and successful business people ready to share their expertise. It’s an environment that encourages and stimulates the sharing and transfer of knowledge to the benefit of the entrepreneur.
Access to supply chain.
Can you easily obtain the materials and services you need to make your business a commercial success? Preferably, the parts, ingredients and supplies you need are produced locally. Those that are not must be readily and affordably available through a strong, efficient transportation infrastructure.
Access to market.
Likewise, the ideal location is close to your market and customers and provides the infrastructure necessary to serve a global market.

Work Life Balance

We also believe that the ability to achieve your business success without having to sacrifice your personal life is a critical consideration. Being an entrepreneur is hard work. Not only challenging for you, but often a strain on relationships with your family and friends as well. In the Enterprise Appalachia Region, you can find a perfect balance between work and life.

You may be interested to know that research is beginning to document what you may have always believed - a balanced life has a positive impact on productivity, happiness and health. Traffic congestion, high cost of living, and lack of time to spend with family and friends are factors that impede your ability to enjoy everything life has to offer. In the Enterprise Appalachia Region, you can have the time to deliver your business goals and to be a productive member of your community and family.

Review the research studies, articles and testimonials and other resources: