Finding the right region for your new business venture: Why it pays to be methodical
Planning to set up a new venture in Europe?
Before you start looking for the ideal site, you need to choose the most promising region(s). You need to develop a shortlist of candidates that are worth studying in depth—but how?
How can you be sure you aren’t ruling out the best destination? What criteria should you consider?
A methodical screening process can help. Start by getting advice from our business development experts and downloading our qualitative decision matrix.
Why it matters
A business development project has tight parameters:
- It must meet strategic goals for your business, such as winning new markets or trimming costs—perhaps by moving closer to suppliers or a large pool of consumers
- It has a timeline, from the moment the investment decision is made to the moment you kick off operations at your new site
- It needs to stay on budget
- ROI expectations are high: the site you choose will have an impact on your company’s business performance
For all of these reasons, finding the right region is a crucial step to growing your business. At this stage—between making the investment decision and exploring possible sites—your task is to develop a shortlist of destinations for in-depth research in the next step.
If you strike promising regions from your list too early, you may overlook the ideal site.
But if you fail to eliminate candidates with little to offer, you could make the wrong choice. Or at the very least, waste precious time and resources exploring sites that will never meet your expectations.
A methodical screening process will help you:
- Choose regions that meet your needs and expectations
- Avoid wasting time and money on destinations that clearly don’t work for your project
- Lay the groundwork for your site specifications