Business owners are no strangers to thinking about the future. With markets, consumer attitudes and countless other factors changing at a breakneck pace, “looking down the road” has never been more important.
Before anything else, you have to determine if expanding or relocating your company makes sense economically. Begin by assessing local population trends. Selecting a location in an area showing positive population and market development better positions your business for success and sustained growth.
Consider the influence of nearby competitors on your business trajectory. If the market appears to be oversaturated or heading in that direction, exploring new locations will likely be your best move. On the other hand, if your business offers something unique or innovative, selecting an area with an established market can swiftly attract customers and create invaluable momentum.
You’ll also need to account for your business model and its operational needs. For instance, if your business specializes in e-commerce, prioritizing a location with streamlined logistics and proximity to shipping hubs would be crucial. Bottom of Form
Lastly, delve into the history of businesses in the chosen location. If multiple businesses have previously failed, investigate the reasons behind their failures. If there’s a risk of encountering similar challenges, you may want to search elsewhere.
Businesses cannot run by themselves. A skilled and diverse workforce not only contributes to your enterprise’s overall success; it’s necessary for its survival.
Evaluate the local workforce in terms of size and skillsets that align with your business needs. For example, let’s say that you decided to relocate your business to Altoona, IA, a fast-growing city located 10 minutes east of Des Moines. A quick look at Altoona’s workforce data shows you which industries have the most skilled personnel: healthcare, finance/insurance, retail and manufacturing, to name a few.
If you’re recruiting employees who aren’t from the area, think about how your chosen location would impact their quality of life. Consider things like housing affordability, educational and professional development opportunities, and recreational amenities.
When it comes to your business’s logistics, a well-chosen, accessible location isn’t just about convenience. It’s the key to streamlined operations, lower transportation costs and improved efficiency.
As you evaluate different properties, pay close attention to proximity to transportation hubs, major roadways and essential facilities—considering the experience of customers and employees traveling to reach your business. Make it a priority to select a place that makes moving goods and people as easy as possible.
UTILITIES & INFRASTRUCTURE
Picking the right location also means looking at utilities and infrastructure, which are crucial for controlling costs and stability. For example, if you were selecting a site for a new data center in Iowa, Altoona would likely be high on your list for a few reasons.
The city has an extensive fiber network, comprised of numerous providers, that ensures local companies have access to reliable high-speed internet. It’s also powered by affordable and renewable energy sources—helping to reduce costs and environmental impacts.
Furthermore, transportation infrastructure is especially important. Opting for a place with safe, dependable and robust infrastructure, like Iowa, supports long-term operability and makes it easier to carry out future expansions.
BUSINESS REAL ESTATE
One of the final things to consider is the type of facility you’ll need to support your new business location. It all depends on the size and scale of your operations.
For instance, if you’re a large manufacturing company looking to build a new factory in Central Iowa, you might seek out an Altoona development property like the 9th Street NE Development Sites. On the other hand, if you’re a small business needing only a thousand or so square feet of retail space, you’d have plenty of options along 8th Street SW—the street running through the heart of Altoona’s retail and entertainment district.
In any case, it’s paramount to conduct a thorough financial analysis, including property prices and associated costs, to ensure your chosen property is fiscally sustainable for the long haul. You’ll also want to choose a location that not only meets current needs, but also offers potential for future business expansion and growth.
FIND AN ALTOONA COMMERCIAL PROPERTY FOR SALE/LEASE
Ready to make the move and capitalize on an expanding business opportunity in Iowa? Whether you’re a business owner searching for commercial real estate for lease in Iowa, or a developer looking to get the most out of your business real estate investment—the City of Altoona is a prime destination.
There are roughly 1,600 acres of development-ready land and an abundance of commercial buildings available in our business-friendly community. Plus, Altoona property sales are often supported by exciting incentives, grants, and tax credits.
Whether it’s finding the right Altoona commercial property for lease, understanding incentives, or planning for future expansions—the City of Altoona’s Building Department can provide an array of resources tailored to your relocation needs. To get in touch, please contact Chad Quick, Economic Development Director for the City of Altoona.