The ever-famous “location, location, location” mantra is more than just a phrase to the wise; it should be the first thing that comes to mind when looking to open your business. Whether franchising or preparing to open a food or retail business, opening up shop at a specific location is a crucial step that can stimulate or crush your success. Check out our 4 tips to help you make a wise choice in finding the perfect location for your company.
Only minutes from McAllen, Edinburg and Mission, Alamo is an emerging city that has a $500 million retail demand potential with a 119,480 daily traffic count! Find out what we can do for you!
Types of Locations
The location you choose should depend on what your business categorizes as. Here are some general categories most business locations entail:
- Retail spaces range from enclosed malls, freestanding buildings, shopping districts, airport retail areas, hotel lobbies, stadium merchandising areas and special event or temporary venues.
- Commercial spaces offer retail opportunities plus more options with downtown districts, business parks and executive suites.
- Industrial spaces involve distribution or manufacturing. They are usually warehouses that have enough space for industrial tools and machines.
Price
This is a major contributor when deciding on a location for your business. Weigh your budget and the space you need depending on your business category. Keep in mind that locating in the heart of a city will be more expensive than the outskirts. Businesses have found success in rural areas despite the allure of a city. Keep a list of prices, the amount of space being offered and any other information regarding leasing, purchasing and other costs, like utilities.
Potential
Why would you invest in an area you don’t believe in? Don’t place money on a losing bet. Research your location and what is being planned for the future. You don’t want to locate in a downtown area that’s going downhill with consumers. Are there plans for expanding your potential local business area? How does a city treat its businesses? The most crucial factor of all, though, is how you see your business in a few years after locating.
Check Your Demographics
Do your research on consumer demographics for the area you’re interested in. Does the area target your demographic? Look for where your consumers are located or where they like to shop. Is your location an international hub of activity or is it a local shopping district paradise? Also look at adjacent areas as they might affect your brand or trademark. Your location can play a big part in your image and credibility.
Local Incentives
Are you zoning in on a few areas for your business? Look for local incentives to weed out your choices even further. Cities want for you to do business in their area since it helps the local economy! Some of Alamo’s incentives include:
- Various grants to new and existing businesses based on available resources and only for offsite improvements where the resulting asset falls within public domain, such as water distribution, sewer collection, drainage, medians, street lighting, etc.
- The Intermediary Relending Program works when economic development corporations (EDCs) borrow money from the USDA at 1% for a maximum term of 30 years and acts as intermediary relending money to ultimate recipients.
- The Rural Business Enterprise Grant (RBEG) provides grants to EDCs for rural projects that finance and facilitate development of small and emerging rural businesses while funding distance learning networks and employment-related adult education programs.
- Tax Increment Reinvestment Zones (TIRZ) that finance projects within identified areas of a city.
- The Revolving Loan Program serves as a source of money and is specifically made for multiple small business development projects.
We Can Help
If you have narrowed your location to South Texas, the Alamo Economic Development Corporation is ready to help you locate here! With available incentives for your business, being a part of the fifth largest metropolitan area in Texas and having a retail potential of over $500 million, the City of Alamo is the perfect location for your franchise, startup or retail business. For more information about the Alamo EDC and the incentives that best suit your business, contact us at 956.787.6622.