In today’s economy, business is changing rapidly. As a result, the site selection process for companies looking to relocate or expand is complicated. Businesses need to ensure that the location is cost-effective, has access to the resources and talent it needs to operate, and supports long-term business goals.
Companies that are looking to expand or relocate need to evaluate a number of factors to find their ideal business location. In the content below, we explore the most important factors to consider in site selection – and a great Illinois county to open a business.
Business Location: Important Factors to Consider for Site Selection
Proximity to Major Markets
While businesses may want to locate close to clients or consumers, access to the supply chain is becoming even more critical. Consider the proximity to major markets, through road, rail and air when selecting a location.
Cost of Doing Business
Understanding the cost of doing business is essential, and choice in business location can affect this. Construction costs, rents, taxes, utilities, and wages are some of the costs to compare and consider when selecting a business location. These costs can vary by municipality, county and state.
How do local, regional, and statewide policies effect your business? Understanding the business climate of the community you are considering is important. It’s important to have a predictable and business-friendly environment to operate.
Does the community you are considering have the workforce you need for your business to operate? Indicators of this include total existing workforce in your industry, educational and training institutions that have programs focused on the talent needs of your company, and local workforce initiatives to ensure the community has a pipeline of talent in the future.
Workspace Amenities and Environment
When selecting a specific office, industrial, or retail location, consider your needs. Does the building and surrounding area meet your requirements to run your business? This includes building amenities like kitchens, fitness centers, lobby, etc. as well as proximity to public transportation, restaurants, and more.
Will you and your employees enjoy living and working in the location you are considering? Public education, recreation, arts and culture, and entertainment are important aspects to consider ensuring your employees will thrive in the new location.
Access to Industry Resources
When selecting a business location, consider the industry resources available to supporting businesses. This includes industry associations, institutions, regional partnerships and collaborations, as well as incubators, accelerators, and more.
These important factors to consider in the site selection process are not comprehensive. However, they provide an excellent platform for success. Below, we explore one great Illinois county to open a business.
DuPage County: A Thriving Business Location Opportunity
Overall, DuPage County is a thriving community, with a strong economy, abundant opportunity, and satisfied people and businesses. The community boasts nearly 700,000 jobs and 90,000 businesses – a proven, premier global business location. In DuPage County, commercial property taxes are kept low, so businesses can flourish. The County maintains a balanced and conservative budget and supports collaboration between public- and private-sector leaders. Additionally, no single industry represents more than 10% of the economy, ensuring a variety of industries have the right conditions to flourish.
With the highest educational attainment in the State, over 50% of DuPage County residents over 25 have a bachelor’s degree, and 1 in 5 have a post-graduate degree. Companies are consistently employing an educated and skilled workforce, fluent in a range of industries – from technology, manufacturing, and logistics to healthcare.
Quality of Life
The best workers will always choose where they live, putting an emphasis on quality of life. DuPage County leaders understand that quality of life is crucial to economic health. Businesses require talent, so the county has developed a community where businesses, individuals, and families can thrive. DuPage boasts over 358,000 households and nearly 1 million residents. With beautiful forests to explore, culture to experience, and national-caliber schooling opportunities, DuPage offers a one-of-a-kind quality of life for the best employees – and happiest families.
A Location of Endless Opportunity
As a new business in DuPage County, opportunity arrives at every direction.
Only a short drive away, O’Hare International Airport allows for a flight across the world in moments, smoothing the hassle of air travel for executives. O’Hare boasts over 30 passenger airlines and 12 cargo carriers. The airport services non-stop flights to 200 cities around the world and is ranked second in the nation in passengers and airplane operations. DuPage County also provides access to two other international airports—Midway and DuPage Airports.
For easy access to every region of the United States, DuPage County is connected to the nation’s largest railroad hub through Chicago. The region is the only place where all seven Class-One North American Railroads interchange traffic. This includes the Union Pacific, Elgin Joliet, and Easter, Illinois Central, Milwaukee West, and Burlington Northern Santa Fe lines. Each day, the Chicago metro region exports 500 freight trains, 2.5 million tons of cargo, and 37,500 carloads of rail freight.
Along with the surrounding region, DuPage County is serviced by PACE, one of the largest bus services in the country. For a simple, easy commute, DuPage Country thousands of residents utilize the bus system daily. DuPage is home to 23 Metra rail stations with nearly 500 miles of rail.
DuPage County is close to North America’s largest inland port, the Centerpoint Intermodal Center. The Center allows for direct access to the BNSF logistics park and the Union Pacific Joliet Intermodal Terminal.
Choose DuPage Economic Development Alliance
Choose DuPage is the collective voice of DuPage County’s business community. We are dedicated to growing and attracting businesses, supporting county-wide economic development initiatives, and addressing policy issues critical to the needs of the regional economy.
Choose DuPage provides site selection assistance to businesses looking to expand or move their companies to DuPage County. To learn more, contact Choose DuPage at (630) 955-2090 or click here to request information.