When dreaming about launching a startup, it’s a common dilemma where most founders are found asking themselves: Should you find great markets and move to the cities that support it, or should you move to cities you love and create opportunities as and when they arrive? Even though you might be tempted to choose the latter option due to the comfort of living, it is better to understand the pros and cons of the two and then make a decision on what will benefit your company the most as well as yourself in the making.
Being a well-established start-up in Goa, it may be safe to say the city and country you select speaks volumes about your startup. An entrepreneur’s personal happiness and mental well-being are paramount to his or her startup’s success, and when a founder is happy, it reflects in the productivity and work of an employee as well. It’s crucial to feel inspired by your surroundings and have access to things you like to do outside of work. So, if big cities only make you anxious, simply don’t plant your flag in one.
While the location of your startup is undeniably important, how can you know if a certain city would be a great location for your budding business?
Here are three big questions to ask yourself:
What’s my budget?
When vetting potential locations, consider everything from the cost of office space to the cost of personal accommodations to the cost of top-talent in the area (and the pay that talent expects). Ask yourself what you can truly afford before committing to what’s popular.
Where is my industry?
It’s important to live somewhere you love, but the location you pick for your headquarters should also make sense from a business standpoint. For example, if you’re a fashion company, your headquarters should at least be somewhat close to the global leader in wholesale buying: New York. Even if you do most of your selling online, it’s still important to establish a physical presence in your biggest markets. Having face-to-face interaction with key clients and journalists could prove to be invaluable.
What are the limitations of each potential city?
Long commutes and crazy traffic are a way of life in some cities. However, if sitting in a car (or train) for several hours a day will make your blood boil, don’t launch in those places. Consider how much space your headquarters will require. If warehouses full of inventory are in your future, you should probably avoid densely populated and high-rent areas.
Further, perhaps the most important resource for early-stage startups is the talent pool. Be sure to launch in a growing area where fresh, high-quality talent is constantly available.
Asking the right questions is the only way to get the right answers. It can be tempting to follow the crowd, but making a strategically bold move to a city you love is in the best, long-term interests of your company.
Are you an entrepreneur struggling to fix your mind on how to start or grow your business? Nordic Intent would love to help you kickstart your business and skyrocket your ideas into a high paying project. Give us a call on +91-9765419976, or drop us a message and we’ll be sure to get in touch with you.