Whilst no one should underestimate the importance of having the right US regulatory setup to mitigate risk and maximise opportunity, few UK companies spend enough due diligence on choosing the right US City to land and expand their operations from.
Selecting an appropriate HQ that complements and doesn’t constrain your business growth will be integral to your success ‘across the pond’. Here are four mission-critical tips to find the right US base to grow your operations.
Don’t be a Trick Pony
Many businesses just follow their first major inquiry and set up in a City close to that business win, without actually assessing wider merits. They miss out on looking beyond the first ‘big sell’ and fail to look for or gain interest from other cities with better-suited infrastructures and opportunities.
Identify Your Key Channels
From a business planning perspective, is the value and growth prioritised around proximity to clients or supply chain or a mixture of both? Where are your business priorities and have you actually done a wider SWOT analysis of different cities’ business networks and ecosystems.
What Additional Incentives are on Offer?
Most cities have grants, accelerator programmes, and other incentives that could add further value to your business growth. Have you researched and considered these? Don’t underestimate the value of access to innovative research, development, and talent from local universities.
Pitch a 5-Year Plan
Have you got a ‘BIG PICTURE’ playbook that shows demonstrable 5-year growth in jobs and skills that you can pitch to different cities to gain their interest and attraction? What you need to realise is that showing you have that capacity to employ and grow substantially in a location, makes you the buyer and not the seller. Cities will compete with each other to sign you up for your HQ in their locale if you can show them sustained direct investment capabilities over a 5-year period.
Securing US Investment
Every city will have powerful and direct connections to local investors. But the only way you’ll get to reach those investors is by demonstrating to a City your commitment to delivering your 5-year plan from one of their dedicated locations. Only then will that open access and the wallets of local funders.
Site Selection Services on the Perfect Pitch
GTM has the knowledge, connectivity, and strategies to help you find the most advantageous US operational base. Contact us today to look at your options and locations.