Finding the Perfect Location in the US for Your Industry
Are you planning on expanding your business to the US? Well, among the swathes of things to consider, you’ll need to decide where you’re going to base your business. Will you be ‘setting up shop’ in the Sunshine State, or will you be tapping into what’s on offer in the Motor City? Here are a handful of tips to help you find the perfect location in the US for your industry…
Do some market research
The biggest mistake UK businesses often make when looking to expand to the USA is treating the US as if it is one big market. The truth is that it’s best to see it instead as ‘patchwork’ of markets, with consumers behaving differently across various states, as well as numerous industries thriving in some locations and flailing in others.
So, to find the perfect location for your business, find out which parts of the USA are best for your industry. For example, California, Texas and Iowa are brilliant for agriculture, whereas Detroit and Wyoming are seeing a resurgence in the manufacturing industry (though be sure to weigh up the pros and cons of having stiff competition from other businesses). Here’s a full list of the largest industries in each state.
Pay attention to infrastructure
Another factor in determining the perfect location for an expanding UK-based business is a state or city’s infrastructure. What you need so far as infrastructure is concerned depends on the nature of your business, but as a minimum you’re likely to need an office building, adequate telecommunications services, internet connectivity as well as access to major highways or public transport. Remember to check out the availability of airports too – UK business will need to be able to fly in and out of the location as easily as possible.
Think about talent pools
The perfect location is also defined by its access to a talented workforce. For instance, there are lots of oil and gas professionals in Alaska, whereas technology and computing specialists are typically associated with locations such as Silicon Valley (California). Just bear in mind that regardless of how ‘perfect’ the location is you’ve chosen for gaining access to US workers, you’ll need to have established a subsidiary company in order to be able to legally hire staff.
However, If you don’t want to jump straight into incorporating in your chosen location, an alternative to a US subsidiary is simply using a third party to employ workers for you. By having an American company ‘host’ your business’s employees, you won’t have to establish a subsidiary company in order to legally have US workers on the ground in your chosen location. This makes it a low-risk alternative, and is perfect while you’re still getting a feel for the location you’ve selected for your expanding businesses.
Check out the differences in time zones
Finally, choosing the perfect location in the US for your industry will require thinking about time zone differences between the UK and your chosen state or city. The US has six standard time zones (Hawaii, Alaska, Pacific, Mountain, Central and Eastern), and you’ll need to make sure the location is compatible with your business’s hours in the UK. If time differences are not compatible but the location is perfect for all other reasons, consider how you might be able to solve the problem.