An expansion for any business – in any industry – can be a stressful yet rewarding time in which a company realises the hard work has paid off. Particularly in the world of marketing, the announcement of expansion can send shockwaves through the industry as competitors react in a variety of different ways. Prior to the big announcement, however, a lot of careful planning should be focused into selecting the perfect expansion location. Angel Business Suite understands how important the perfect business location is, and has outlined the key elements that play a role in where successful marketing firms choose to expand.
Jurisdictional taxes may be a primary concern for marketing firms if the talent at the expansion will be brought in from elsewhere. Angel Business Suite’s Operations Manager explains that a qualified team of marketing professionals is the most important factor in relocation, but that “expansions that will occur fully-staffed may wish to prioritise the rate of taxation at the local or county level first and foremost”. For those expanding into new countries, the tax rates can be entirely different for both individual entrepreneurs and for the marketing firm as well. Sales and value added taxes, income taxes, occupational taxes and any other applicable taxes should all be consider prior to any expansion.
Access to quality employees, as already mentioned, is another prime consideration that Angel Business Suite makes when considering new markets in which to expand. Many professional marketing firms will deploy a transition force to ensure the expansion begins smoothly, but then proceeds to hire local talent in the months following the opening. An expansion must definitely take into account the availability of local marketing talent when deciding where to expand, as an inability to find good marketing talent can increase operating costs and delay successful expansion efforts being fully deployed.
Finally, access to a client base is important in determining the exact location for an expansion. Angel Business Suite reminds firms that “being too far from airports, hotels and other forms of mass transit and accommodations can result in fewer leads and fewer sales”. Ideally, a physical venue will be located in a city where expansion makes sense and in a part of the city in which clients can reach the location with little to no difficulties. Another important point to remember is that a prime venue in a visible location can help attract many local clients who see the institution in passing multiple times per day.
As leading marketing firms continue to expand, newer entrepreneurs and firms to the game would be well-advised to heed the advice given on expansion and a variety of other concerns. With so much competition present in the world of marketing, every tiny advantage can go a long way.