An English-friendly tool displays the best neighborhoods to start a business in Czechia

Payment service Mastercard and Czech real estate company Sreality have launched a new, free tool – offered in English as well as Czech  – to help budding entrepreneurs choose the best location for a new business in Prague and 23 other cities nationwide. 

The website, KdeZačítPodnikat.cz (which translates to “Where to start a business”) uses a combination of data sources, such as an area’s total number of businesses currently, population density, and transport accessibility) to best choose a business location based on a person’s preferences.

The tool also pulls data that displays the number of card transactions, air quality and noise, internet speed, proximity to greenery, crime rates, and other important information to analyze the potential of different areas for starting a business. 

Notably, the service takes into account the presence (and possibility) of so-called complementary businesses: that is, two different companies that often combine well and attract the same type of consumer. An example is a hairdresser and cafe near each other, or a drugstore and a clothing store. Martin Hlůže, in charge of data solutions at Mastercard, explained: "A single business on its own might not survive, but once they start coming together, their economies can start to work. This is something we can find out from the data."

The tool is designed to be user-friendly and also offers an overview of available commercial real estate for rent or sale.

Users will first specify whether they are either looking for an idea or business location – or both. Then, after imputing their city of choice, they will select their rent (or property purchase) budget and field of interest. An interactive map will then appear, outlining which areas and business fields have the best chances for growth, as per Mastercard's Opportunity Assessment.

While the website can be a helpful tool for those looking to start a business, it does have its limitations. It primarily focuses on retail and services, so it may not be useful for those in other industries. The tool also may not capture all potential opportunities for growth. For instance, if there are few services and shops in a housing estate, there may be a lack of data –  yet a hairdresser could thrive in this location, for example.