The 9 Best Places for Starting a Business
Thinking of beginning your own entrepreneurial endeavor and building a startup you can be proud of? Having a great idea is just part of the puzzle. You should also pick the right city in which to start your business. Today, let’s take a look at the nine best places for starting a business due to their tax laws, culture, and other factors.
Austin is a fantastic city in which to start a business, as it is growing at an astronomical rate and is attracting startups from around the country. This is partially due to the presence of multiple venture capital firms (representing accessible investment funds for many entrepreneurs) as well as a heavy college presence from which you can draw new talent for your enterprise.
Raleigh, North Carolina is a great place to start a business, as it features a diverse and educated local talent pool (many of whom have a bachelor’s degree or more). You’ll also benefit from the relatively affordable cost of living, plus the revitalized downtown area and food scene. Raleigh is part of the Research Triangle, which includes Chapel Hill and Durham, which has the fourth most educated population in the country, even ahead of San Francisco.
Salt Lake City
You can’t forget Salt Lake City, which is an excellent place in which to start a business. It’s much more affordable compared to other tech hotspots, but it’s also drawn other startups in the tech sector from around the country, making it a great place to collaborate with like minds or merge your entrepreneurial endeavor with others. You’ll find tech giants like Electronic Arts, Oracle, and Adobe based here, which bring lots of tech talent along with them.
Phoenix is home to over 300 technology companies, and it recently saw an infusion of funding to revitalize its metropolitan infrastructure. Phoenix is home to rapidly growing industries ranging from financial services to healthcare to construction to cybersecurity and more, so it could also be a good place to start your business due to this range.
Start your business in this sunny city, and you can advertise it to the surrounding metropolitan area’s residents through Phoenix billboards, radio ads, TV ads, and other marketing vectors.
Of course, San Francisco is still a great place to start a business, even though it is very expensive for both companies and individuals alike. San Francisco and the broader Bay Area is home to dozens of different startups, plus venture capital firms. If you choose to start your enterprise in San Francisco, keep in mind that you’ll need to pay your employees significantly higher salaries than you would if you based your company elsewhere.
San Diego is a big hub for biotech and aerospace companies, but you can also begin a startup in the food or brewery industries if your entrepreneurial energy is focused more on that vector. San Diego is an attractive place to start a business because of its proximity to many major schools, plus offices for industry majors, like defense contractors and pharmaceutical companies.
Orlando is now known for more than just tourism and theme parks. It’s also a great place to start a company, thanks to government-sponsored cultivations of early-stage startups. Co-working spaces such as Catalyst and Canvs make it easier for new companies to hire and maintain remote employees. Seed funds and Excelerator programs like the FireSpring Fund indicate that Orlando could be a great place to start your company if you need funding fast.
San Jose is located near major colleges like Stanford University, offering a steady supply of new talent with which to staff your up-and-coming business. San Jose is also a very desirable place to live, making it a great potential spot to start a business you plan to run for several years in the future. Just keep in mind that home prices are pretty high here, so you may need to get creative in terms of salary or housing arrangements for your employees.
You might additionally consider Portland, the hometown of Nike. But it’s also a great place to start an apparel brand or software startup, as this Pacific Northwest city has a surplus of educated workers without enough income. Provide the right work incentives, and you’ll be able to staff your company in no time. Contrary to popular belief, Portland is about more than tech startups; it’s also a great place for cannabis, healthcare, electronics manufacturing, and construction companies.
As you can see, there are plenty of great cities throughout the US in which to start a business. If you’re looking to build a startup from scratch, consider moving your enterprise to one of these cities to benefit from cost savings, accessible labor, and other advantages.