The United States of America is well-known for being the land of opportunity. However, when it comes to establishing your own new business, it is key that you consider where it is best to set up shop. Whether you plan to operate in a physical store, or virtually as an online business, there are certain areas in the US that are considered small-business hotspots which all emerging entrepreneurs need to know about.
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While traditionally, potential business owners would flock to New York and San Francisco to start up, there are many other cities and states that are much smarter options for small business owners. So, we have put together the top 5 places we would recommend for starting a business in the US.
The state of Virginia has recently become an up and coming place for new business owners, especially the city of Richmond. Richmond offers new entrepreneurs a business-friendly city, with low living costs, a six percent corporate tax rate, and transportation advantages thanks to the Port of Virginia, and Port of Richmond.
Unemployment is low in Richmond, Virginia, and below the national average at just 3.7 percent, so it is no surprise that new business owners are flocking to this bustling haven of success.
While our nation’s capital is largely seen to be focused on politics, there are many up and coming small business owners that are thriving in Washington, D.C. It is home to a diverse and well-educated workforce and has the highest percentage of residents with a bachelor’s degree or above. The area is known for investing financially in the business sector, and $700 million was pumped into new tech companies in DC last year.
However, the general consumer tax rate is 5.75 percent, meaning that it is a little higher than some areas in the US. Yet the metro area of Washington D.C is a solid and strong business environment for starting your own business.
Texas is very business-friendly and is now brimming with new startups and businesses in various cities across the state. For example, El Paso is the largest metro area along the US/Mexican border with an 80.4 percent Hispanic population. It has a growing collection of potential entrepreneurs, largely because of the city’s low taxes, labor rates, and energy prices, compared to the rest of the US.
The city of San Antonio is also emerging as one of the best cities in Texas to start up your own venture, as it has recently become a major player in the Information Technology industry. The sector contributes around $10 billion a year in the region and employs more than 34,000 people. This is a place to watch if you are aiming to start a business in the IT sector.
Atlanta is home to more than 5.3 million people and a staggering 150,000 businesses. In Atlanta, you will find many Fortune 500 companies, which is why so many new businesses flock there to establish themselves.
Atlanta also encourages the local startup ecosystem by facilitating host events to bring local leaders and entrepreneurs together, so you won’t be short of networking opportunities!
Sarasota, Florida, has become a hub for new businesses, especially online e-commerce companies. The city’s economy is made up of the arts, culture, and education sectors, but $2.6 billion was generated by tourism last year. This has made Sarasota a very appealing area for new business owners to set up and grab their piece of the pie.
Choosing the best area to start up your own business can be difficult, but by doing your research on your specific industry, you can find the perfect place for you and your company’s future.
[Disclaimer: The article published above promotes links of commercial interests.]