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When it comes to launching a business, you want to find a professional base that permits minimal overheads paired with a promising pool of potential clients. Often, in the interests of financial success, you’ll need to relocate and base your growing business in a city that’s different to your hometown.
So what characteristics should you look for when deciding whether a city is the right location to turn a business dream into a reality? The right assessment criteria requires an acute understanding of socio-economic demographics and macro-trends affecting the area. To help you out, we’ve compiled a list of three top cities in which to base your growing business:
Named ‘The Number One Place in America To Start A Business’ back in 2016, Austin’s combination of community-minded residents, increase in local employment rates and low-cost housing options places it near the forefront of good options for entrepreneurs.
If your business is based on craftsmanship, art, and design, or music, you’re sure to find a responsive audience for your product in the Texan capital. Yet, that’s not to say that other businesses would not succeed here; the tech sector also shows promise, as does the e-commerce.
San Francisco, California
If your enterprise deals in tech, the pull of San Francisco Bay Area’s Silicon Valley may be too much for you to deny. Whilst there may be some concern with over-saturation of entrepreneurs in the local vicinity if you want to learn from, and be in close proximity to, some of the most successful start-ups in the world, then this is the city to target.
A smart business tip: frequent in the coffee stores and restaurants nearest to your business’ mentor brands, as you may end up in conversation with some influential employees. This will form a great start to your network, in your new business home.
San Diego is one of the world’s tech smart cities. San Diego was has a strong technology sector, local innovators, green practices, smart public planning and an unparalleled quality of life. Other features include San Diego’s size of population, demographics/cultural diversity, livability, economy and business climate, educational institutions, leadership and strong sense of community.
Seattle is home to some of the world’s largest tech companies and is also pretty green. The average salary for those in technology is $99,352. Redmond, Washington, is home to Microsoft, and there are many other tech companies in the area, including Amazon and Boeing. If you are concerned about your internet data, the city has strict broadband privacy rules. One thing to watch, though, is a proposed tax bill that might halt Amazon expansion and limit how many other tech companies want to set up their business in Seattle.
Los Angeles, California
While traffic might be bad in Los Angeles for tech workers, you can find a job close to home and not far from the beach. The average salary in tech is $99,145. Tesla, SpaceX are among some tech companies in the area, and media companies like All Def Digital, Collab, Evite and Portal A have turned away from Venice, Santa Monica, Playa Vista and other high-rent Silicon Beach hot spots and are setting up shop in Downtown Los Angeles.
Over 3 million sq. ft. of major development projects and $10 billion in capital investments have Pennsylvania, New Jersey, and Delaware poised for a bright future, with technology as an important factor in driving economic growth
From the city to the suburbs, this region is thriving. Across Pennsylvania, New Jersey and Delaware, a historical transformation is underway.
The tech boom in Colorado is starting to bring some of the biggest companies in the world to the Denver area. Amazon and Microsoft are some to start hiring in the area. The Denver Tech Center has been in business since the 1970s, encouraging tech companies to settle in the city.
Portland’s tech talent is on the rise! The city has emerged as a premier destination for tech-driven employees, and the steps taken to build a strong, local talent pool.
Chicago is home to numerous tech companies and startups; and every year more and more make the city their home. Chicago is filled with as much culture as New York but it also has midwestern friendliness going for it.
Phoenix warehouse district filling up with tech start-up companies and putting Arizona on the map. The city is home to PHX Startup Week.
Located within easy reach of Chicago, Indianapolis, and Cincinnati, Dayton may be the business hub you’ve never thought to consider until now. Thanks to significant investment and rejuvenation from teams such as The Windsor Companies, new job opportunities and increased quality of living are bringing waves of young professionals to Dayton. What’s more, with its rich history of innovation including the Wright Brothers and Delco, this environment is sure to revolutionize your business endeavors.
With regeneration work nearly complete, now is certainly the time to secure yourself an office, retail or hospitality space in Dayton’s up and coming new business and residential quarters. Plus, due to the engineering program at the University of Dayton, young, aspiring engineers will feel right at home.
There’s no doubt that relocating can be a disruptive and stressful experience. However, the business benefits you may experience as a result could make an effort well worth it’s while. Research the best city for your specific type of business — think about your client base and compare this to local demographics, as well as assessing the enterprises who are dominating at present. Your growing business deserves the best possible springboard; if you believe you could prosper in a new location, then take go ahead and the plunge.