When deciding where to start your very own small business, many factors come into play. Business environment, cost of business, and availability of human resources are just a few of the factors to think about when figuring out where you want to set up shop. With a whole nation full of location possibilities, you may not know where to start. That’s why RocketLevel has come to your rescue and made a countdown of the top six places to start a small business in the United States.
Georgia’s university system is one of the largest in the U.S. (turning out more than 60,000 graduates every year) which produces a “constant flow of skilled workers to businesses.” With such a large quantity of educated potential employees in the area, a cost of living lower than the national average, and a thriving startup community, Atlanta was an obvious pick for one of our top six best places to start a small business.
Washington D.C. has one of the highest percentages of residents with bachelor’s degree or beyond in the nation, which makes it one of the best places to find an educated workforce. D.C.’s unemployment rate is slightly above the national average, but it makes up for it by having an extremely steady economy, which creates a solid environment for you to start your business.
These three cities make up the tri-city region commonly known as “The Triangle.” This area is booming to say the least; Raleigh alone attracts an average of 80 new residents every day. The Triangle has a strong job growth rate and a higher than average quality of life. The 12 universities and colleges in the area enroll over 167,000 students, which contributes to an abundant and skilled workforce. All of these attributes combined with low cost of living and low property taxes makes the Raleigh, Durham, and Chapel Hill area one of the best places to start a business.
Salt Lake City, Utah boasts one of the highest job growth rates in the country, which is one of the many reasons why it is number three on our list of the best cities for small businesses. One of Salt Lake City’s many unique attributes is that the city has a Startup Connectory, which is a “list of all Utah’s entrepreneur groups, associations, and networks across the state’s new business ecosystem.” This serves as an excellent way for new businesses to get their name out there and start gaining recognition.
People, especially millennials, have been flocking to Colorado ever since a certain substance was legalized in 2012. Because of this, Denver has seen a huge population increase over the past five years and now, according to Zillow, 18-34 year olds make up 35% of the city’s population growth. Denver’s wealth of young and educated human capital (coming from both out of state and from the two universities located within the city) and its low unemployment rate make it one of the best cities to start a small business.
Austin, Texas ranks as RocketLevel’s number one city to start a small business. Austin is one of the most small business-friendly cities in the nation because of its low unemployment rate, diversity of industries represented, and the absence of both individual and corporate income taxes. Austin is also the home to the University of Texas, which contributes to its young and educated workforce.
Before you pack your bags and hit the road, take another look at our list and consider rerouting your new business to one of these six cities.
Sources:
https://livability.com/best-places/best-cities-for-entrepreneurs/2016
https://www.cnbc.com/2016/08/11/the-top-20-metro-areas-to-start-a-business-in-america.html?slide=1