Becoming a successful entrepreneur takes more than just having a great idea. If you want to start your business, you need more than just a dream and having that startup-savvy attitude and approach. You need to have a business and marketing strategy in place, know your goals, what’s reachable, and what you need to put off for a couple of years.
At the bottom of your pyramid of needs lies a simple yet often disregarded concept: the headquarter of your company. If you’re a young and motivated entrepreneur with a great idea for your business, you need to consider relocating and the importance of your firm’s location. You need a place that has business-friendly taxes, low living and business costs, a pool of highly-educated employees.
Yes, finding the perfect city is near impossible. But if you find a location that hits all the marks that you consider essential for your business to thrive, you’ve hit the jackpot. To make things easier for you during the decision-making process, we’ve put together a list of possible candidates, the best US cities to move to satisfy your entrepreneurial needs and to help your business thrive.
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Austin, TX
If you’ve been searching for the best US city for your business, going through a lot of data, articles, and lists, you’ve probably realized that Austin finishes in the top 5 most of the time. What makes Texas’s capital such a desired destination for entrepreneurs and individuals wanting to launch their startups? Reasonable living costs, high-quality education options, which results in skilled employees, and business-friendly taxes. No wonder that Austin gives home to giants in the game such as Facebook, Google, Apple Inc., PayPal, and Samsung Group, among many others. Of course, not only multinationals thrive here, but small companies, too, who enjoy a business scene that is supportive and welcoming.
Digging Deeper Into the Data:
Income Premium: 11.1%
Median Income: $68,000
Median Income for Full-Time Employees: $57,000
Self-Employed Workers: 10.2%
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Seattle, WA
Washington state’s capital is no stranger to entrepreneurs and rankings that focus on the best possible cities for them. As one of the fastest-growing places in the US, Seattle boasts a growing tech industry, a skilled workforce, and an overall welcoming scene for entrepreneurs, small business owners, and individuals wishing to launch a startup. You might find the lack of tax incentives a negative aspect, but you can’t forget about the various economic development ventures the city has in store for you. Plus, many venture capital firms are eager to aid you and nurture your business while it gets off the ground.
Other Info You Might Want To Know:
Startup Survival Rate: 80.04%
October 2020 Unemployment Rate: 7.1%
# of Business Applications in Washington in 2020: 21,321
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Los Angeles, CA
As an entrepreneur looking for the best possible city to headquarter your business, you’ve probably thought of Los Angeles many times. And it’s no secret why: the city has more to offer than celebrities, sunshine, and beaches. It is the third-largest hub for startups in the US, behind Silicon Valley and New York City, and an excellent center for tech-savvy entrepreneurs. Plus, you can find many venture capital investment options here with vast potential.
Other Things To Consider:
Startup Survival Rate: 82.17%
October 2020 Unemployment Rate: 13.2%
# of Business Applications in California in 2020: 54,103
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Chicago, IL
If you want to start your tech business, Chicago is worth proper consideration. Illinois’s capital is getting noticed by more and more people in the startup scene, especially by tech-inclined individuals. What makes Chicago a possible candidate? Thanks to its innovative ecosystem, capital market, and skilled labor force, the metro area has been popping up on many entrepreneurs’ radar in the past couple of years. Chicago has experienced a massive transformation in this sense: from a city with limited resources for startups, it’s now a place that gives home to thriving entrepreneurs and growing small businesses.
Entrepreneur Stats You Need To Know:
Income Premium: 9.1%
Median Income: $62,000
Median Income for Full-Time Employees: $57,000
Self-Employed Workers: 8.4%
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Atlanta, GA
Atlanta is another great city you need to seriously consider if you want to make a name for yourself in the tech industry. Georgia’s capital boasts a growing tech culture and ecosystem, becoming a top technology hub in the country. Plus, other benefits will help your business. Living costs in Atlanta are one of the cheapest in the country, and business expenses are also below the US average. Educational institutions such as Georgia Tech and Emory University supply a skilled pool of employment candidates.
Don’t Forget About These Stats:
Startup Survival Rate: 76.11%
October 2020 Unemployment Rate: 6.4%
# of Business Applications in Georgia in 2020: 23,104
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Salt Lake City, UT
You’ll find more than just breathtaking mountains, wintery scenes, and skiing in the capital of Utah. Compared to other tech hot spots in the country, Salt Lake City boasts affordable living and business costs. Plus, the city has no shortage of educated and talented labor force, thanks to many colleagues and three prominent universities in the region. Also, Salt Lake City has significant tax incentives and many business-friendly laws, making it easier for you to get your company off the ground and seeing it thrive.
Important Statistics for You:
Income Premium: 24.9%
Median Income: $64,000
Median Income for Full-Time Employees: $48,500
Self-Employed Workers: 9.2%
Conclusion
One thing is clear: you can consider moving to other cities than Silicon Valley as you prepare yourself to start your entrepreneurial journey and make your business successful. There are many great places on our lists that have all the benefits you need, such as affordable living costs and business expenses, a well-educated workforce, significant venture capital and economic development ventures, and a supportive ecosystem. If you’ve found the city that hits all the crucial marks, you can pack your bags and move to the place where you’ll see your company thrive and expand.
About the Author
Arnold Katz is the Marketing Coordinator at Empire Movers, a fully licensed and insured moving company based in New York City. The professional movers offer a wide range of moving services, including local, commercial, and long-distance moving.
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