The startup economy is booming, and cities across the country are trying to attract entrepreneurs. One way they can do that is by offering incentives like tax breaks and grants for small businesses. Plus, there are other benefits to starting a business in a specific city that goes beyond its tax code. Whether it's cheaper rent or access to government funding programs, there are plenty of reasons why you should consider where you launch your startup.
When launching your business, it’s vital to choose a location that will allow your business to flourish. While startups in small towns can do well, big cities have a lot of advantages. First, they're in the middle of everything. Big cities have more funding, more people, more customers, and more opportunities for growth.
They also tend to have a higher concentration of talent. This means that startups can hire people who are at the forefront of their industry. As big cities are so much busier than small towns, there's a lot of buzz about startups. This talk can help attract investors and customers alike.
While looking at cities to start your business, it's important to consider the cost of living there. When trying to get your startup off the ground and you may be working on a shoestring budget. Therefore, the last thing you want is to struggle just to pay rent.
When considering a city, take some time to investigate what sort of amenities are available in that area. Aldo, look at how much they'll cost. That way, you'll know whether or not you and your employees will be able to afford all the things they need while they work hard at making your business successful.
Another thing to look at when deciding where you want your business is whether or not it's an up-and-coming tech hub. This is important because it means that you'll have a lot more opportunities to network with other entrepreneurs and industry leaders. A good tech hub will also offer support for startups, as well as resources such as incubators and accelerators.
Nexcess, a web hosting service company, recently released a report highlighting the 10 most innovative cities in the United States. They focused on cities that have populations under 500,000. Evaluations for their rankings included several categories, such as top tech employed, most sustainable, home to most non-profits, and most innovative healthcare. Topping the list were Minneapolis, Raleigh, and Atlanta, and it's not hard to see why these also make the best cities for startup businesses.
Minneapolis, Minnesota was named the third most innovative city. Minneapolis has a thriving startup community with over 50 coworking spaces, incubators, and accelerators to help you get started. There are also many local resources that can help you find funding and make connections with other entrepreneurs like yourself so that you're not alone on this journey!
The city is also home to the University of Minnesota, which has a well-respected business school and offers many programs that can help you learn more about starting your own company. The state of Minnesota has also adopted policies that are friendly to startups, including tax credits for angel investors who invest in early-stage companies as well as tax deductions for small businesses.
Next on the list is Raleigh, North Carolina - the second best city to start a business. According to CNBC, North Carolina has always been a contender for the best state for business. Raleigh is home to the state’s capital and has been a popular place for startups since the 1990s, helping to lead the growth of Research Triangle Park (RTP)—the largest research park in the United States. Nexcess reports that 2.1% of Raleigh’s workforce is concentrated in the agriculture and engineering sectors, which is two times the national share.
Additionally, the cost of living is low, and there are plenty of amenities and culture for residents.The city has become more diverse in recent years, giving Raleigh a unique vibe that many people enjoy. There are numerous restaurants serving cuisines from around the world as well as many festivals celebrating different cultures such as India Day Parade or Oktoberfest at Biergartenhaus German Restaurant & Bar.
Lastly, Raleigh's thriving startup scene and its large concentration of companies—including Red Hat, IBM, and Cisco Systems—make it a great place for graduates to launch their careers. There is also a strong community of developers and designers in Raleigh who work on projects together at local meetups such as RTP or the Triangle Ruby Brigade.
Topping the list at number one is Atlanta. This is the most populous city in Georgia and home to the world's busiest airport. It's also a hub for business and commerce. In fact, Atlanta boasts one of the largest convention centers in North America. It also has some of the highest skyscrapers outside of New York City.
The city itself has become something of a hotbed for innovation over the past few decades. Startups like MailChimp — a company that helps other businesses build their email lists, and Pardot — an analytics platform for marketing teams both launching out its doors. The city is also home to a wide array of Fortune 500 companies, including Home Depot, Delta Air Lines, and Coca-Cola.
In recent years, Atlanta has become a major hub for tech companies. In fact, Nexcess reports that 11.6% of its workforce is in high-tech sectors. While it doesn't have the same legacy as Silicon Valley or Boston, there are plenty of reasons why Atlanta is an ideal location for entrepreneurs to base their companies.
Cities across the US are all booming in innovation, but these three are leading the way. If your company focuses on agriculture or engineering, then the Raleigh metro area is likely to be an ideal location. On the other hand, the nonprofit sector in Minneapolis has assets exceeding $170 billion. Thus, making it a great place to start your search if you’re in the nonprofit business.
Regardless of what industry you're in, Atlanta is a great place to launch a business. The Nexcess report highlights that they have a big focus on sustainability and city-wide safety. There is also over 16,000 nonprofit organizations, and a huge presence in high-tech. Regardless of which city you choose, each offers plenty of resources and opportunities for your startup.