One of the biggest factors when starting a business is location. The location of your business can easily decide whether the business sinks or swims. So, the question for young entrepreneurs then becomes: where should I start my business? To answer this, we’ve put together a list of the top 10 cities perfect for young entrepreneurs.
1. Austin, Texas
It’s hard to make a list of cities perfect for young entrepreneurs without mentioning Austin. If you’re in the tech business, Austin has it all. A thriving high-tech startup scene, relatively low living costs, and plenty to do outside of work. Best of all, Austin has a reputation for its high startup success rate, which makes it an even better choice. As long as you can handle digital marketing, you can easily get the word out about your business in Austin. However, though conditions in Austin are quite good, you should still be careful with how you handle your business.
2. Toronto, Canada
Toronto is Canada’s largest city, but it has a lot more to offer than just its size to young entrepreneurs. Toronto’s metro area is Canada’s biggest financial, commercial, industrial, and tech hub, which makes it a great choice for anyone planning to start a business there. Additionally, it’s easy to find good employees in Toronto, and the quality of life in the city is excellent. However, if you want to settle in quickly, we recommend working with local commercial movers. After all, when moving into an office, it’s very easy for the equipment to get damaged, so working with experts is always recommended.
3. Denver, Colorado
Denver makes it onto the list of cities perfect for young entrepreneurs because of the variety of businesses in the city. Additionally, Denver has an equally diverse talent pool, so it’s easy to find employees as well. Finally, the city is very affordable, which makes it an even better choice for entrepreneurs. When starting your business, however, it’s worth thinking about environmental factors as well. Especially if you plan on running a green business, this can be rather vital.
4. Raleigh, North Carolina
Raleigh has quite a few things going for it when it comes to young entrepreneurs starting a business. Firstly, the city is home to several renowned universities, so finding educated and quality employees is easy. Second, the city offers plenty of grants and support programs that help startups get on their feet. We should note, however, that the largest industries in Raleigh are retail, tourism, and hospitality. Finally, affordability is another major factor that attracts young entrepreneurs to the city.
5. Kingston, Canada
Kingston is generally considered one of the best places for startups in the world. This is because, recently, more and more international companies have been investing in startups around the city. Additionally, Kingston has a few excellent universities, so good employees are readily available in the city. One of the major selling points for Kingston, however, is its low cost of living compared to other big cities. When opening an office here, though, remember to team up with specialists from the area. Local experts will be able to make sure your office equipment arrives safe and on time.
6. Nashville, Tennessee
Nashville is a city with opportunities in two specific fields: real estate and healthcare. Nashville is home to close to a thousand healthcare startups, as well as some of the biggest for-profit hospitals in the US. However, for anyone interested in real estate, you’ll be glad to know that the city is full of real estate opportunities. And while there are scattered examples of different kinds of startups throughout Nashville, these two industries are dominating business in the city. Additionally, the city is very beautiful and has very competitive costs of living.
7. Salt Lake City, Utah
If you want a highly educated workforce in a city surrounded by beautiful nature, then Salt Lake City is your choice. It’s worth noting that while the largest industry in the city has recently become cybersecurity, a wide variety of businesses are successful in Salt Lake City. The combination of a highly educated talent pool and a variety of businesses, as well as the fact that the city is close to the red rock deserts, makes Salt Lake City a very popular choice among young entrepreneurs.
8. Las Vegas, Nevada
Being one of the world’s biggest entertainment hubs, Las Vegas has some unique business opportunities. However, the city’s biggest selling point is the fact that there’s no business income tax and no personal tax. This means that incorporating a business in Las Vegas is quite cheap, as well as keeping said business profitable. So, besides year-round warm weather and enough entertainment to last a lifetime, Las Vegas is very startup friendly as well.
9. Boston, Massachusetts
Boston is one of the most populous cities in the US, and this opens a lot of opportunities for real estate entrepreneurs. Boston is an excellent choice if you want to buy an apartment to rent out while finding properties to flip is more difficult, but still possible. As for other types of business, Boston is an excellent choice for expanding an existing business or starting a new one. The main selling point is the highly educated workforce available in the city.
10. Miami, Florida
Miami is the city for those interested in creative businesses and rental real estate. Because of the constant stream of tourists in the city, rental properties are always going to be profitable. On the other hand, the design district in Miami has seen plenty of creative startups pop up since its creation. Finally, the low taxation in the city is very tempting to most entrepreneurs. However, knowing how to tackle direct to customer marketing can be very helpful, wherever you choose to start your business.
Top 10 cities perfect for young entrepreneurs – conclusion
Location is a vital factor when starting your own business, especially if it’s your first time. So, taking the time to make sure you’re picking the right city is incredibly vital in the long run. We hope that this list of the top 10 cities perfect for young entrepreneurs helps you get started, and we wish you luck.