Launching a business is no easy feat. If you’re in the wrong location, you could be hurting your business before it ever really gets started. Silicon Valley prices are hiking and tech companies are struggling to one-up themselves. As a result, many are looking outside of the tech giant city. So, where are they going? Here are the Top 10 Best Cities to Start a Business in the United States.
#1 on the list of the Best Cities to start a business for multiple years in a row is Austin, TX. Austin is filled with a diverse and eclectic young crowd, and is known for its educated citizens. Austin is also loved for its affordability, as the state has a corporate tax of zero, while small business owners enjoy the lack of a personal income tax. With Whole Foods headquarters in the dead center of this fresh-spirited city, more businesses are flocking to the startup mecca of the US. Austin is the fastest growing city, so get there soon before prices begin to climb.
Next on the list of Best Cities to Start a business is Miami, FL. Miami is ranked #2 in rate of entrepreneurship, and also #1 for the best cuban coffee. Larger companies, such as Google, Twitter, Facebook, and Apple, have offices there as well, so you’re already among tech giants. Miami’s close ties with Latin America have proven to be beneficial for companies hoping to extend their reach south, but be sure to pick up some Spanish before moving here. Additionally, there is no state tax and housing is cheaper. There’s also a large amount of VCs and angel investors looking for the next disruptive idea. Miami is ideal, not just for the beaches, but also for starting a new business. Check Why Miami is The Best Location For Small Businesses.
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Once known as a college town, Boulder is now thriving in the business world. #1 for female entrepreneurs, this bustling town has put itself on the startup radar. Boulder has a healthy mix of startups, established businesses and venture capitals, and offers sustainable business growth through this. More than half of the population has a bachelor’s degree, making it one of the most educated states. It’s also the first place recent graduates seem to move to when they have finished college.
Los Angeles, CA
Move over Bay Area, there’s a new California city in town. Los Angeles has quietly but quickly become the third largest startup hub in the states. Snapchat, SpaceX and League of Legends all call the City of Angels their home, along with many up and coming businesses that form a tight-knit community. Tired of Silicon Valley’s high pricing, these entrepreneurs can take their pick of employees, as LA has the largest accumulation of engineering graduates in the US. That, plus a strong sense of a diverse community, is the perfect recipe for starting a business.
Seattle is one of the fastest-growing cities in the United States and next on the list of Best Cities to Start a Business. With Microsoft, Starbucks and Amazon headquarters located in the vibrant and young city, this booming place is perfect for new Startup companies and fresh faces. There are plenty of venture capitalist firms to help your starting business, plus the University of Washington offers educated and excited graduates, who are looking to join the workforce.
There is a common misconception about Washington, and that all the country’s capital has to offer is military grade training and Capitol Hill jobs. In reality, over the last couple of years, the city has become a hub of startup companies, funded by ex-AOL investors and government employees. Additionally, the government could end up being your top client, since about $15 billion annually is spent on Research and Development. The city is bustling with a well-educated population and angel investors who made their cash off AOL and MCI.
Chicago is the name of the game when it comes to profitability. In recent findings, 45% of investments in Chicago startup businesses produced more than 10 times a return on investments. For this exact reason, Chicago has been climbing up the startup ladder with no intention of slowing down. Salesforce and Groupon both surround the windy city, and the city seems to primarily attract no-nonsense leaders who have a sensible idea about what they can accomplish within their industry. Chicago is a vibrant city, with plenty of resources to help you get started.
This city has been listed as a favorite for young entrepreneurs. The fact that the cost of doing business is a whopping 12% below the national average in enticing as well. Charlotte was a serious contender in the running for Amazon’s HQ2, which is mainly due to its large millennial population and its advanced business climate. More corporations are flocking to the city of Charlotte as well, and plans for one of the largest Amazon distribution centers are underway. Still not sold? The average cost of a home in Charlotte runs at $220,000. Compared to Silicon Valley, this is a dream come true.
NExt on the list of Best Cities to Start a Business is Houston, TX. This southern belle city has a median income of $59,000, which is relatively high vs. the cost of living. A startup’s dream! Business leases are especially low as well, and there is no state income tax. Without a state income tax, entrepreneurs can focus on investing their money in their business and employees. There are also no zoning laws! A dream for those hoping to open their doors to their business, or even expand. It’s time to see what the city of Houston can do for you.
Salt Lake City, UT
Thanks to the University of Utah, the country’s leading chemical and biomedical research facilities, Salt Lake City has become a rising technology hub. Business leases are much more affordable in Salt Lake City vs. other cities. There is also a sense of collaboration and community amongst the businesses in the revived city. The tech sector is growing larger than there are engineers available to support the growth. So, there’s an increased migration of workers to take advantage of the low taxes and the growing job opportunities.
Not able to relocate right now? A virtual office at Starthub can offer you a top downtown Miami business address, and gives you the credibility you need for your starting business. Miami is a top city to start your business with a unique connection with Latin America. With a premium business address, a live receptionist, and even the option to add office access to your plan. Sustain your business from any location.