For most, the best place to start a new business is where they live. After all, one of the benefits to working for yourself is deciding when and where to do your work. All the same, some cities can be more economically friendly toward small business than others. Starting a business in one of these under-valued places could give you an advantage:
1. Dallas, Texas. This fast-growing city has 6.5 million people and a number of industries to support and expand. Twenty Fortune 500 companies, including AT&T, make Dallas their home, but it’s a valuable hub for small businesses, too: Over 80% of all businesses in the city are small, and these companies employ around 40% of the city’s workforce. Dallas’ Business Assistance Center program offers resources and counseling for CEOs of businesses with five or fewer employees which could be invaluable for those entrepreneurs.
2. Denver, Colorado. With a population of more than 2.6 million, Denver is a thriving city. Its residents have eclectic tastes, with interests ranging from outdoor sports to fine arts, and this makes it easy to find a profitable niche. The city is also the second-biggest hub for aerospace industries in the country, which generates a heavy demand for related services from the private sector. Small businesses with fewer than fifty employees make up 95% of the area’s economy, and those employees are highly educated; one in three workers in Denver has a BA or higher.
3. Lincoln, Nebraska. The capital of Nebraska boasts the lowest unemployment rate in the country. With just 3.5% of the population unemployed, there are a larger-than-average number of working people with disposable income, which in turn can help feed a budding business. Prominent industries in Lincoln include medical, banking, information technology, education, call centers, insurance, and rail and truck transport.
4. Provo, Utah. This college town is supported by Brigham Young University, the third-largest private college in the country. The university serves as a backbone to the local economy as a constant stream of students require the services of a wide variety of businesses. Moreover, as those students graduate, they enter the workforce with valuable skills or start businesses of their own. Google Fiber also has a deal on the table to take over the iProvo fiber network in Provo, an announcement that will likely put Provo and its growing tech presence on the map.
5. Nashville, Tennessee. Although this city is still world-renowned for its music scene, Nashville has plenty of other things to offer. The city is a major cultural hub of the South, and tourist industries flourish there. On average, business costs are 18% lower in Nashville than in other similarly-sized cities, and the cost of living is 10.1% below the US average, making it conveniently affordable.
Wherever you decide to open your new business, the key is to find your customers and deliver what they want. As long as you can dominate a niche, you can be successful anywhere.
Looking for lending in your area? We have regional office locations in five states, and sales representation in locations across the country. No matter where you are located, give us a call. We can help you wherever you are.