When you FINALLY make the decision to start your own business, you’re immediately filled with lots of ideas and numerous emotions. You’re excited and scared at the same time because it will be a venture that completely takes you out of your comfort zone but excited to see what you’re capable of in uncertain situations.
Nonetheless, you have everything planned out in your head and success is at the forefront of your mind.
In achieving entrepreneurial success, in your mind, you know that there are certain things you need to do… You know you need to determine your legal entity, you know you need to purchase a domain name, and you know that before you officially launch, you’re going to need to, at the bare minimum, protect your business with general liability insurance, and that goes for if you have an online store or a brick-and-mortar store.
Those are just some of the major things, off the top of your head, that you know you’ll need to get taken care of immediately but can you guess what one of the most important aspects of launching a new business is? Well, as they say in the world of real estate, “location, location, location!”
When launching your business, especially if you have a brick-and-mortar store, you definitely need to make sure there is a need for the product or service you’re selling. Some popular business areas expected to grow in 2020 are plant-based eateries, elderly care, and microblading beauty, to name a few. But in addition to finding your place in the market, you also need to make sure you launch your business in a location where people will come and shop with you!
Location, Location, Location
As a rookie entrepreneur, the plans you have in your head probably tell you to launch in a big city like Dallas, New York, or Los Angeles… those are definitely booming cities to launch in but the reality of those cities is that there is LOTS of competition there and for you to be starting your career as an entrepreneur, realistically, you have a much better shot at success if you start in a smaller city first and then expand and grow your brand in the larger cities.
According to Verizon, the smaller the city is you choose to launch your business in, the more room you have to grow and expand. This conclusion wasn’t just based on assumptions… there were several factors used to determine this. Based on numbers from the US Census, these are a few of the factors that determined these small cities to be the best to launch a new business in:
- Income per capita
- Commute time to work
- Internet access
- Tax scores (the lower the taxes, the better the environment to launch a new business, according to taxfoundation.org)
Those are just a few factors that were considered but if you really think about it, smaller cities are a great starting location for new entrepreneurs… With smaller cities, you have a better chance of getting to know the people in your local community.
You can participate in local events, become a member of the city’s chamber of commerce, and people will be able to put a face with your brand. In starting in a smaller community, people will be more likely to support your business because they’ve established some type of relationship with you outside of just your brand.
Small towns and cities are the best way to get local support and establish a hometown feel for your business. Check out some of the best small cities in the US to launch your first small business.
Sarasota honestly doesn’t get the credit that it deserves. When people think of Florida, the main cities that come to mind are Orlando and Miami for the major tourist attractions, and that’s perfectly fine. When it comes to business growth for entrepreneurs, Sarasota is the go-to destination you want to be in if you’re an aspiring entrepreneur or established one needing a change in scenery.
Being a city where education is of high importance, Corvallis has the same standard with small businesses. For it to be such a small city, it sure does have a nice lineup of heavy-hitting businesses like SIGA Technologies and HP! Corvallis was actually listed in Verizon’s most innovative metro areas in the US! So what does that tell you about launching your business in this city? It should let you know that business is booming and so can yours… you just have to get launched here!
Cheyenne might have a strong cowboy heritage but it has a bright entrepreneurial future. The city gives you an old town rustic feel but don’t let the old west feel blind you to its large economic growth. In fact, if you’re an entrepreneur with a business focused on alternative energy, it’s the perfect location for wind farms due to its high winds.
Located in the Salt Lake City metropolitan area, this little city is one that fully supports the growth of entrepreneurs. You can feel comfort in the lack of stress in commute times as well as ease in obtaining funding for your new business. If your business will be in retail trade or manufacturing, then Taylorsville is THE place to be to get your new business off the ground.