10 of the Best Places in America to Start Your New Business

21 Jul, 2016 / Comments: Comments Off on 10 of the Best Places in America to Start Your New Business / By

It is not enough to have a great idea to start a business – you have to find the right place to start that business if you want to reach success. As a part of your research into your target audience, you need to figure out where that audience is located. Here is a list of 10 of the best places in America to start most businesses.

 

Austin, Texas

With a population of 1.7 million, Texas is known for everything “big.” The funny thing is that this city is comprised of a great number of small, yet successful businesses. Starting a business in this great city provides you with a lower than average cost of living, and 3% lower costs for business operating costs. It is a great city for technical businesses to find investors and partners as well as for networking in that industry.

 

Oklahoma City, Oklahoma

If you are looking for a city that provides easy start-up for businesses, Oklahoma City is your town. This city, which is growing fast, is a hot-spot for new graduates, giving you access to plenty of reputable future employees. Some call this city the start-up maven and when you combine it with the low-cost living arrangements, it seems like you have a match made in heaven.

 

Salt Lake City, Utah

If a low cost of living and low business costs are on your radar, then Salt Lake City, Utah should be a place you check out for your new business. Known as the 9th best state in terms of business taxes, it is a very affordable city to start your business. Salt Lake City is known for its young population, which helps boost the success of new businesses with new ideas. This city is another great resource for technically based businesses.

 

Miami, Florida

If diversity is the ticket to success for your business, look no further than Miami, Florida. With plentiful business resources, annual business events, such as the Startup Weekend Miami, and incredible year-round weather, what do you have to lose by starting a business here? Miami is often touted the richest city in the country and as one of the largest cities with incredible purchasing power. If cost of living is not an issue for you, Miami would be a great place to get started.

 

Des Moines, Iowa

Des Moines, Iowa might be known as a small city, but it is filled with opportunities for small businesses. Des Moines is great for a variety of industries, including research and development, consulting, and manufacturing, among many others. Des Moines is another area with a below average cost of living and low cost housing. Among the largest benefits of starting a business in this area is the resources they provide including the Greater Des Moines Partnership and the Business Innovation Zone – both of which are programs to help small businesses get started and stay thriving.

 

Denver, Colorado

Denver, Colorado is one of the most lucrative cities to start a business in any industry. They do have higher than average living costs, but the daily business expenses are among the most affordable in the country, giving you the balance you are likely seeking. Colorado is among the few states that offer incentives for business owners, including cash for companies that create jobs for people for at least one year in length. They also have multiple resources for financing, helping small businesses get off of the ground running.

 

Indianapolis, Indiana

Another great Midwest city to start a business is Indianapolis, Indiana. In this city, you can enjoy a low cost of living as well as low business costs. The city offers a variety of resources for small businesses including Indymade.com and Verge. In July of last year, Indianapolis lowered its business tax rate to 6.5 percent, which is significantly lower than its 2012 rate of 8.5 percent. You can also find a variety of financial startup resources to help you get your business started in Indianapolis.

 

Nashville, Tennessee

Nashville is more than for country singers; it is a great place to start a new business. In fact, Nashville is one of the most affordable places to start a new business. There is no state tax in Tennessee and the overall business expenses are 5 percent lower than the national average. In addition, there are many opportunities for funding and support through the Incubation Center at Tennessee State University, who offers support from the day you start all the way through your five-year anniversary. This makes it not only a good place to start a business, but to grow one as well.

 

Omaha, Nebraska

Omaha, Nebraska is one of the most popular places to start a new business with more than 12,000 small businesses in existence there. In addition to those benefits, Omaha has a relatively low cost of living and is the home of many great techy start-up companies and financial services companies. Even though Omaha is one of the smallest cities in the United States, it packs quite a punch for business owners.

 

Columbus, Ohio

One place you might not think about when it comes to starting a small business is Columbus, Ohio, but there are many benefits to starting there. For starters, it offers incredible resources for small business owners including the Small Business Builder, an online resource for business owners, as well as assistance in obtaining financing and necessary licensing to get your business started. As an added benefit, housing costs and the cost of living are both very low.

 

William Mahnic
William Mahnic is a Finance Professor at Case Western University and has spent more than 20 years in the finance industry before becoming a professor. Mahnic has appeared as a commentator on both TV and radio talk shows including NPR, Crain's Cleveland Business, WKYC 3 and The Washington Post. He has been interviewed in BusinessWeek, Wall Street Journal and The Los Angeles Times.

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