Four of the Best Cities to Open a Business In

Entrepreneurs are always on the lookout for opportunity. It is how businesses begin and commercial empires rise. More than developing products and providing services, they are also looking into locations that would best fit their business models. While some cities may be overloaded with a particular niche, many more may be without, and this is where the entrepreneurs come into play. They will identify a need in a city and open up shop before the competition can; or, at least, before there is too much competition.

Oftentimes, smaller entrepreneurs – those who are in the midst of building their empires –  will move to a new city to take advantage of the budding market. They will rent out an apartment for a couple of years in order to establish their new business, then hire a manager to continue running the operation and start looking for another opportunity. When searching for both an opportunity and an apartment, they will do so by the most popular by zip code and consider a number of factors before committing to a new city.

If you are an entrepreneur looking for a budding market to serve as the base of your growing commercial empire, discussed below are some of the top cities you can open a business in. Each one has benefits, so compare them carefully. The worst thing you could do is jump into a decision in a rush to get started. That could cause your empire to crumble before the first brick could be laid.

Oklahoma City, Oklahoma

Surprisingly, this Midwestern city is at the top of many lists for small business. It’s location in the center of the country, away from the coasts and major entryways into the United States, would have you believe this city is rather unassuming. But Oklahoma City has many benefits for entrepreneurs. The city boasts a cost of living that is significantly lower than the national average, sitting at 15.4% below it. Because of this, younger people are finding it to be an attractive city to move to, which is advantageous for small business owners. The more people moving to the city provides both a larger number of potential clients as well as a strong workforce to pool from.

The state has adopted many incentive-providing initiatives that make Oklahoma as a whole attractive for small businesses. A company that creates jobs can earn cash back on their payroll expenditures from the state by paying higher than the national averages. Additional cash back incentives are provided to companies that start up, relocate, or expand here and have less than 90 employees. There are financial programs available for startups to take advantage of as well.

Grand Rapids, Michigan

A small town with a big name. In comparison, this city hosts less than 200,000 people, but with its population growing rapidly, there is still a lot of opportunity here. The Millennial generation is finding Grand Rapids to be a good fit for them, bringing in a young and vibrant workforce. Unemployment is at a low 2.4%, meaning the local economy is strong. Any entrepreneur moving to or opening a business in Grand Rapids will have no difficulty finding a customer base to serve.

Austin, Texas

The capital of Texas is becoming quite the hub for startups and small business investmenting. With a population of over 900,000 people, and 50,000 more expected to move to the city in 2019, there is a huge market in Austin. The unemployment rate of 3.2% makes it a good city in terms of a strong local economy to support a new business while having a slightly larger talent pool to pull from. While the cost of living is higher in Austin compared to the national average, the state boasts some of the lowest tax rates, as does the local level, offsetting the differences a bit.

Sioux Falls, South Dakota

While this city is, surprisingly, a major banking center, the reasoning behind it is not. South Dakota has not adopted a corporate tax nor an individual income tax, making this city very appealing to both big corporations and small businesses alike. The costs of doing business is also well below the national average – by a whopping 20%! The population of this small city was 154,000 as of the last census, but that number is definitely not stagnant. Sioux Falls is growing at a pace four times faster than the rest of the country. This, mixed with its low unemployment rate, makes this city a strong investment for entrepreneurs.