We all know the real estate chant: location, location, location. This holds true when you want to start a business as well. Where you move matters.
One of the reasons I moved to Idaho Falls, Idaho, is because there is a low cost of living. I’m not planning to start a business anytime soon, but I did want a place where I could write and my dollars could go further.
If you are more entrepreneurial, it’s possible for you to get a good start by moving to one of the top cities for your situation. Livability recently released a list of the top 50 cities for entrepreneurs.
The top 10 cities on this list include:
10. State College, Pennsylvania
9. Fredericksburg, Virginia
8. Columbia, Missouri
7. Fargo, North Dakota
6. Ann Arbor, Michigan
5. Chapel Hill, North Carolina
4. Charlottesville, Virginia
3. Provo, Utah
2. Austin, Texas
1. Boulder, Colorado
Trying to decide where to move to start a business can be a big decision. You want to be able to have a good quality of life while you grow your business. And, of course, you want a place where the conditions are ripe for growing your business in an affordable manner.
What Makes a Place Good to Start a Business?
You don’t need to live in one of the cities on the top 50 list to build a good business. As you look at your situation, consider what makes the most sense for your business and your lifestyle goals. Some of the items that make a city a good place to start a business, according to the Livability measure, include:
- Business growth
- City’s unemployment rate
- Business tax rate for the city
- Project income growth in the city
- Number of venture capital deals in the last 10 years
- Business funding received by organizations from the SBA
- Percentage of college-educated locals
These are some of the factors you might consider if you want to make sure you aren’t paying too much in taxes and if you want a skilled workforce.
But it’s not just about business conditions when you look for a place to start a business. You also want to pay attention to quality of life. Not only can it help you attract more qualified workers when you base your business in a location that offers a number of amenities, but it can also make your own life more enjoyable.
Deciding Where to Move for Your Business
The only Idaho city on the list is Boise — which is on the other side of the state from where I live. However, for me, it’s not about starting a business. As a freelancer, I look for other qualities in a place to live. I wanted to live someplace with a low cost of living, and my situation means I want to live near my parents.
You might have other requirements. I don’t need to worry about workers, or with finding a low-cost building to rent. Idaho taxes are reasonably low, and there are other reasons to live where I do. I also know a number of entrepreneurs who moved to Tennessee for the lower cost of living and taxes.
Think about what matters to you, and the goals you have for your business. Once you find the right place to live, and start a business, you will be able to thrive.
