If you’re looking to start your own business, what better place to do it than in the land of the free? The United States is a vast country with plenty of room for new businesses, from coast to coast and everywhere in between. However, some states and cities are more promising than others when it comes to the potential they have for new businesses—and these five cities are on the rise.
Raleigh, North Carolina
With one of America’s fastest growing economies, Raleigh is home to a plethora of business opportunities. The metro area is booming with new businesses, many start-ups and large corporations alike. For businesses wishing to expand into new markets and new states, Raleigh is definitely worth consideration.
Minneapolis, Minnesota
Minneapolis has one of the lowest unemployment rates in America and is attracting more and more millennials every year. One study reports that 33% of Minneapolis residents are millennials, and they spend over $17 million dollars on entertainment every year. The cost of living is also low compared to other cities, which means plenty of potential for businesses who want to hire qualified employees without a big budget.
Cincinnati, Ohio
Home to a diverse economy and one of America’s fastest growing downtowns, Cincinnati has seen an influx of business growth in recent years. Startups interested in tapping into corporate finance may want to consider looking at Cincinnati’s business development ecosystem, where entrepreneurs have access to industry leaders like Wells Fargo and Fifth Third Bank. If you’re an entrepreneur looking to build your idea in a city that’s just hitting its stride, Cincinnati may be a great place to start your business journey.
Denver, Colorado
With 3,550 businesses per 100,000 residents and a growth rate of 2.6 percent from 2013 to 2014, Denver is at number one in our list of fastest growing cities. For entrepreneurs looking to start a business that relies on human capital (e.g., information technology or healthcare), Denver has an above average share of residents with bachelor’s degrees and an above average share with advanced degrees—both key factors for innovation and entrepreneurship.
Pittsburgh, Pennsylvania
With a cost of living that’s 20 percent below average, Pittsburgh is an affordable city in which to run a business. The low rent and occupancy costs have attracted many start-ups to set up shop here, including Google. As well as having one of the highest percentages of new businesses started in 2012 (2.5 percent), it has one of America’s best transportation systems, offering both public and private transport options, not to mention very easy access to international airports.
Conclusion
Starting a business can be an exciting and financially rewarding experience, especially when it’s in a new city that is experiencing growth and offers potential for your product or service to take off. If you’re thinking about starting a business, there are plenty of factors to consider when deciding where to launch your new endeavor. Access to capital, availability of services and talent, and more will all come into play in determining the best place to locate your company. Whether you’re looking to grow an established company or just want the flexibility of working from home, there are plenty of great US cities that can offer everything you need to get started on the right foot.
