The booming eCommerce industry has eased the hustling process of setting up a startup anywhere in the world; you don’t need to worry about which city is ideal for your business. Having said that, certain cities might still prove to be better places when you consider your business in the long run.
While some cities might have cheaper labor costs, others may offer a favourable business environment, and a handful might provide easier access to business resources. Out of the several factors, these are just a few that make a city considerable for any startup business.
My name is Ofir Bar, and besides my elaborate experience of over two decades in real estate investments, I still have a soft spot for innovative startups. It is only natural for me to gravitate more towards regions where startups can flourish. And so, in this article, I will help you discover the 5 most entrepreneur-friendly cities for startups today, along with well-grounded reasons for their attractiveness.
Which cities should you consider for your startup and why?
1. San Francisco
San Francisco is the birthplace of some big names like Uber, Airbnb, Stripe, and Twitter, alongside many other brands. Home to several big and small businesses, this city is highly favorable for budding entrepreneurs because of its business-friendly environment.
The city is near Silicon Valley, making it very smooth for entrepreneurs to hunt for skilled engineers, quality institutions, and individuals sharing fresh startup ideas with zeal.
Austin, the capital of Texas, has not just great nightlife, museums, and cultural tourist attractions that easily grab attention, but it is also considered as one of the best cities for startups. Besides its business-friendly ecosystem, the city also offers a huge talent pool for constructing innovative startup ideas. Moreover, Austin has one of the most favorable tax structures for new businesses.
With zero state income tax, entrepreneurs can save and invest more in their ventures, making it the most affordable and convenient area for businessmen and women.
Chicago is becoming the top entrepreneurial region in the Midwest since it has a strong business-minded community that favors different startup ideas and investments. As per a study from 2011, Chicago witnessed a spike of nearly 97% in the number of startups launched from the year before.
It’s not just about the hospitable and driven environment. The city also offers a diverse business culture, making it easier for all types of businesses to start right away.
One of the biggest startup hubs in Europe, London has enough capacity for business capital as well as for investment. According to a UENI survey, 56% of business people suggested London as the best go-to city since it offers good access to funding, entrepreneurial resources, and lower taxes.
In addition, you can get the finest of developers to boost your business’s online presence. You can also benefit from its strong networking opportunities to expand your venture further.
5. Los Angeles
Many consider LA to be the hub for Hollywood and the entertainment industry in general. Well, I too thought the same about the city. But, its breeding ground for diverse businesses like tourism, insurance, retail, transportation, and food also contributes majorly to the city’s economy.
The business-friendly environment that offers a well-trained and enthusiastic workforce, alongside easier access to both national and international markets, are the prime reasons why Los Angeles is a magnetic region for budding entrepreneurs.
So, to sum it up….
There you have it! Some of the most entrepreneur-friendly cities that offer access to great business resources and networking opportunities. I hope this article helps you in choosing the most optimal location for your exciting venture and motivates you to start today.