Are you ready to follow your dreams into the world of entrepreneurialism? If you said yes, then congratulations! Deciding to take this step is a big accomplishment, but it also comes with a huge set of challenges.
From picking the right business, to bringing in clientele, to building a strong profit margin, choosing the right location for your business is at the center of it all. Where you decide to lay your roots can make all the difference in helping your business survive and thrive, or be kicked to the wayside.
And let’s not forget, we’re still currently living in a pandemic – and that alone can make things all the more difficult.
But worry not – we’re here to help you get started with your research. According to Real Estate Witch, here are the best cities in the country for launching your startup.
Las Vegas, Nevada
Las Vega, Nevada is currently the number one city to launch a startup. It has the lowest corporate tax rate, sitting at .65%, and the highest employment growth rate out of all the cities studied.
Miami, Florida actually has the “fastest growing startup scene.” The city receives 14,058 business applications per 100,000 residents – what’s better than being surrounded by other entrepreneurs? It’s important to also include that Florida actually boasts four cities that are considered the best locations for launching startups. Aside from Miami, Orlando, Tampa Bay, and Jacksonville are all great locations for entrepreneurs to get started.
Atlanta, Georgia follows right up behind Miami, Florida. It has the next highest amount of business applications per 100,000 residents and ensures an average income of $58,000. Be aware, however, Atlanta charges a corporate tax rate of 6.39%.
Let’s move on to some not-so-great cities.
If you’re thinking of launching a business, stay clear of Hartford, Connecticut. This city is ranked the worst in the entire country. Incorporation fees cost about $455, which is three times the national average of $135.
Buffalo, New York
Buffalo features only 3,294 business applications per 100,000 residents and boasts an employment growth rate of 2.5%. The corporate tax rate in this city also comes in at a whopping 17.3%.
Pittsburgh boasts a slightly higher number of business applications per 100,000 residents, coming in at 3,531 but also features a low employment growth rate at 2.3% and a corporate tax of 16.84%.
Click here to read some more helpful questions to consider before making the jump into entrepreneurialism!