They are not necessarily where you think they might be! According to a recent article in Forbes, the best cities to start a business are somewhat removed from the throbbing big city streets and suburbs. As business center owners and operators these cities should not be ignored, especially if you are in a growth mode.
It stands to reason that cost of living would be a major factor in luring entrepreneurs and small business owners from the big cities and posh suburbs. Here’s the list, reprinted from Forbes.
A haven for young professionals, trendy music and unbelievable Tex-Mex cuisine, Austin is a hotbed for new businesses. According to CNN Money, Austin was rated as the #1 Most Business-Friendly city because of its burgeoning arts and culture scene. Austin is the site of the annual South by Southwest music, entertainment and technology conference, so you know this uber-progressive city is welcoming to new ideas. In addition to that, the cost of living is 7 percent lower than the national average. Added bonus: Austin’s average winter temperature is 56 degrees and summer’s is 83 degrees!
The Midwest’s darling, Des Moines was rated by Forbes magazine as the #1 Best Place for Business and Careers in 2013. You may be wondering: What does Des Moines have to offer? Well, the business costs in the city are 17 percent lower than the national average, meaning you’ll need less capital to get going. It also has the highest concentration of financial services employment in the U.S., so you can be certain that people are going to catch onto the popularity of the Hawkeye State’s capital quickly. Plus, the cost of living here is 9 percent less than the national average.
Boasting the highest net migration of any metropolis in the past five years, Raleigh was rated by Forbes, Entrepreneur and CNN Money as one of the best cities to start a business. This North Carolina city is close to Durham and Chapel Hill, which are both home to major research universities. In fact, the 7,000-acre Research Triangle Park is one of the best development and research centers in the U.S. Plus, this city was rated as “Exceptionally Livable” by AreaVibes, with an average cost of living that is 7 percent lower than the national average and a median household income that is 18 percent more than the state’s.
Austin has been steadily growing in popularity since the 1990’s, and it shows no sign of slowing down. Des Moines is a surprise, but with a 17% lower cost of living, perhaps it shouldn’t be. These cities are also high on several lists of America’s best places to live. It won’t be long before we start to see a surge in business center growth. Will it be your center?
Image: Austin, TX by Daniel Mayer (Wikimedia Commons)