Starting your own business can be one decision that shapes the rest of your life. The key to a successful business is preparation and research.
One of the key research points of a small business startup is location. Being prudent about this can make or break your business.
By selectively choosing which city to start your business in, you can drastically increase the likelihood of success in the future.
Ready to begin the journey of starting your own business? Here is our list of the best cities to start a business.
Factors That Influence Startup-Friendly Cities
Finding the best places to start a business in the world is all about assessing supply, demand, and cost. The best city will have easy access to resources, high demand for your business, and a low operating cost.
Supply
Supply encompasses materials, services, and talented labor. The type of business you intend to start will somewhat determine which city you choose. Overall, you want easy access to resources and a good amount of it. The competition will help to decrease your overall business cost.
Demand
The type of business you plan on starting will influence the demand of your business. Scope out the city you plan on starting in and see who your competitors are, if any.
Cost
The total operating cost includes the residential cost of living, labor costs, corporate taxes, and commercial property prices. The best city will have low operating costs. This is especially helpful for startups who don't have the upfront capital to succeed in an expensive city.
If a city fits these crucial criteria, it might be worth moving there to build your startup or grow your career.
Best Cities To Start A Business
No matter where you are in the world, there is always a city with a good business opportunity. Here are our best cities for business around the world.
1. Oklahoma City, OK, USA
Based on WalletHub's methodology, Oklahoma City, Oklahoma is the best city in America to start a business. When it comes to the business environment, supply of resources, and business costs, this is one of the best cities to open a business globally. They even offer tax and other financial incentives to move there and start a business or open an office.
2. Milton Keynes, UK
Milton Keynes is by far one of the fastest growing business cities in the UK and one of the best cities to open a business in the world. Their friendliness to international businesses is in the boom of this city. However, property rates here are skyrocketing. You might want to consider saving office costs by opting for a virtual office like Hoxton Mix Virtual Offices.
3. Buenos Aires, Argentina
As one of the cheapest countries in South America, Argentina makes for a great country to start up. Buenos Aires, the main tourist city in Argentina is one of the best places to start a business.
4. San Juan, Puerto Rico
According to investment experts, Puerto Rico is one of the best countries to invest in. Following the disastrous hurricane, there is more opportunity to build a business than ever.
5. Charlotte NC, Boulder CO, and Austin TX (Tie)
These cities are hotspots for new tech startups and biotech companies. They are also a lot more affordable than other more traditional US business hotspots like San Francisco, Los Angeles, NYC, Seattle, and Boston.
Building a Business Is Tough Work, But the Investment Is Worth It
By carefully selecting out of the best cities to start a business, you can increase your chances of building success. Thankfully, there are many cities that pose as a business hub no matter what country you're in.
