Top 7 cities in the United States for young entrepreneurs
Today we will show you the 7 best cities in the United States for young entrepreneurs. If you are planning on starting a business and are unsure where, this text will come in handy. Starting a business anywhere in the world is a tricky thing. You are wondering how you can make it. If you ask any realtor, you will get a pretty simple answer: location, location, location. No matter how good your business is, the right location is going to be the key to your success. Luckily, you have us to help you with your research and point you in the right direction. We will also show you who can help you out along the way and the rest is up to you. For now, relax and keep reading very carefully.
Let’s start our list with Atlanta
When it comes to Small Business Administration 7(a) loan funding, Atlanta is in the number four spot, behind only San Francisco, New York City, and Los Angeles. Although Atlanta is a long way from Silicon Valley, the volume of venture capital invested each year exceeds $550 million. The city obviously has a robust investor community that is dedicated to fostering business growth. Georgia, however, has one of the highest tax rates in the country, both for individuals and businesses, when opposed to the other regions in our top 10. Atlanta has $551 million in funding from VC firms.
Here is something fun for entrepreneurs: The Gathering Spot is a unique, invitation-only social club that brings together business owners, professionals, and politicians in Atlanta, with a particular emphasis on the city’s society of Black emerging leaders, but membership is open to anybody.
Houston we have a problem! Well, this is not actually true!
Luckily, we don’t have any problems with Houston. This is just a famous sentence spoken by an astronaut, Jim Lovell, on board Apollo 13 back in the 1970s. Houston is the best place for food-related businesses. The city is, in fact, one of the best cities for young entrepreneurs in the whole of the USA. Houston finished in a tie for second place with the city that is next on the list. In 2020, about $755 million was invested by venture capitalists and financed by the SBA 7(a). And as we saw with Austin, Texas has highly lax tax policies, both for individuals and businesses. Despite the fact that Houston isn’t as well known as Austin, the vast majority of firms in the city have fewer than 100 employees. That’s fantastic, and it proves that the locals here value and support local businesses. There is a total of $656 million in funding from venture capitalists.
Austin is also one of the best cities for young entrepreneurs if not the best out of them all
Both VC finance and SBA 7(a) funding place Austin among the top 10 cities. Additionally, Texans have a zero percent income tax rate. Instead of a flat rate on corporate revenue, the state of Washington charges a gross revenue tax of 1%. A sole proprietorship or general partnership will not be subject to this corporate tax. Taxes are not the only reason why you as an entrepreneur should research Austin. This place has so much potential for many lines of work. There is only one line of work that is saturated and that is – restaurants. The food industry, in general, is booming in Austin but in the last couple of years many restaurants popped up here so this is just a heads-up! If you are thinking about opening (or moving) your business here, know that Austin-based experts can help you with anything involving your relocation, transport, and settling in.
Seattle is also a great place for entrepreneurs – is it the place for you?
In 2020, Seattle received almost $1.85 billion in venture capital funding. Furthermore, Washington is yet another tax-free state. Instead of taxing a company on its net income, different industries have different tax rates that apply to its gross revenue. The tax rate for distributors, merchants, and manufacturers is close to 0.48 percent. Some people are reluctant towards Seattle because this city has a bad rap because of the rain and not-so-great weather. We think you should definitely research this city and see all the possibilities it has to offer you. You might be surprised by their variety.
Entrepreneurs love San Antonio, too
Based on factors like location, amount of growth industries, and business friendliness, the organization ranked San Antonio as the fourteenth most entrepreneurial city in the US. The Big Apple came in first place. The reason why San Antonio can be a great place for you to start your business is that there are so many possibilities, the city is constantly growing, the crime rates are dropping and this is a great place to live! It can be a win-win combination so make sure to consider it and research your line of work here and check out the competition. If you decide to start your business here make sure to call local movers and settle into your new place quickly.
Tampa can also be a good place for your business (especially if you are in the healthcare business)
Simply put, Tampa is a fantastic city. Investment and lending capital are readily available for start-ups and established small enterprises. There is also no state income tax in Florida. Although the 4.458% taxation is slightly higher than in previously ranked cities, it is applied only to a company’s net income after deducting all of its operating expenditures and any other relevant deductions. Healthcare-related businesses are pretty popular here. If this is your field of business, Tampa is the place to be.
The reason why New York City is the last city on the list – will you be surprised?
There is a reason why we have put New York City at the bottom of our list. Namely, if you do some serious research, you will see New York City on top of all lists. This is not surprising at all. However, besides being a place of opportunities, it is a place that hides numerous competitors. Unfortunately, the competition in this city is so fierce that a lot of small businesses simply can’t handle it easily. That is the reason why we had to put it last (but not least). This is a make-it-or-break-it place and it should be treated as such. Do your research, and, if it suits your requirements, go to New York City but be careful! This is one of the best cities for young entrepreneurs but you have to have some wow factor to make it in this city. Otherwise, moving there is a very risky decision and may not be rewarding as you expect.
Time to decide
We have presented you with the list of the best cities in the United States for young entrepreneurs. Also, you can get an idea of all the pros and cons of choosing each of the locations we have suggested. Give yourself enough time to think carefully before making the final decision. Hopefully, you will make the right choice.